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Leading cryptocurrencies corrected on Wednesday as hot macro data signaled the chance of another rate hike.

Crypto Market ReversesBitcoin descended from $87,000, hitting an intraday low of $83,654.39. Ethereum also retreated to $2,600, while XRP and Dogecoin recorded sharper declines

Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 3.07% and 4.52%, respectively. 

Over $540 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions taking the heaviest losses, according to Coinglass data.

Bitcoin’s open interest plummeted 6.63% over the last 24 hours. BTC’s Long/Short ratio dipped below 1, meaning a large number of traders are actively taking short positions.

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The global cryptocurrency market capitalization stood at $2.96 trillion, down 2.60% in the last 24 hours.

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Stocks Plunge As Rate Hike Bets SpikeStocks faced heavy sell-offs on Wednesday. The Dow Jones Industrial Average fell 352.10 points, or 0.68%, to end at 51,511.59. The S&P 500 slid 0.75% to end at 7,706.03, while the tech-heavy Nasdaq Composite dropped 1.13% to settle at 26,936.04.

The yield on the 10-year Treasury note surged to its highest level since 2007 after the latest Purchasing Managers’ Index readings came in higher than expected.

Traders are now pricing in a nearly 70% chance of another 25-basis-point rate hike next month, according to the CME FedWatch tool.

A Dip Before Rip?Ali Martinez, a widely followed cryptocurrency analyst and trader, flagged a “double bottom” pattern on Bitcoin’s daily chart, suggesting the $82,500 horizontal neckline will remain as a key support.

“The target remains $100,000,” Martinez added.

On-chain analytics firm Santiment noted that Bitcoin wallets holding 100-1,000 BTC have boosted their holdings by 2.22% over the last two months.

“Santiment’s five-year analysis found 100-1,000 BTC wallets particularly have correlated quite closely with crypto market direction, with accumulation often appearing before or during stronger price periods,” the firm stated.

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Total crypto market value fell 2.27% to $2.96 trillion. XRP dropped 5.8%, Dogecoin 8.3% and Hedera 9.9%, and Uniswap gave back the entire spike it took on Tuesday's CME listing. Perpetual funding at OKX turned negative on both the bitcoin and ether swaps. U.S. equities and gold closed lower alongside.

Total crypto market value fell 2.27% to $2.96 trillion. XRP dropped 5.8%, Dogecoin 8.3% and Hedera 9.9%, and Uniswap gave back the entire spike it took on Tuesday's CME listing. Perpetual funding at OKX turned negative on both the bitcoin and ether swaps. U.S. equities and gold closed lower alongside.

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Bitcoin Cash (BCH): CME futures plans and improving institutional access helped BCH surge toward $350 after weeks of consolidation.

Zcash (ZEC): ZEC remains in a powerful uptrend near $1,550, but extreme technical overextension increases the risk of a correction.

Uniswap (UNI): UNI’s rally above $10 has been supported by its expanding fee-and-burn mechanism, although heavy profit-taking emerged near $10.90.

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Shiba Inu (SHIB): SHIB’s push above $0.0000060 was rejected, putting its attempted breakout and recovery above the 200-day moving average under pressure.

Bitcoin Cash: rally out of nowhere After spending the majority of September stuck between $220 and $260, Bitcoin Cash made one of its biggest daily moves in months, rising toward $350. CME Group announced plans to launch regulated Bitcoin Cash futures in October, which is a clear fundamental catalyst behind the move, in contrast to many sudden altcoin pumps. 

BCH/USDT Chart by TradingViewBoth standard and Micro BCH contracts are part of the proposed offering. Because CME offers institutional investors a regulated derivatives infrastructure, the announcement is significant. Additionally, it arrived soon after Grayscale made progress on turning the Bitcoin Cash Trust into an exchange-traded product. 

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The institutional-access narrative surrounding an asset that had received comparatively less attention than Bitcoin has been revitalized by the developments taken together. The initial response was then amplified by derivatives positioning. As the breakout intensified, about $4.9 million in BCH short positions were liquidated over the course of a day, essentially compelling further purchases into a market that was already rising quickly. 

However, the daily RSI has entered overbought territory, and BCH is now significantly extended from its shorter moving averages on the price chart. The immediate resistance range is between $360 and $380. While losing that area could result in a deeper retracement toward $300 and ultimately $270–$280, holding above $320 would preserve the breakout structurally. 

Zcash overextendsZEC is currently trading at about $1,550 after momentarily rising to about $1,680 on the daily chart. Zcash is still in an incredible uptrend. After rising from about $500 in August to become one of the market's best large-cap performers, the cryptocurrency has now surpassed all major moving averages, thanks to the most recent surge. 

ZEC/USDT Chart by TradingViewHowever, ZEC is overly stretched technically. While the longer averages remain around $1,000, $900, $800, and $630, respectively, the short-term moving average has risen above $1,200. In addition to showing remarkable momentum, this separation indicates that there is little technical support just below the current price. 

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Thus, the $1,450–$1,500 range is becoming crucial. In recent sessions, ZEC has frequently traded around this region, making it the first significant support level in the event that momentum wanes. 

Holding it would make another $1,600–$1,680 challenge feasible. The psychological $1,750 and eventually $2,000 levels could open up if there is a clear breakout above the recent high. 

Uniswap retreatsUNI briefly reached about $10.90 before retreating toward $9.14, extending Uniswap's September breakout into an increasingly aggressive rally. From its August levels of about $4, the token has now more than doubled, and the most recent move coincided with a significant increase in trading volume. 

UNI/USDT Chart by TradingViewAdditionally, the overall fundamental context for UNI has improved. Following the UNIfication governance proposal, Uniswap implemented a protocol-fee system that directs a portion of trading fees toward a mechanism that entails the burning of UNI. Beyond Ethereum, protocol fees have spread to a number of other networks. 

A fresh governance proposal released in September aims to bring the same fee-and-burn infrastructure to Arc, where Uniswap debuted alongside the network. 

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As a result, UNI now has a much stronger value-accrual narrative than it did in the past, because protocol activity can now result in a decrease in the token supply rather than UNI serving primarily as a governance asset. But from a technical standpoint, UNI is becoming very overburdened. 

