Bitcoin has climbed roughly 21% since a US Treasury buyback announcement, according to on-chain analytics firm Glassnode, whose assessment was flagged by Cointelegraph on August 21, 2026. Bitcoin traded at $77,598 at the time of the market snapshot, up 6.6% over 24 hours and 22.9% over seven days. The move revived the dollar-debasement narrative, which holds that greater government intervention and liquidity creation can increase demand for supply-capped assets. Treasury buybacks involve repurchasing outstanding government bonds, potentially adding liquidity and keeping yields lower. Bitcoin's 21 million coin cap is central to that investment thesis. The rally spread across major tokens, with ETH up 28.4% to $2,420, XRP gaining 38.3% to $1.39, SOL rising 21.4% to $91.73 and BNB adding 11.9% to $678.85 over seven days, all as of August 21. Short covering added momentum: Bitcoin short sellers lost a record $3 billion as the price moved above $77,000, while crypto short liquidations reached $1.74 billion in a single stretch, the second-largest total on record. The Fear and Greed Index stood at 73, or Greed. Offsetting risks include $1.61 billion of Bitcoin ETF inflows facing a $183 billion Treasury auction window and a 30-year yield offering close to 3% real. The next key indicator is the long-end Treasury yield, which could draw capital away from Bitcoin if real government-debt returns continue to rise.