Bitcoin surged above $65,000 on Friday as President Donald Trump reiterated his support for the U.S. cryptocurrency sector. Trump called digital assets a “big deal” and said American policymakers must act to prevent China from gaining technological ground. His remarks coincided with renewed buying from large Bitcoin holders and substantial inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), all of which supported the latest push higher.
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AAPLTrump pushes for U.S. leadership in digital assets
Addressing the current political landscape, President Trump emphasized the strategic importance of digital assets and artificial intelligence for the United States. He highlighted China’s advances and insisted Washington should not allow Beijing to dominate the sector. According to Trump, both cryptocurrencies and AI represent technologies that will influence global economic competition, and America must maintain its lead.
Trump voiced his opinions while the CLARITY Act, a proposed federal law designed to clarify oversight and regulatory roles in digital asset trading, remained stalled in the Senate. Lawmakers failed to reach consensus, delaying further action until September as the chamber heads into its August recess.
He also addressed proposed ethics rules related to crypto holdings among federal officials. Certain Democratic senators are advocating for stricter disclosure and management requirements—such as the possible use of blind trusts—before agreeing to move the legislation forward. Trump stated he could place assets in a blind trust but cautioned against imposing overly restrictive rules that might stifle U.S. participation in the crypto market.
Mini dictionary: CLARITY Act, a proposed U.S. law aiming to provide clear federal guidelines for digital asset trading and define regulatory responsibilities between federal agencies.
Bitcoin price action and whale accumulation
Bitcoin’s move above $65,000 followed weeks of rangebound trading. Since early July, the largest cryptocurrency has fluctuated between roughly $58,076 and $66,896. The current rally brought the asset close to the upper end of this range, with technical resistance identified at $66,900.
During Friday’s session, Bitcoin traded near $65,250 after gaining more than 4% in the past month. Other leading cryptocurrencies saw smaller price movements, while overall trading activity remained muted compared to earlier periods of heightened volatility.
On-chain market data revealed a shift among Bitcoin holders. Larger wallets—those holding between 10 and 10,000 BTC—increased their balances by 0.34% since July 29, according to analytics firm Santiment. Meanwhile, smaller wallets with less than 0.01 BTC reduced their holdings by 0.59%. This trend highlights accumulation by so-called “whales” as smaller investors trim positions.
| Wallet Size | Change Since July 29 |
|---|---|
| 10 to 10,000 BTC | +0.34% |
| Less than 0.01 BTC | -0.59% |
ETF inflows and macroeconomic factors
Alongside direct market activity, U.S. spot Bitcoin ETFs drew an estimated $754.69 million in net inflows during August so far, according to data compiled by Finbold. The total net assets held by these products reached approximately $78.77 billion, providing an additional source of demand as Bitcoin approaches a key resistance zone.
If Bitcoin breaks decisively above $66,896, analysts expect that the $70,000 level will become the next major psychological target for traders.
Macroeconomic news also contributed to Friday’s optimistic sentiment. U.S. nonfarm payrolls declined by 23,000 in July, missing the forecasted 83,000 increase, and the unemployment rate edged down to 4.1%. Labor force participation slipped to its weakest level in over five years. Following the jobs report, stock index futures climbed as traders bet the Federal Reserve would leave interest rates unchanged in September. Nasdaq 100 futures gained 1.2%, S&P 500 futures added 0.5%, and Dow futures rose about 160 points. Fed funds markets priced in a 3.50% to 3.75% range for next month’s meeting.
Bitcoin managed to remain above $65,000 after the employment data, aided by declining oil prices and gains in gold and silver, easing pressure in both crypto and traditional financial markets.
President Trump described crypto and AI as “big deals,” emphasizing that the United States should not allow China to control the sector and that America must stay ahead in the competition for technological leadership.