With the shortest moving average at $7.10 and the others grouped around $6.00, $5.50, $5.00, and $4.60, the price has moved significantly above its major moving averages. Additionally, the RSI has been in overbought territory for a long time. The $10.90 rejection is the current concern. A large red candle with a long upper wick signifies significant profit-taking between $10.50 and $11.00. 

The bulls must now defend between $8.50 and $8.70. Another attempt at $10–$11 is still technically feasible if that area holds. If it were lost, $7.80 and eventually the quickly rising moving average around $7.00 would be exposed. 

Was the Shiba Inu rally shut down?Shiba Inu has finally made an effort to break free from the trading range that dominated the majority of September, but the breakout has run into a significant roadblock. Before declining to about $0.00000564, SHIB surged above $0.00000600 and momentarily approached $0.00000625. 

SHIB/USDT Chart by TradingViewCompared to the August structure, this change is a significant improvement. SHIB recovered all of its shorter moving averages and set increasingly higher lows; these are currently concentrated around $0.0000050–$0.0000053. The 200-day moving average remains an issue. 

After initially breaking through, SHIB has now returned to the long-term average, which is located nearly precisely at $0.00000057. The present region is therefore exceptionally significant. 

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A September supply zone of approximately $0.0000055 had already been identified by recent analysis, which also pointed out that the buying pressure behind the earlier advance was still rather weak. That picture is improved by the most recent volume spike, but confirmation is still lacking due to the rejection above $0.0000060. 

A daily recovery above roughly $0.0000058–$0.0000060 would reintroduce $0.0000062–$0.0000063 as a target. The long-term technical breakout would be much cleaner if that area were cleared. 

On the other hand, the most recent spike would become another unsuccessful breakout if SHIB failed to hold around $0.0000055. After that, a number of moving averages converge at $0.0000052, where the first significant support cluster appears. 

The crucial defensive level is $0.0000050. The RSI has already dropped sharply from its most recent peak, indicating that the rejection caused short-term momentum to cool quickly.

A sharp rebound in Bitcoin (CRYPTO:$BTC) has lifted the value of Tesla Inc’s (NASDAQ:TSLA) long-held stash, while the mechanics behind the crypto rally are raising a more important question for investors: How much of the move can last?

According to Arkham data, Tesla holds 11,509 Bitcoin worth approximately $994.9 million, putting the company just $5.1 million short of the $1 billion milestone.

The position’s value has climbed roughly $122.6 million this week as Bitcoin gained about 14%. Tesla has held the same stash for nearly four years without transferring it.

That Distinction Matters The nearly $123 million increase represents a rise in the market value of Tesla’s existing Bitcoin holdings, not a new crypto purchase or realized profit.

For Tesla, however, the move highlights how quickly a relatively small corporate Bitcoin position can become material when the underlying asset makes a double-digit move.

Tesla first disclosed a $1.5 billion Bitcoin investment in 2021 and later reduced its holdings. The remaining 11,509 BTC now represent another unusual lever on the company’s balance sheet: Tesla’s Bitcoin exposure can gain or lose hundreds of millions of dollars without the company changing its position.

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What Happens Next for Bitcoin?CoinMarketCap research has pointed to a powerful short squeeze behind the recent move, with more than $500 million in bearish positions liquidated as Bitcoin pushed higher.

CoinMarketCap Head of Research Alice Liu characterized the move as an “unwinding of bearish positioning” rather than evidence of an entirely new wave of buying. Lu similarly identified forced liquidation of leveraged short positions as the primary immediate catalyst for the rally.

That does not mean fresh demand is absent. U.S. spot Bitcoin ETFs have also seen renewed inflows, providing additional support. But the distinction between forced buying and sustained buying matters for investors trying to determine whether the rally has legs.

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What Tesla Investors Should WatchFor Tesla shareholders, the Bitcoin windfall is ultimately a secondary story to the company’s core automotive, energy and AI businesses. But a move toward $1 billion puts the size of Tesla’s crypto exposure back in focus.

If Bitcoin keeps climbing on sustained spot demand, Tesla’s unchanged stash could keep appreciating without deploying another dollar. If the short squeeze was the easy part of the rally, however, the next phase will require investors to determine whether genuine demand can replace forced short covering.

Bitcoin’s next move is more relevant to Tesla than the company’s four-year-old stash might suggest — and shifts the focus from how much Tesla owns to whether the rally lifting that stake can sustain itself.

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Foto: Arsenii Palivoda / Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

@LayerZero_Core's $ZRO token is moving against the grain. While most of the top 100 cryptocurrencies traded in the red on September 23, ZRO posted a 10.9% gain over 24 hours, reaching $1.51. Over the past week, the token has climbed roughly 55%, up from around $0.98.

Bitcoin, by contrast, slipped 2.6% to trade near $84,300, underscoring just how much ZRO has diverged from the broader market.

Volume and Supply Context Trading volume for ZRO hit $230.6 million on the day, a 54% jump, and equivalent to roughly 40% of its $570 million market cap. That ratio signals unusually high turnover relative to the token's size, a dynamic that often accompanies short-term momentum trades as much as fundamental conviction.

According to CoinMarketCap data, only 38% of ZRO's total 1 billion token supply is currently in circulation. The concentration of tokens yet to enter the market is a factor traders typically weigh when assessing long-term dilution risk.

What LayerZero Does LayerZero is a blockchain interoperability protocol that creates a communication system between blockchain networks, connecting different chains and addressing the challenge of liquidity fragmentation, where activity on each chain is siloed within its own ecosystem. The protocol has facilitated over $50 billion in value transfers, supports more than 70 blockchains, and has over 200 applications built on top of it.

Catalysts cited by analysts include LayerZero increasing executor fees to capture more network revenue and an expected "Zero L1" launch in fall 2026, which would position ZRO as the native gas and staking token for that network. CoinGabbar noted it could not independently verify the buyback or fee claims at the time of writing.

Reclaiming the token's all-time high remains a longer road, with a 64.55% gap still in place. Analysts also flag the deeply overbought RSI as the clearest near-term risk, raising the odds of a sharp pullback if buyers step back.

For now, ZRO is one of the few tokens in the top 100 printing green in an otherwise difficult session.

