Bitcoin dipped below $80,000 on August 25 after briefly touching $81,237, its highest price since mid-May. The pullback came in lockstep with gold retreating from a three-month peak near $4,677 per ounce, as falling US bond yields sent mixed signals to investors positioning in scarce assets.
Even with the intraday stumble, Bitcoin is still up roughly 28% for the month. That makes August 2026 its best monthly performance since November 2024.
The Treasury’s buyback gambit
The catalyst behind the yield decline traces back to August 19, when the US Treasury said it would at least double its liquidity-support buybacks of long-dated bonds. The program jumps from $2 billion to a minimum of $4 billion per operation, effective September 9.
The 10-year Treasury yield settled near 4.71-4.72% in the aftermath, a modest but meaningful decline that weakened the dollar and initially lifted both Bitcoin and gold.
