Bitcoin climbs above $70,000 as US bond yields retreat

Bitcoin surged past the $70,000 threshold on Thursday, 20 August, marking its highest valuation in over two months. The world’s largest cryptocurrency rose 4.1% to exceed $71,900, fueled by a combination of declining US Treasury yields, significant institutional inflows into exchange-traded funds (ETFs), and political developments in Washington. Bond yields and institutional inflows The price recovery follows a 7% jump on Wednesday, triggered by the US Treasury’s plan to increase repurchases of longer-dated government debt. This move pushed yields lower and weakened the US dollar, increasing the appeal of riskier assets. According to Konstantinos Chrysikos, Head of Customer Relationship Management at Kudo.com, the decline in long-end yields directly improved Bitcoin’s market appeal. Institutional demand has rebounded sharply. US-listed spot Bitcoin ETFs recorded $517 million in net inflows on Wednesday, the strongest daily performance since May. Total inflows for the month have reached approximately $1.48 billion, reversing the $389.7 million in outflows recorded last week. Data also shows that "whales"—large-scale holders—have accumulated roughly $2.75 billion worth of Bitcoin over the last 60 days. Regulatory shifts and market liquidations Market sentiment was further bolstered by a meeting on Wednesday between US President Donald Trump and executives from Coinbase Global, Payward, and Blockchain.com. Trump urged the Senate to advance the Clarity Act, a legislative…