Sources:
LayerZero (ZRO) Price and Market Data, CoinMarketCap
What is LayerZero and How Does It Enable Interoperability, CoinGecko
LayerZero ZRO Price Prediction After Surge, CoinGabbar

THE STREET: Economist drops warning on Michael Saylor's next Bitcoin move

In brief Deribit data shows roughly 182,000 BTC in open Bitcoin options expiring Friday, Sept. 25—about 106,200 calls against 75,900 puts, worth close to $15.6 billion at current prices. Max pain sits at $76,000 on Deribit's own dashboard, and the busiest strike on the board by far is $70,000, where both the largest call and largest put positions sit. Once the contracts settle, U.S. durable goods data, consumer sentiment numbers, and a CME futures settlement all land within hours, testing whether Bitcoin's rally can hold without the hedging that's helped drive it. Bitcoin options worth roughly $15.6 billion expire on Deribit early Friday. That's per Deribit's own strike-by-strike breakdown of the book: about 182,000 BTC in open contracts, split into 106,200 calls and 75,900 puts.

A call option gives the buyer the right, not the obligation, to buy Bitcoin at a set price by a set date. A put works the other way, letting the holder sell at that price instead. Traders buy calls when they expect the price to climb. They buy puts when they expect it to drop.

Myriad: How high will Bitcoin go? Click to make your prediction.The put-to-call ratio here works out to 0.71—meaningfully more calls than puts, a bet that prices keep climbing, pretty much in tandem with the “greed” sentiment flooding the markets, according to the Crypto Fear and Greed Index.

None of that $15.6 billion is cash changing hands on Friday. It's a notional figure—the value of Bitcoin the contracts represent, not money moving between accounts.

Options traders watch a level called max pain: the price at which the largest share of contracts expires worthless, with sellers theoretically favoring a push toward it. Deribit's own dashboard puts Friday's max pain at $76,000, roughly $9,000 below Bitcoin's price near $85,000.

Max pain has a mixed record as an actual predictor of where Bitcoin lands, so don't bet the farm on it.

Firms that sold those options have to hedge their exposure by buying or selling real Bitcoin as the price moves. When a dealer is short a call and the price rises, they typically buy Bitcoin to stay hedged, adding fuel to a rally that's already underway. Once the contracts expire, that hedging flow disappears—some of it rolls into the next quarter, some of it just evaporates.

Strike concentration shows exactly where that hedging clusters. By far the busiest strike on the board is $70,000, where Deribit's own numbers show both the largest call position (8,705 BTC) and the largest put position (7,653 BTC)—a level pulling hedging pressure from both directions at once.

On the call side, the next-heaviest positions sit at $90,000 (7,222 BTC), followed by $100,000 (6,950 BTC). On the put side, the biggest remaining defensive bets cluster at $60,000 (5,571 BTC) and $75,000 (4,257 BTC).

Deribit's settlement isn't the day's only test. U.S. durable goods orders and the University of Michigan's final September sentiment reading both land within hours of the expiry, and CME's own September Bitcoin futures settle the same day.

The Federal Reserve raised its target range to 3.75% to 4.00% on Sept. 16, so any surprise in those releases carries extra weight for rate-sensitive assets like Bitcoin.

September has a habit of testing Bitcoin's momentum anyway. The token has closed the month lower in eight of the past 13 years, a pattern Decrypt has tracked as "Red September."

This time, it seems like bulls are set to beat history.

Deribit's book settles at 8:00 UTC Friday. CME's futures close out the day's stretch of tests seven hours later, at 15:00 UTC.

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Nearly $16 billion worth of Bitcoin options are set to expire on Deribit this Friday, making it one of the exchange’s most consequential quarterly settlements of the year. The expiration, scheduled for 08:00 UTC on September 25, covers roughly $15.9 billion in BTC options alongside approximately $2.1 billion in Ether options.

That Bitcoin figure alone accounts for about 37% of Deribit’s total reported BTC open interest of roughly $43.5 billion.

The numbers behind the expiry The options book heading into Friday leans decisively bullish. Call open interest sits between $9.4 billion and $9.6 billion, while puts range from $6.4 billion to $6.5 billion. That translates to a put-to-call open interest ratio of roughly 0.69 to 0.71, meaning for every put contract outstanding, there are roughly 1.4 calls.

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Deribit CEO Luuk Strijers described the September expiry as “call-heavy” and one of the largest of the year.

Bitcoin is trading near the $85,500 to $86,300 range heading into the settlement. That’s significant because it means about one-third of the entire BTC expiry book is already in-the-money.

The max pain level sits at $75,000. That’s more than $10,000 below where Bitcoin is currently trading.

Why quarterly expiries move markets This particular expiry coincides with the release of US durable goods orders data and CME futures settlement on the same day.

What the call-heavy positioning signals A put-to-call ratio below 1.0 generally reflects optimism. At 0.69 to 0.71, this ratio signals that bullish conviction has been the dominant theme among options traders through the quarter.

What to watch after settlement If Bitcoin stays comfortably above the $75,000 max pain level and holds the mid-$80,000 range, it would suggest genuine demand is supporting prices independent of options-related mechanics.

The Ether options expiry of roughly $2.1 billion adds a secondary source of volatility across crypto markets.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Bitcoin exchange-traded funds (ETFs) experienced significant volatility throughout the year, with September marking yet another period of dramatic shifts. Data gathered by Bloomberg ETF analyst Eric Balchunas reveals that these products have returned to positive territory, buoyed by a substantial wave of new investor inflows.

September inflows mark sharp turnaroundAfter struggling earlier in the year with persistent outflows, Bitcoin ETFs have now attracted a total of approximately $320 million in net inflows for 2024. Bloomberg’s compiled figures highlight that this reversal has materialized in a remarkably short span, largely concentrated in the latter part of August and into September.

A dramatic shift began on August 19, coinciding with the U.S. Treasury’s announcement of long-term bond buybacks—a move many analysts viewed as a catalyst for the resurgence in both the broader cryptocurrency market and ETF investments. Since that announcement, investment in Bitcoin ETFs has accelerated, with $4.9 billion entering these products in just the past month.

Bitcoin’s price responded strongly to these developments, rising by around 35% since late August. The asset peaked above $87,000 after a prolonged period below $80,000, before sliding back under $85,000 amid intensified selling pressure.

Large inflows follow early-month outflowsSeptember began with substantial fluctuations in ETF flows. On September 1, the products suffered a notable $236.5 million outflow, but this was quickly balanced by a $101.1 million inflow the following day. Subsequent sessions saw increasingly larger movements, with a record $730.9 million inflow on September 3 and an additional $174.6 million on September 4.

