Bitcoin surges 22% in best week since 2024 as Trump pushes CLARITY Act
Bitcoin hits three-month high after Trump’s crypto legislation push
Bitcoin jumped to its highest level in three months, rising 22.6% over seven days. This was its biggest weekly gain since November 2024. The surge followed President Donald Trump’s call for the Senate to pass the CLARITY Act, a crypto market structure bill, during a White House meeting with crypto executives.
The price reached $79,320 on Friday, breaking a seven-week trading range. Other major cryptocurrencies also rose, with Ethereum (ETH) up 28.8% for the week and XRP gaining 36.7%.
Key numbers behind the rally
- Bitcoin rose 22.6% in seven days, its strongest week since November 2024.
- Ethereum gained 28.8%, its best week since August 2025.
- U.S. spot Bitcoin ETFs saw $1.1 billion in inflows over two days (Wednesday and Thursday).
- Total crypto market value reached $2.6 trillion, up 2.2% in 24 hours.
- Over $3 billion in leveraged positions were liquidated, mostly short positions.
Trump urges Senate to pass CLARITY Act
President Trump hosted crypto executives, including Coinbase CEO Brian Armstrong and SEC Chairman Paul Atkins, at the White House on Wednesday. He urged the Senate to pass the CLARITY Act, calling it "a very powerful, structured legislation which will keep us ahead of China."
The Senate is scheduled to vote on the bill on September 15. The CLARITY Act aims to create clear rules for crypto markets. However, the version awaiting a vote is different from the one passed by the House in 2025, and some Democratic senators oppose it.
SEC proposes new crypto asset rules
The SEC proposed new rules for crypto asset offerings on Tuesday. The rules include exemptions for token sales up to $5 million over four years and up to $75 million per year. The proposal also introduces a conditional safe harbor that removes the "investment contract" label once a project completes its promised work.
SEC Chairman Paul Atkins said the proposal supports the CLARITY Act and that legislation is needed for long-term rules.
ETFs drive demand as shorts close positions
U.S. spot Bitcoin ETFs saw strong inflows, with $517.2 million on Wednesday and $606.3 million on Thursday. BlackRock’s IBIT ETF alone accounted for $503 million of Thursday’s total. Ether ETFs also saw inflows, with $186.8 million on Wednesday.
The rally was driven by short sellers closing positions and new ETF demand. Over $3 billion in leveraged positions were liquidated, with 90% being short positions. Despite the price surge, funding rates for perpetual contracts remained near zero, showing no excessive demand for long positions.
What is confirmed
- Bitcoin rose 22.6% in a week, its biggest gain since November 2024.
- The Senate will vote on the CLARITY Act on September 15.
- President Trump urged Congress to pass the CLARITY Act during a White House meeting.
- The SEC proposed new rules for crypto asset offerings on Tuesday.
- U.S. spot Bitcoin ETFs saw $1.1 billion in inflows over two days.
- Over $3 billion in leveraged positions were liquidated, mostly short positions.
What is still unclear
- Whether the Senate will pass the CLARITY Act on September 15. The bill needs 60 votes, and some Democrats oppose it.
- The exact impact of the SEC’s proposed rules on the crypto market, as they are still under review.
- How long the current rally will last, as funding rates remain neutral and no extreme long demand is seen.
Why this matters for crypto investors
The surge in Bitcoin and other cryptocurrencies shows growing interest from both institutional and retail investors. The strong inflows into ETFs suggest that traditional investors are increasingly using these funds to gain exposure to crypto.
The push for the CLARITY Act and the SEC’s new rules could bring more clarity to crypto regulations. If passed, the CLARITY Act would create a clearer legal framework for crypto markets, which could attract more institutional investment.
