Strive CEO Sees a More Powerful Bitcoin Cycle as ETF Flows Surge and the Dollar Softens

CoinDesk reported that bitcoin posted its biggest weekly rise on record in U.S. dollar terms last week. Matt Cole, CEO of Strive, said the move looks less like a brief bounce and more like the start of a stronger cycle. By last week's close, bitcoin had added $14,264 over the week to end at $77,387, a gain of about 22.7%. U.S. spot bitcoin ETFs also saw net inflows of $1.92 billion for the week ended Aug. 21, the largest weekly intake since October 2025. Cole pointed to the combination of renewed ETF demand and rising prices as a meaningful boost to sentiment. The Crypto Fear & Greed Index climbed to 78, near the "extreme greed" zone and the highest reading since December 2024. The report also noted that after the U.S. Treasury expanded its repurchase program, long-term Treasury yields dipped temporarily, the dollar weakened, and bitcoin, gold, and equities advanced together. Cole said this macro backdrop is providing fresh support for bitcoin. He expects the U.S. dollar could enter a period of relative weakness over the next 12 to 18 months, an environment he argues bitcoin has not truly faced before. If dollar pressure persists, he said capital could keep rotating toward assets with more limited supply expansion. Cole also highlighted bitcoin's renewed strength versus gold as an important signal. Data show 1 bitcoin currently buys roughly 16.73 ounces of gold, the highest level since May. He argued that bitcoin's performance against gold can sometimes flag cycle shifts earlier than the USD price. He said bitcoin peaked versus gold in December 2024, ahead of its prior USD-denominated high in October 2025. Cole is now watching for bitcoin to break higher against both the dollar and gold. If flows continue toward scarce assets and bitcoin holds its edge over gold, he said additional new capital could move into bitcoin. Strive plans to keep increasing its bitcoin holdings this year. Cole added that a pullback is possible after such a rapid rise, but he expects buying pressure could return quickly even if a correction occurs. The company continued purchasing bitcoin during the earlier market decline. Reports said Strive bought 2,500 BTC from late May to early June for about $185.2 million, at an average price near $74,092. It added another 759 BTC in mid-to-late June for roughly $50 million. Strive also expanded its financing plan in June, seeking to raise its funding capacity by $4.2 billion via two at-the-market programs to create room for future purchases. Cole said that if bitcoin strengthens as he expects, being too conservative can become a risk in itself. In sum, the commentary argues that a softer U.S. dollar, growing preference for scarce assets in the AI era, and sustained ETF inflows are jointly reinforcing expectations for bitcoin's next upward phase.