After this rally, investor enthusiasm briefly faded. A four-day stretch from September 8 to September 11 recorded outflows totaling about $463 million. ETF flows then recovered momentarily on September 14 but were soon met with the month’s largest single-day withdrawals, including $450.4 million on September 15 and $295.9 million on September 16.

In just four sessions since September 17, Bitcoin ETFs have rebounded sharply, with net inflows totaling nearly $2.31 billion. This streak began with $159.5 million on the first day, then climbed to $433 million, surged to $999 million—marking the largest single-day inflow in nearly a year—and continued with another $714.7 million.

Institutional names lead latest inflow streakMajor institutional funds have prominently driven the latest surge in ETF inflows. BlackRock’s iShares Bitcoin Trust (IBIT) secured $350.3 million in the most recent session, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $257.4 million. Morgan Stanley’s Bitcoin product also contributed, attracting $99 million.

For context, this accumulation phase illustrates the heightened sensitivity of the bitcoin market to both macroeconomic developments and institutional movements. Analysts emphasize the importance of closely monitoring shifts in ETF flows, as they often signal broader sentiment changes and can preempt major price swings.

In a related trend, careful attention to investor flows remains vital in the highly dynamic meme token sector, where market sentiment can pivot rapidly. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

Some analysts continue to watch for sustained inflows and price stability to confirm that the current rally has staying power. Whether the latest ETF-driven momentum will extend through the remainder of the year remains uncertain, underscoring the unpredictable nature of both institutional and retail investment behavior in the digital asset space.

A company that once sold business intelligence software now trades more shares per day than Robinhood. Strategy Inc., the firm formerly known as MicroStrategy, has climbed to 21st on the list of most-traded US stocks, a ranking that puts it ahead of the very brokerage platform millions of retail investors use to buy it.

Volume that punches above its weight class On peak trading days in August 2026, MSTR saw daily volumes between 46 and 49 million shares change hands. Those numbers placed it as high as 10th among all US stocks by share turnover on certain days, leapfrogging Goldman Sachs, Microsoft, and Berkshire Hathaway.

The 30-day average trading volume for MSTR has settled in the range of 22 to 25 million shares. Both MSTR and Robinhood have appeared on “most active stocks” lists throughout September 2026, but Strategy has exceeded Robinhood’s volume on multiple occasions. MSTR has consistently ranked between 10th and 27th in daily share turnover alongside Meta and Dell.

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The Bitcoin balance sheet behind the volume Strategy’s trading magnetism isn’t built on revenue growth or product innovation. It’s built on Bitcoin. The company now holds over 800,000 BTC, with reports suggesting the figure exceeded 840,000 BTC by late summer 2026.

Through May 2026, Strategy had raised more than $5.6 billion in preferred shares specifically earmarked for Bitcoin purchases. Michael Saylor’s playbook is straightforward: issue equity, buy Bitcoin, repeat.

Short interest in MSTR sat at approximately 14% of its market cap as of February 2026. High short interest tends to generate elevated activity as short sellers cover positions, long holders squeeze them, and volatility traders play both sides.

What this ranking actually means for markets Spot Bitcoin ETFs launched in 2024 were supposed to be the definitive bridge between traditional finance and digital assets. MSTR has carved out its own niche by offering embedded leverage on Bitcoin’s price movements without the need for futures contracts or margin accounts. Daily volumes north of 20 million shares mean large positions can be entered and exited without significant slippage.

Strategy’s capital-raising strategy means ongoing dilution for existing shareholders. Each new equity issuance adds more shares to the float, which only sustains the stock’s premium if Bitcoin’s price cooperates. The 14% short interest suggests a meaningful contingent of institutional money is betting against that outcome.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Commodity Futures Trading Commission Chair Mike Selig has said that the regulator was preparing for the transition of markets moving “24-7, on-chain.” 

Speaking to CNBC on Wednesday, the regulator said that it was an exciting time to be regulating markets related to crypto and artificial intelligence. 

The CFTC is fast pushing ahead with rulemaking for the crypto space, despite lawmakers last week blocking the long-awaited Clarity Act. Following the vote on the landmark crypto legislation, Selig said that the watchdog would still help U.S. President Trump “get the job done” in regulating digital assets. 

“Our markets are rapidly evolving,” Selig said. “We really have to reevaluate all of our rules and regulations to make sure that we’re ready and prepared for this transition to 24-7 on-chain and these automated markets that are facilitated through the use of algorithms and agentic finance.”

The Clarity Act wants to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. 

But the bill stalled and stumbled this year as the banking lobby had issues with crypto companies paying customers stablecoin rewards and some lawmakers — mostly Democrats — were concerned about the ethics side of the legislation. 

Trump received backing from major industry players while campaigning and since becoming president, his family has made money from digital asset ventures. 

Some lawmakers have alleged conflicts of interest; the White House has always denied any wrongdoing. 

Despite lawmakers blocking the Clarity Act, the CFTC and Securities and Exchange Commission have charged ahead with rulemaking. The CFTC last week sent a proposal to the White House to regulate crypto transactions and markets. 

And the SEC went ahead and approved tokenized stocks trading the same week. In August, it also proposed its own framework for crypto asset offerings, pressing ahead while the landmark legislation stalled.  

Formerly chief counsel at the SEC’s Crypto Task Force, Selig was described by White House’s Crypto and AI Tsar, David Sacks, as “instrumental in driving forward the President’s crypto agenda” 

President Trump in August urged lawmakers to get the Clarity Act over the line, referring to the legislation as “very, very powerful.” 

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

Bitcoin has held a dense $85,000–$86,500 buyer cost range after reaching $87,392, but Bitfinex analysts have said continued ETF and corporate purchases are needed to confirm a new bull market.

Summary

Bitcoin reached its highest price since Jan. 29 before pulling back toward a major buyer cost range. Bitfinex said U.S. spot Bitcoin ETFs drew $1.71 billion across Sep. 21 and 22. The analysts want profitable supply to stay above 75% during Bitcoin’s first correction. ETF investors are near break-even at $86,000, while corporate buyers’ average cost is about $80,500. Bitfinex Alpha said in its Sep. 23 report that Bitcoin’s advance from its July 1 low of $57,803 has reached a test that separated lasting bull markets from failed recoveries in previous cycles. The analysts have identified the $85,000–$86,500 range as the largest concentration of recent buyer cost bases. Holding that area would show that buyers who entered during the rally are willing to keep their positions through a pullback.

