Key highlights:

  • Bitcoin gained at least 22% in seven days.
  • The coin also recorded its largest dollar-denominated weekly gain on record.
  • The Bitcoin-to-gold ratio reached 16.73 ounces, its highest level since May.
  • Strive CEO Matt Cole says his conviction that the Bitcoin bear market has ended is “very strong."

Bitcoin has posted its strongest weekly dollar gain on record, rising 22% in seven days. This comes as ETF demand grew and better market conditions pushed the coin higher. The rally prompted Strive CEO Matt Cole to make a bold statement, suggesting that the Bitcoin bear market is over.

The comments also came as U.S. spot Bitcoin ETFs saw $1.92 billion in net inflows for the past week that ended August  21. This is also the strongest weekly inflow since October 2025, according to SoSoValue data.

Bitcoin ETF flows

Weekly Bitcoin ETF net inflow. Source: SoSoValue

Bitcoin bear market faces a major test as sentiment turns

Cole said Bitcoin's performance against the U.S. dollar and gold points to the start of a new bull cycle.

“Bitcoin priced in gold is reinforcing my view that the next Bitcoin cycle will be the strongest we have ever seen,” Cole wrote in an X post.

The Bitcoin-to-gold ratio climbed to 16.73 ounces of gold per BTC, which is the highest level it has been since May, according to Longtermtrends data.

Bitcoin vs gold ratio

BTC/gold ratio yearly chart. Source: LongtermTrends

Cole said this ratio provides an earlier signal of Bitcoin's market cycle than the cryptocurrency's dollar price. He highlighted a cycle in December 2024, where Bitcoin peaked against gold. This was a year before its dollar-denominated peak in October 2025.

The opposite pattern resurfaced in the latest downturn. Cole said Bitcoin hit a low against gold in February 2026, then five months later in July it reached its bottom against the dollar.

“What makes this week particularly interesting is that Bitcoin has now broken out against both the dollar and gold. The breakout has been explosive,” Cole said. “When Bitcoin is the fastest horse, it will attract a disproportionate share of that capital.”

The newfound rally particularly gained momentum after Treasury Secretary Scott Bessent announced that the U.S. Treasury would double the size of its bond buybacks for longer-dated securities from $2 billion to at least $4 billion per operation.

Strive bought more BTC during the downturn

The company continued buying Bitcoin even with prices under pressure. Strive purchased 2,500 BTC for $185.2 million at an average price of about $74,092 per coin between May 23 and June 1. The purchase increased its holdings to 19,000 BTC. 

Strive then bought another 759 BTC for about $50 million between June 15 and June 21. Those coins were acquired at an average price of about $65,850, boosting holdings to 19,864 BTC.

“Particularly as Bitcoin approached its weakest point, we continued buying aggressively, including nearly every week over the last few months before this breakout,” Cole added.

The company has built its balance sheet around what it calls Bitcoin amplification. The goal is to boost its Bitcoin exposure per share without relying on debt or financing arrangements that could lead to forced selling, as seen with Strategy.

Cole expects investors to buy the dip

In his statement, the CEO did not rule out a short-term pullback after an impressive rise. However, he said he expects investors to keep buying even if it falls, saying he believes very strongly that the Bitcoin bear market is over.

Cole also said that Bitcoin's scarcity and global liquidity, among other reasons, give it an advantage over other stores of value like gold.

“If these structural forces expand the overall scarcity trade while Bitcoin simultaneously reasserts leadership against gold, Bitcoin will likely be capturing a growing share of a growing pool of capital. That setup has me more bullish on Bitcoin today than I have ever been.”