Bitcoin recorded its largest weekly gain in history in USD terms last week. Foreign media reported that Matt Cole, CEO of Strive, believes this rally is not just a short-term rebound but may signal a stronger Bitcoin cycle.
As of last week’s close, Bitcoin rose $14,264 for the week to $77,387, marking a weekly gain of approximately 22.7%. Meanwhile, U.S. spot Bitcoin ETFs recorded net inflows of $1.92 billion for the week ended August 21, the highest level since October 2025.
ETF fund inflows boost market sentiment
Funds flowing back in synchronized with price appreciation have significantly boosted market sentiment. The Crypto Fear & Greed Index has risen to 78, nearing the "extreme greed" range and reaching its highest level since December 2024.
The report noted that after the U.S. Treasury expanded its Treasury repurchase program, long-term U.S. Treasury yields temporarily declined, the dollar weakened, and prices of bitcoin, gold, and stocks rose in tandem. Cole believes this macroeconomic combination provides new support for bitcoin.
He believes that over the next 12 to 18 months, the U.S. dollar may enter a period of relative weakness, a macroeconomic environment that Bitcoin has never truly experienced before. If the dollar continues to face pressure, capital may continue flowing toward assets with more limited supply expansion.
Bitcoin has strengthened again relative to gold.
Cole also views the performance of Bitcoin versus gold as a significant signal. Data shows that currently, 1 Bitcoin can be exchanged for approximately 16.73 ounces of gold, reaching its highest level since May.
He believes that Bitcoin’s performance relative to gold sometimes reflects market cycle shifts earlier than its USD-denominated price. According to him, Bitcoin peaked relative to gold in December 2024, prior to reaching its previous high in USD terms in October 2025.
This time, Cole is focusing on Bitcoin breaking through both the U.S. dollar and gold as reference points. He believes that if capital continues to shift toward scarce assets and Bitcoin maintains its strength relative to gold, more new capital may flow into Bitcoin.
Strive will continue to increase its Bitcoin holdings this year.
While offering an optimistic outlook, Cole also acknowledged that Bitcoin could experience a pullback after its rapid rise. However, he noted that buying pressure may return quickly even if a correction occurs.
Strive continued buying Bitcoin during the market downturn earlier this year. Reports indicate that the company purchased 2,500 BTC between late May and early June, spending approximately $185.2 million at an average price of around $74,092. It further increased its holdings by 759 BTC in mid-to-late June, spending approximately $50 million.
In addition, Strive expanded its financing plan in June, aiming to increase its fundraising capacity by $4.2 billion through two at-the-market programs to create financial room for future purchases. Cole stated that if Bitcoin continues to strengthen as expected, being overly conservative could itself become a risk.
Overall, the core judgment of this commentary is that a weaker U.S. dollar, increasing preference for scarce assets in the AI era, and ETF fund inflows are collectively reinforcing expectations for Bitcoin’s next upward cycle.