Why Bitcoin’s $85K buyer range matters According to Bitfinex, about 633,000 BTC last changed hands between $85,000 and $86,500, creating the largest cost range in its price distribution data. Buyers also moved roughly 2.95 million BTC into profit over four trading sessions as Bitcoin climbed. The amount of supply concentrated between $80,500 and $82,500 fell from 252,000 BTC to 170,000 BTC per $1,000 price band between Sunday and Tuesday.

For the analysts, the new concentration beneath spot price offers a more useful test than the speed of the rally itself. A drop through the range would put many recent buyers back at a loss; sustained buying above it would show that demand is continuing after the breakout.

The distinction matters because forced purchases by traders closing short positions can lift prices quickly without creating a lasting source of demand. In earlier coverage of the rally, crypto.news reported that Nansen senior research analyst Nicolai Sondergaard attributed part of Bitcoin’s move above $84,000 to a short squeeze alongside renewed ETF buying. He warned that weaker fund inflows or rising U.S. Treasury yields could leave the advance exposed to a reversal.

Bitfinex places the next price test near Bitcoin’s yearly open of $87,722. Its analysts expect a hold above the $85,000–$86,500 range to leave $90,000 in view if ETF inflows continue and futures funding stays neutral. Below the buyer range, they identify the corporate treasury cohort’s cost near $80,500 as the first support area. A sustained move below $81,300, particularly alongside ETF outflows, would challenge their reading of the breakout.

ETF and corporate purchases need to continue above cost U.S. spot Bitcoin ETFs took in $999 million on Sep. 21 and another $714.7 million on Sep. 22, Bitfinex reported. Monday’s dollar inflow was the largest since Oct. 6, 2025, when Bitcoin reached its all-time high. Across four sessions ending Sep. 22, the funds absorbed $2.31 billion, equivalent to roughly 27,900 BTC at each day’s average price, according to the report.

The buying followed a $450.4 million ETF outflow on Sep. 15, which Bitfinex called the funds’ largest daily withdrawal since June. For U.S. investors using listed spot funds, the next flow figures will show whether purchases continue now that the aggregate ETF investor cost basis is near $86,000. Bitfinex said the ETF and corporate treasury cohorts held profitable positions at the same time this week for the first time since January.

Corporate filings provide a second measure. As reported in Strategy’s SEC filing, the company bought 950 BTC for $75.7 million during the week ending Sep. 20, lifting its holdings to 846,000 BTC. The filing also showed $174 million spent repurchasing STRC preferred shares. Strategy used existing cash for both transactions and made no sales through its stock offering programs that week.

Bitfinex also counted Strive’s purchase of 1,355 BTC between Sep. 14 and 18. Together, the two companies acquired 2,305 BTC in one week, compared with roughly 5,900 BTC acquired by all public treasuries over the preceding three months, the report said. Both purchases were executed below the analysts’ estimated $80,500 average cost for the corporate treasury cohort.

“The critical test will be whether both cohorts maintain continuous net buying above their respective cost basis,” Bitfinex said. Purchases that appear only after prices fall below investors’ average entry may support a decline, but the analysts said they would not establish the continuing demand needed for a sustained advance.

Holder data has yet to confirm a bull market On-chain readings give Bitfinex another way to check whether the rally survives its first setback. The share of Bitcoin supply held at a profit rose from 63% on Sep. 17 to 78.2% on Sep. 22. The analysts want the measure to stay above 75% during the first correction; a fall below that line would indicate that holders newly returned to profit had sold into the move.

Bitcoin’s market value relative to its realized value, or MVRV, stood at 1.62 on Sep. 22, below its long-run average of about 1.8, according to Bitfinex. The analysts associate that average with a Bitcoin price near $95,000 at the current realized price. They said crossing and holding it alongside ETF inflows would strengthen the bull-market case, while a failed attempt would resemble earlier recoveries that ran out of demand.

Recent buyers remain in profit as well. Bitfinex put short-term holder MVRV at 1.20 against a cohort cost basis of $71,763. The report said readings of 1.3 to 1.4 would correspond to a price above $93,000, an area where recent buyers have historically become more likely to take profits.

Long-term holders offer a less settled signal. Bitfinex said the group sold coins through late August, and its aggregate position change remained negative, though selling had slowed. Its latest available long-term holder spent-output profit ratio was 0.77 on Sep. 16, meaning coins spent by that group were changing hands below their average acquisition cost. The analysts want the ratio to rise above 1.0 while Bitcoin holds its price, showing that the market can absorb sales from holders taking profits.

Bitfinex identified $87,000–$90,000 as the break-even area for buyers from January whose coins have since aged into the long-term holder group. Its report also put Bitcoin about 12% above the $76,677 True Market Mean and 63% above the $52,785 realized price as of its analysis.

Bitcoin logo (public domain), by Grayliptrot via Wikimedia Commons (Public domain)

The Federal Reserve’s recent decision to raise the federal funds target range by 25 basis points to 3.75%-4.00% has led to increased speculation about further monetary tightening. This development, noted by CNBC, suggests that the Fed may have additional actions to undertake in its efforts to manage inflation and economic stability. As a result, financial markets are adjusting their expectations, with potential implications for various asset classes, including cryptocurrencies. Bitcoin, a prominent digital asset, is particularly sensitive to changes in U.S. monetary policy, as tighter conditions can affect liquidity and risk appetite.

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Key Takeaways Market activity suggests participants are adjusting to the possibility of further Federal Reserve rate hikes. Bitcoin’s price markets appear to reflect concerns about the implications of tighter U.S. monetary policy. Sub-markets indicate declining confidence in Bitcoin reaching higher price targets in the short term. What to Watch The Federal Reserve’s future meetings and decisions will be critical in shaping market expectations. Any further rate hikes or dovish indications from Fed officials could impact Bitcoin’s market outlook. Additionally, broader macroeconomic indicators such as U.S. inflation and employment data will be closely monitored, as they could influence monetary policy and investor sentiment. Watch for any developments in regulatory actions or significant institutional movements in the cryptocurrency space, which could also sway Bitcoin’s trajectory.

