Bitcoin picks up speed. BTC crossed $66,500 before continuing its rise towards $69,000. Matt Hougan, Bitwise’s Chief Investment Officer, sees three reasons behind this movement. They all come
Bitcoin picks up speed. BTC crossed $66,500 before continuing its rise towards $69,000. Matt Hougan, Bitwise’s Chief Investment Officer, sees three reasons behind this movement. They all come from the United States: the SEC, the Treasury, and new political discussions around crypto.
Matt Hougan starts with the SEC. The American regulator is working on a new framework called “Regulation Crypto Assets.” It is meant in particular to facilitate certain capital raises and clarify in which cases a digital asset can avoid being classified as a security.
The SEC had already made crypto regulation one of its priorities for 2026. The change is significant. For several years, many American projects launched their tokens without really knowing how the SEC would view them a few months later. Several cases ended up in courts.
Bitcoin experiences this problem less. Its regulatory status is much less debated in the United States. BTC still benefits from the overall atmosphere. A crypto industry getting clearer rules more easily attracts capital, companies, and financial institutions. Hougan sees this as his first catalyst.
Your 1st cryptos with BinanceThis link uses an affiliate program.The second catalyst comes from the US Treasury. Washington plans to double its purchases of long-term bonds. The operation concerns securities already on the market and should notably improve their liquidity.
At first glance, this seems quite unrelated to Bitcoin. Not so much. Risk assets react strongly to US financial conditions. When rates rise and liquidity disappears, Bitcoin usually suffers alongside stocks.
When money comes back, the movement can go in the other direction. The market also has an additional tool since 2024: spot Bitcoin ETFs. These funds can absorb several hundred million dollars in a single session. They have already played an important role in several BTC recoveries.
We recently noted a new series of inflows into US Bitcoin ETFs. Matt Hougan follows these flows closely. He had already attributed part of the previous rebound to significant purchases from Strategy. This time, the Treasury completes the picture.
The third element: politics. The White House is scheduled to bring together several representatives from the crypto sector. Coinbase and Ripple are among the expected companies. Tokenization will be discussed. The Clarity Act too. The legislation aims to more clearly define the powers of the SEC and the CFTC over digital assets. Its progress in the Senate has been stalled for several months.
It will return in September. A few days earlier, Bitcoin was still stagnating around $64,000 while the Clarity Act was delayed. Since then, BTC has recovered several thousand dollars. Matt Hougan thus gathers three pieces of news in the same week: a more open SEC, increased liquidity from the Treasury, and a White House bringing major crypto companies back to the table. The market appreciates it. Bitcoin regains levels it had lost during the summer. $69,000 now lies just ahead.
