Bitcoin has beaten stocks and gold over six months. Now it’s closing in on $80,000.

Bitcoin extended its recent advance Monday, trading near the $80,000 level it last touched in May. The move caps a six-month stretch in which the cryptocurrency has outperformed both equities and gold, underscoring its growing sensitivity to shifts in U.S. fiscal and monetary policy rather than just its own cyclical dynamics.

Last week’s surge was attributed to the Treasury Department’s plan to buy back longer-dated Treasurys. For market participants, this signals an effort to ease pressure on long-end yields and improve liquidity in the government bond market. Because Bitcoin is a highly speculative, duration-sensitive asset, a calmer rates environment tends to support its appeal as a risk-on trade. It also highlights how macro-driven the crypto market has become, with investors parsing bond supply and yield curves just as closely as they would for tech stocks.

What to watch is whether Bitcoin can hold above the psychological $80,000 mark. A sustained close would confirm the strength of the recent rally, while a reversal could indicate the move was tied more to the specific Treasury announcement than a broader shift in investor sentiment. As always, the path forward will likely hinge on how Treasury markets digest the buyback plan and whether risk appetite holds across asset classes.