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What Price Will Bitcoin Hit September 21 27 2026

Contract Odds Δ since publish Volume 24h September 28 2026 1.6% +0.1¢ $9K View market → September 28 2026 1.9% -0.1¢ $5K View market → September 28 2026 4.2% 0.0¢ $18K View market → September 28 2026 8% -0.5¢ $34K View market → September 28 2026 19.5% -1¢ $32K View market → September 28 2026 13% -1.5¢ $27K View market → September 28 2026 6% -0.3¢ $7K View market → September 28 2026 2.8% -0.1¢ $5K View market → September 28 2026 1.9% 0.0¢ $6K View market → September 28 2026 0.9% 0.0¢ $2K View market → September 28 2026 0.8% +0.1¢ $3K View market → September 28 2026 39.5% -2¢ $15K View market → Bitcoin Above On September 24 2026

Contract Odds Δ since publish Volume 24h September 24 2026 100% +0.1¢ $23K View market → September 24 2026 99.9% +0.1¢ $30K View market → September 24 2026 99.9% +0.1¢ $27K View market → September 24 2026 99.4% 0.0¢ $36K View market → September 24 2026 98.4% +0.2¢ $54K View market → September 24 2026 94% +0.2¢ $87K View market → September 24 2026 61.4% +1.5¢ $22K View market → September 24 2026 12% +2.4¢ $49K View market → Updated 4min ago

US spot Bitcoin ETFs vacuumed up $714.7 million on September 22, while their Ethereum counterparts added roughly $162 million. Combined, that’s nearly $877 million in fresh capital flowing into crypto ETFs in a single trading session, translating to over 7,000 BTC and 67,000 ETH worth of net buying.

The numbers cap off a four-day inflow streak that has funneled between $2.1 billion and $2.3 billion into these products since September 17. That stretch started just days after Bitcoin ETFs hemorrhaged over $450 million in redemptions on September 15.

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Who’s writing the checks BlackRock’s IBIT led the Bitcoin ETF charge with $350.3 million in net inflows, roughly half the day’s total. Fidelity’s FBTC followed at $257.4 million, and Morgan Stanley’s MSBT contributed $99 million.

On the Ethereum side, BlackRock’s ETHA topped the leaderboard at $88.1 million, with Fidelity’s FETH pulling in $33.6 million and Grayscale’s mini trust adding $27.3 million.

The bigger picture in numbers Cumulative net inflows into US spot Bitcoin ETFs now sit at approximately $56.9 billion. Total assets under management across the category have climbed to roughly $110.8 billion to $111 billion, representing about 6.4% of Bitcoin’s entire market capitalization.

Just one day earlier, on September 21, Bitcoin ETFs recorded $999 million in net inflows, setting a single-day record for 2026. Bitcoin itself was trading above $86,000 during this period, having briefly punched through $87,000 — levels the asset hadn’t touched since January.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Key Takeaways Table of Contents

European financial authorities have flagged quantum computing as a potential risk to blockchain cryptographic systems. Currently, no quantum machine possesses the capability to compromise Bitcoin or Ethereum encryption. Google’s latest research dramatically lowered estimates for quantum resources needed to crack elliptic-curve encryption. A preliminary Bitcoin proposal outlines a roadmap for eliminating quantum-susceptible signature schemes. Ethereum has set December 2029 as its deadline for implementing comprehensive quantum-resistant protections. European financial regulators have issued a cautionary statement regarding quantum computing’s potential to undermine the cryptographic foundations that protect blockchain networks and broader financial systems.

In their Autumn 2026 risk assessment, the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority identified quantum computing as an emerging technological threat. The authorities urged enhanced readiness measures as quantum capabilities evolve, positioning it alongside artificial intelligence and cybersecurity vulnerabilities.

Google’s Breakthrough Research Intensifies Urgency The primary worry revolves around next-generation quantum computers potentially dismantling the mathematical frameworks that safeguard digital signatures. In cryptocurrency systems, such a breach could enable malicious actors to extract private keys from publicly visible keys and execute unauthorized transfers.

No existing quantum computer has achieved this capability. Present warnings emphasize preparing blockchain infrastructure before fault-tolerant quantum machines of sufficient power emerge.

A study released by Google Quantum AI alongside research partners this year heightened concerns. The research team calculated that compromising 256-bit elliptic-curve cryptography might need approximately 1,200 logical qubits, with certain modeled configurations requiring under 500,000 physical qubits.

These projections mark a substantial downward revision from previous forecasts. Both Bitcoin and Ethereum currently employ cryptographic architectures that could prove vulnerable to Shor’s algorithm once adequately powerful quantum computing hardware materializes.

Cryptocurrency Networks Advance Quantum Defense Strategies Bitcoin’s development community has initiated conversations about network transition strategies. The draft specification BIP-361, created by Jameson Lopp alongside five additional contributors, outlines a progressive elimination of current ECDSA and Schnorr signature schemes once post-quantum transaction formats become operational.

The proposed framework would ultimately restrict fund transfers to quantum-exposed addresses. A subsequent stage, activating five years post-implementation, would impose further limitations on spending coins that haven’t transitioned to quantum-secure protection. This proposal remains in draft status without formal Bitcoin adoption.

Ethereum has established a more definitive internal objective. The Ethereum Foundation has announced its ambition to achieve quantum resistance across Ethereum’s execution, consensus, and data infrastructure by December 2029, though the timeline remains flexible pending technical developments.

Ethereum has assembled a specialized post-quantum security working group and is currently evaluating novel signature and verification frameworks. Official communications emphasize that Ethereum assets remain protected under current conditions and users face no immediate requirements for action.

The prevailing narrative centers on proactive preparation rather than imminent danger. The vulnerability timeline for cryptocurrency holders hinges on quantum hardware development velocity and whether blockchain platforms can successfully transition their security architectures before existing cryptographic methods become obsolete.

Bitcoin has dropped to $84,242.05, down 2.1% over 24 hours, as the broader crypto market shed value alongside a sharp selloff across stocks and precious metals. The total crypto market cap sits at $3.01 trillion, roughly flat over the past day despite the intraday drop, with Ethereum at $2,658.60 and XRP at $1.51.

What Triggered The Selloff

Iranian President Masoud Pezeshkian addressed the UN General Assembly today, saying Iran “will never bow our head or bend at the knee,” while insisting the country remains open to dialogue “without accepting the language of force.” He also pushed back on accusations of terrorism, saying, “We just defended ourselves. We are not terrorists.”

