ChainThink report, August 24: According to market data, Bitcoin rose 23.5% last week, briefly breaking through $79,000, now trading around $77,600 and reclaiming the 200-day moving average for the first time since November 2025.

Meanwhile, Ethereum surged 31.1% to $2,456, XRP jumped 53.3% to $1.52, and the total cryptocurrency market capitalization climbed to $2.63 trillion.

Last week, spot Bitcoin and Ethereum ETFs collectively attracted over $2.61 billion in net inflows.

The U.S. Treasury debt balance surpassed $40 trillion last week, with the Department of the Treasury at least doubling its long-term debt repurchase program to $4 billion—market participants link this move to concurrent rallies in gold and crypto assets.

Ray Dalio, founder of Bridgewater Associates, warned that without a shift in U.S. fiscal trajectory, the country could face a debt crisis within the next three years, advocating for a portfolio allocation of approximately 15% in gold and “a small position in Bitcoin.”

On regulation, Trump urged Congress to pass the CLARITY Act, with procedural voting scheduled for September 15, requiring 60 votes in favor.

The SEC proposed new crypto asset rules, aiming to permit eligible projects to issue tokens up to a specified cap and establish a safe harbor framework.

CFTC Chair Michael Saylor stated that if the legislation fails to pass, the CFTC will advance its own regulatory framework, including allowing leveraged crypto trading and exploring developer protection mechanisms. On market dynamics, Nansen noted that recent price surges were partially driven by short-covering activity.

Geoff Kendrick, Global Research Head at Standard Chartered, said the $100,000 Bitcoin year-end target might be “too conservative,” suggesting that if market recovery continues, Bitcoin could challenge the all-time high of $126,000 by year-end.