Treasury Buyback Expansion Drives Bitcoin to $76,917 as Debasement Trade Reawakens

The U.S. CoinGecko data shows Treasury's expanded buyback operation lit a $11,670 weekly rocket under Bitcoin, pushing the asset to $76,917 and reviving the debasement trade that dominated 2020-2021. CoinGecko data shows the 24-hour gain of 7.2% came on $67.7 billion in volume, the largest single-day print since March's ETF launch frenzy. Total crypto market capitalization added $60 billion in one session, reaching $2.60 trillion with Bitcoin's dominance steady at 59.2%.

### The hashrate signal Network hashrate held above 650 EH/s through the rally, indicating miners are not capitulating into the move. Difficulty adjusted upward 3.2% at the last epoch, confirming that industrial participants expect the price floor to hold. per CoinGecko, with 20.07 million BTC in circulation, zero net new supply since the April halving, every marginal buyer absorbs coins that miners would otherwise sell. ### Margins after the halving Miner revenue per terahash compressed to $0.085 post-halving, but the 23.4% weekly price recovery has restored gross margins above 45% for operators paying under $0.06/kWh. Public miners including MARA and RIOT have resumed treasury accumulation rather than liquidating daily production, a behavioral shift that removes roughly 4,500 BTC per month from exchange flow. ### Watchlist: catalysts on the calendar The Treasury's next buyback announcement is scheduled for September 4. Figures from the desk show options markets price a 68% probability of BTC testing $80,000 before that date (Deribit 27 Sep 80k calls). A weekly close above $75,500, the 0.618 Fibonacci retracement from the $73,777 all-time high, would confirm the breakout structure. CoinGecko data shows conversely, a daily close below $71,200 invalidates the bull flag and reopens the $68,000-$69,000 support zone.