The US delegation reportedly walked out during his address after Pezeshkian accused the United States of violence against civilians. Markets began falling almost immediately after the speech, as traders started pricing in the possibility of a prolonged US-Iran conflict, a scenario that would likely push oil prices higher and add fresh pressure on inflation.

The Scale Of The Damage

According to Bull Theory, close to $1 trillion was wiped out across US stocks, metals, and crypto within a single hour. The S&P 500 fell 0.6%, erasing $414 billion in value. Gold dropped 0.8%, losing $242 billion. Silver fell 1.5%, wiping out $55 billion. The Nasdaq dropped 1.1%, losing roughly $149 billion. Bitcoin’s share of the damage came to about $40 billion.

What It Means Going Forward

Despite today’s pullback, XRP remains up nearly 20% over the past week, and Bitcoin is still up close to 12% over the same period, suggesting today’s drop is a reaction to fresh geopolitical uncertainty rather than a reversal of the broader rally. How markets move from here will likely depend on whether tensions between the US and Iran escalate further or ease in the coming days.

Story Ends Here

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Read the Next News

Bitcoin traded below $85,000 after failing to break $87,000 resistance, despite significant spot ETF inflows. The 10-year Treasury yield surged to its highest level since 2007 and traders now pricing in a nearly 60% chance of another 25-basis-point rate hike next month.

Notable Statistics:

Coinglass data shows 132,639 traders were liquidated in the past 24 hours for $582.90 million.        SoSoValue data shows net inflows of $714.8 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net inflows of $162.3 million. In the past 24 hours, top gainers include XRP, Hyperliquid and Pepe. Notable Developments:

Bitcoin Analyst Admits His Rate-Hike Thesis ‘Was Not Rooted in the Data’XRP Could Repeat Its 2016 Pattern and Rally 50x, Analyst Says: ‘Charts Don’t Lie’Kalshi Rejects Wash Trading Claims as Report Flags Unusual Activity in Ethereum Perpetuals MarketBitcoin Could Deliver ‘3-5x Rather Than Another 10x’ This Cycle, Analyst SaysBitcoin, Ethereum, XRP Slide as $18 Billion Options Expiry Looms: What’s Going On?Tesla’s Bitcoin Stash Nears $1B as Short Squeeze Fuels RallyCFTC Chair Selig Signals ‘Mass Tokenization’ as Raoul Pal Says Everything Will Be a TokenBitcoin May Retest Low $60,000s Before $100K, Mark Yusko Says ‘Everyone’ Should Own ItTrump’s Strategy Stock Trades Draw Scrutiny as MSTR Surges 83%Dogecoin Gains 18% in a Week as ETF Inflows Return – What’s Next?Trader Notes:

Trader KillaXBT said Bitcoin’s new range is still forming, with $80,000-$95,000 a likely zone. He would be surprised by $100,000 this year, but sees pullbacks limited to roughly 10%-15% on the broader move toward $126,000.

Daan Crypto Trades highlighted $83,000-$84,000 as the key line for bullish momentum. The leverage-driven retest offers bulls a chance to defend the breakout.

A sustained move below $83,000 would signal weakness and warrant more caution into month-end.

Michael van de Poppe noted that Bitcoin’s latest liquidity sweep could mark the end of the correction, but a second leg toward $81,000 remains equally possible. Either way, he favors buying dips, particularly in altcoins.

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In brief Coinbase launched fixed-rate loans powered by Morpho, letting users borrow USDC against Bitcoin with the interest rate and repayment date locked in from the start—a departure from on-chain lending's dominant variable-rate model. It's the first enterprise-scale deployment of Morpho Midnight, with Coinbase controlling the app experience, Morpho providing the credit infrastructure and Base handling settlement. The option joins Coinbase's existing Morpho-powered variable-rate loans, now over $1.4 billion in active loans backed by ~$3 billion in collateral. Coinbase is giving borrowers a new way to tap cash without selling their Bitcoin, rolling out fixed-rate loans powered by decentralized lending protocol Morpho.

The product, announced Tuesday, lets Coinbase users borrow the USDC stablecoin against their Bitcoin with the interest rate and repayment date locked in from the start.

Myriad: How high will Bitcoin go? Click to make your prediction.That marks a departure from the variable-rate model that has dominated on-chain lending, where borrowing costs float with market conditions and can climb unpredictably. Now users can opt for certainty over both the cost and the duration of their loan.

The launch is the first enterprise-scale deployment of Morpho Midnight, a newer version of the protocol built to support fixed rates and defined maturities, with loans priced and executed natively on the cryptocurrency network. Coinbase controls the user experience through its app, while Morpho provides the underlying credit infrastructure and Coinbase's Base network handles settlement.

The fixed-rate option sits alongside Coinbase's existing variable-rate loans, which are also powered by Morpho. Coinbase first launched Bitcoin-backed borrowing on Base in early 2025, relying on Morpho as its technology provider.

That business has grown substantially, now exceeding $1.4 billion in active loans backed by roughly $3 billion in collateral, according to Morpho.

Coinbase has steadily widened the offering since launch, at one point undercutting rivals on servicing costs for U.S. borrowers and later expanding the collateral it accepts beyond Bitcoin to assets including XRP and Dogecoin.

The lending push hasn't been without turbulence, however. A sharp drop in Bitcoin and Ethereum prices back in February drove record liquidations across Coinbase's loan book, underscoring the risk that comes with borrowing against volatile collateral.

Fixed rates and set repayment dates are foundational to traditional credit markets, and bringing them to a platform of Coinbase's size is a notable step for on-chain lending, which has largely run on variable rates until now.

Morpho framed the speed of the build as evidence that fintechs can layer sophisticated credit products atop open infrastructure without reconstructing the underlying stack.

While the integration begins with Bitcoin, Morpho said the protocol is designed to eventually support tokenized stocks and other real-world assets.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

In this patch of your weekly Dispatch:Bitcoin won in the HouseMarket rally on the riseETH’s Glamsterdam arrives in OctoberMarket cast

BTC: Bulls break higherOn the weekly chart, price broke above the 50-period SMA and is now hovering near the upper Bollinger Band, a volatility-based indicator, with the next upside target at the 100-period SMA. The RSI, a momentum oscillator, is rising, and while the Stochastic, another momentum oscillator, is in overbought territory, there are no signs yet of fading momentum. The MACD, a trend and momentum indicator, keeps its histogram deep in positive territory and continues to climb.

