Bitcoin Tops $81K as Treasury Buybacks Revive Debasement Trade

The significance here is that bitcoin is trading as a macro asset, not on crypto-native catalysts, which makes its direction hostage to Treasury issuance and dollar moves rather than network or adoption news. That cuts both ways for holders who framed the asset as an independent hedge. The open question is whether the debasement narrative keeps drawing macro flows, or whether it proves as reversible as the dollar weakness that helped trigger it.