Bitcoin has surged past a key resistance level, recording its most substantial weekly advance since March 2024. The dramatic price movement stems from adjustments in the US Treasury's liquidity management strategy, prompting institutions like QCP Capital to reassess macro risk appetite and accelerate capital flows into digital assets.

Last week witnessed a notable reversal in market microstructure, with Bitcoin climbing over 20%. The initial momentum came from short covering, as buy-to-close orders triggered a chain reaction of forced liquidations. This was followed by robust spot demand, with US spot Bitcoin ETFs capturing approximately $2.6 billion in net inflows, marking the strongest weekly figure since October of last year.

Data compiled by Woofun AI indicates this influx of capital directly reflects institutions' acute awareness of short-term liquidity improvements, helping prices break away from their recent bottoming range. On the macro mechanism front, the US Treasury's expanded buyback program for long-dated bonds has driven down long-term Treasury yields and weakened the US dollar, thereby boosting alternative stores of value such as gold and Bitcoin.

QCP Capital has explicitly clarified that this initiative is designed to optimize the maturity structure of government debt, not to serve as quantitative easing (QE) executed by the central bank. Although both approaches involve liquidity injection, Treasury buybacks focus on debt management and carry far less broad impact on inflation and monetary policy than QE, prompting caution against conflating the two.

Despite the powerful rebound, macro uncertainty persists due to the complex interplay between Federal Reserve policy, global economic conditions, and Treasury operations. Institutional investors continuing to accumulate through ETFs could help establish a more stable demand foundation for Bitcoin, potentially reducing its historical volatility. This marks another critical juncture where Bitcoin's role as a macro liquidity and sentiment indicator has been reinforced, following the establishment of traditional finance's liquidity spillover effects.