Entrepreneur, fund manager, and founder of fintech platform SharesPro Denis Astafyev explained the reasons behind bitcoin's sharp rise above $80,000. He noted that the growth was driven not by a single factor but by a combination of several drivers, the main one being a signal from the US Treasury about liquidity support.
According to the economist, the Treasury at least doubled its buyback of long-term government bonds — from $2 billion to $4 billion per operation. The market perceived this as liquidity support: bond yields fell, and demand for risk assets, including bitcoin, increased.
Astafyev noted that the rise was amplified by a massive short squeeze: over several days, short positions worth $3-4 billion were forcibly closed. Additional support came from institutional demand — over the week, US spot bitcoin ETFs attracted $1.92 billion.
The economist emphasized that the current rally is primarily linked to the Treasury's signal and the covering of short positions, not to a softening of Fed policy. Further dynamics will depend on inflows into ETFs and the regulator's stance. If inflation or labor market data come in worse than expected and the Fed delivers a more hawkish signal, bitcoin could fall below $80,000.