On August 24, iShares Bitcoin Trust rose 3.16% in regular trading, trading at $45.1377/share, with turnover of $1.587 billion. The move extends a historic weekly rally in Bitcoin that saw prices surge over 20%.

The rally was primarily catalyzed by the US Treasury Department's announcement to at least double the scale of its long-term bond buyback operations covering 10-to-30-year maturities, effective September 9. This move pushed long-term yields lower and weakened the US Dollar Index to 98.9, enhancing the relative appeal of scarce assets including Bitcoin. US spot Bitcoin ETFs recorded approximately $26 billion in weekly net inflows, the highest since October of last year, with BlackRock's IBIT capturing the largest share.

The initial momentum was driven by forced short covering, with nearly $2.5 billion in leveraged Bitcoin shorts liquidated over three days. Institutional demand subsequently took over, with approximately 1,500 institutions now holding IBIT positions. Bitcoin rose from approximately $62,000 to a high of $79,500 before consolidating near $77,000, marking its best weekly performance since March 2023.

The iShares Bitcoin Trust seeks to reflect generally the performance of the price of bitcoin.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)