Bitcoin’s best August since 2017 was built on Treasury buybacks, not hopium

August delivered Bitcoin’s best performance since 2017, but the rally was driven primarily by ETF-related Treasury buybacks rather than renewed retail “hopium.” Spot ETF issuers recycled cash parked in short-dated Treasury bills—selling or letting T-bills mature and using proceeds to purchase BTC—creating a steady bid. That makes the recent price strength flow-dependent and vulnerable if buybacks slow, cash inflows reverse, or T-bill dynamics change. Monitoring ETF flows and issuer Treasury positions is therefore critical for near-term Bitcoin price risk.