Bitcoin, Ethereum, XRP weekly rally tops 20% as analyst sees more

Bitcoin, Ethereum and XRP each rose more than 20% last week as Treasury buybacks weakened the dollar and Trump named Hyperliquid at the White House.

The move is "just the beginning," John Gillen, an analyst at Milk Road, wrote in a Sunday essay, arguing Ethereum is the key asset for everything that follows.

Bitcoin climbed 7.2% to $77,394 on Thursday, while Ethereum gained 4.6% to $2,403.59 and XRP jumped 13.6% to $1.39, extending a weekly gain near 40%. Solana rose 5.2% to $91.55. Total crypto market capitalization reached about $2.68 trillion on $163.7 billion of 24-hour volume, CoinGecko data shows. The advance forced $3.787 billion in short liquidations over four days, including $941 million closed within four hours at 20:00 UTC on Aug. 19.

Bitcoin faces resistance near $80,000 with support around $72,000, and its relative strength index near 83 points to an overbought market vulnerable to a pullback. Gillen's call hinges on Ethereum sustaining momentum as the Treasury's expanded buybacks take effect Sept. 9.

Treasury Buybacks and a White House Mention Lit the Fuse

Treasury Secretary Scott Bessent's bond buyback announcement weakened the dollar, easing liquidity concerns and lifting demand for risk-sensitive assets. The Treasury will raise the maximum amount purchased in individual operations from $2 billion to at least $4 billion, covering nominal securities in the 10-20 and 20-30 year maturity ranges from Sept. 9 through Nov. 4. Trump's public naming of Hyperliquid at the White House added a second driver; the token rose 5.9% to $76.45.

Ethereum Positioned as the Key Asset

Gillen argues Ethereum is the key asset for everything that follows, after ETH gained 28.3% for the week. Bitcoin's five-sigma upside closes have occurred 14 times since 2013, with median returns of 4.8% after one week, 11.8% after one month, 15.1% after three months and 84% after six months, according to the data set. BTC broke above its 50-day ($65,286), 100-day ($66,727) and 200-day ($71,545) exponential moving averages, with the 200-day EMA now serving as support.

XRP, meanwhile, traded near $1.47 on Aug. 24 after gaining 47.5% in seven days, its strongest weekly performance since November 2024. Large holders accumulated about 380 million tokens during the week, while Binance's estimated leverage ratio for XRP derivatives climbed to its highest level since early 2026, raising two-sided liquidation risk.

This article is for informational purposes only and does not constitute investment advice.