Bitcoin Posts 40% Surge in Best Quarter Since Late 2024

Bitcoin surges 40% — Bitcoin has surged 40% over the past quarter, marking its strongest quarterly performance since the final quarter of 2024 and signaling a renewed bull market.

The rally, which includes a nearly 30% gain since August 19, has been partly attributed to the U.S. Treasury’s announcement to significantly increase its government debt repurchases. Analysts note that the Treasury’s action, aimed at lowering soaring long-term bond yields, reduces the opportunity cost of holding non-yielding assets like Bitcoin and supports risk-on sentiment.

Despite high yields persisting, Bitcoin’s price recently stood near $83,698, showing resilience. The asset is also benefiting from a “debasement trade,” where investors seek hedges against currency devaluation, a trend reignited after total U.S. debt surpassed $40 trillion in July.

Market intelligence firm CryptoQuant stated last week that Bitcoin has re-entered a bull market after crossing above its 365-day moving average, a technical signal that has historically marked the start of major bull cycles. The asset has shrugged off headwinds including Federal Reserve rate hikes and the blockage of major crypto legislation.