On the daily chart, price also looks strongly bullish, trading above all key moving averages. Both the RSI and Stochastic are in overbought territory, and the coming days will show whether this momentum can be sustained. The MACD histogram is positive, and the ADX, which measures trend strength, is at elevated levels and still rising.

Key levels to watch: On the downside, immediate support sits in the $82,000–$83,000 zone, with the next level near the round $80,000 mark. To the upside, resistance comes in around $88,000, followed by $90,000, with the weekly 100-period SMA also acting as dynamic resistance along the way.

The big idea

The signals for Bitcoin’s recoveryBitcoin just did something it hasn't managed in 45 weeks: close above its 50-week moving average. History says that matters more than most single-week milestones do. 

A week built to break it: The Senate's Clarity Act failed to clear cloture, falling short 49-50 and leaving the industry without the statutory framework it had been waiting on. Days later, the Federal Reserve delivered its first rate hike since 2023. The Bank of Japan followed with its own hike, pushing its benchmark rate to a 31-year high. Add a dollar index at a one-month high and oil above $106 a barrel, and the setup was for a broad risk-off move– one that, on paper, should have hit Bitcoin hardest of all. Spot Bitcoin ETFs still managed to turn out a positive result: a modest $6.2 million in net inflows, thin against the $55 billion the funds have taken in since launch, but positive all the same.

That week didn't hit Bitcoin the way the setup suggested. Bitcoin briefly dipped toward $75,000 after the Clarity Act vote and recovered within days, ending the week near $81,000.

The short-covering catalyst: Part of that recovery came from positioning unwinding rather than fresh demand. More than $230 million in Bitcoin shorts and $445 million across the market were liquidated in a single session, echoing the pattern from August's rally, when a 25% price gain coincided with a 12.6% drop in coin-denominated open interest. Short covering alone doesn't confirm new conviction is building, which is why what happened on the spot side matters more.

The buying underneath: And on the spot side, the signal is more direct. Long-term holders were net sellers through most of August, offloading roughly 16,000 to 20,000 Bitcoin a day. That reversed at the end of the month, and the pace of accumulation has built steadily since, reaching a net 25,735 Bitcoin accumulated on September 20 alone– the strongest single-day accumulation in a month. Spot volume backs this up: net spot flow stayed negative through the Clarity Act vote and the Fed hike, then turned decisively positive the same day Bitcoin broke back above $80,000. This is spot demand, not derivatives positioning unwinding, and it points to real buyers stepping in rather than sellers simply stepping back.

Sellers running out of road: There's also a milder read on the selling side. A seller-exhaustion measure from Glassnode, built to capture the intensity of active selling pressure, climbed earlier in September as Bitcoin softened from its highs, then fell sharply through the Clarity Act vote and the Fed's hike, reaching one of its lowest readings on record by September 20– lower even than the level seen after the December 2022 decline.

The technical case: Then there's the technical case. Bitcoin has reclaimed its 50-week moving average 13 times in prior bear markets. Eleven of those reclaims held, and each of the four major cycle bottoms since 2011 was followed by a multi-year rally before the market saw a new low. The two failures both happened in the 2021–2022 downturn– the one prior instance this cycle most resembles in terms of macro pressure and volatility.

That last point is also the honest caveat: this signal has failed before, in conditions not unlike today's. And Bitcoin's own seasonality argues for caution into next week even as Q4 has historically been the strongest quarter of the year.

What happens next: This recovery has had real buying behind it, not just sellers stepping back. Some consolidation from here wouldn't be surprising after a move this fast. On top of the on-chain and ETF signals, Bitcoin picked up a regulatory tailwind this week too, with the House advancing legislation to formally custody the government's bitcoin holdings (more on that below). Whether the rally extends beyond it is less about the moving average than about whether long-term holders and spot buyers keep stepping in the way they did this week, or whether that turns out to have been the exception rather than the start of a pattern.

Ethereum

Ethereum nears its October Glamsterdam testEther's ETFs snapped a four-week inflow streak last week, pulling a net $140 million out even as Bitcoin funds stayed positive. The more important story for Еther may be structural: Glamsterdam, its next major upgrade, is designed to roughly double block capacity toward a 200 million gas limit, creating room for more payments and trades before fees start climbing. The upgrade also brings the validator-block builder relationship directly into the protocol, formalizing a division of labor that today runs on informal, off-chain arrangements. A private rehearsal completed the transition cleanly on September 17, hitting the capacity target without losing finality, with the first public test set for October 6.

TradFi trends

А U.S. Bitcoin reserve is happening?Bitcoin just won in the House what it lost in the Senate. Days after the Clarity Act stalled, the House Financial Services Committee voted 28-21 to advance the Strategic Bitcoin Reserve Bill – the first federal committee approval of legislation to formally custody the government's bitcoin. The bill locks in the roughly 324,527 BTC the U.S. already holds, worth about $24.8 billion, for 20 years, bars any sale or pledge, and directs Treasury and Commerce to find budget-neutral ways to add more. It still needs a House floor vote, the Senate, and the President's signature, but it's a real step toward bitcoin as a permanent government holding, not just a forfeiture windfall.

Macroeconomic roundup

The first data after the rate hikesLast week's Fed and BOJ hikes are done; this week tests whether they bite. Bitcoin enters above $80,000, up roughly 8% over seven days, with Friday's inflation-expectations data as the key test.

Fed officials Williams and Barr speak (Sept. 23): No break from Powell's line is expected; any daylight on the pace of hikes would move markets more than the remarks warrant.

Bank of Japan rate hike takes effect (Sept. 24): The move to 1.25% raises the cost of yen-funded positions. Implementation doesn't force unwinds– whether the higher cost starts to bite is the open question.

University of Michigan Inflation Expectations (Sept. 25): Preliminary reading was 4.6%. A softer final print supports risk appetite; a firmer one pressures the recovery.

The week's most interesting data story

Why $80,000 is becoming  Bitcoin's most crowded price levelThis week's most interesting data point isn't a headline number– it's where Bitcoin's supply is actually sitting. Roughly 13% of all circulating Bitcoin, close to 2.7 million coins, was last bought between $75,700 and $84,600, a band that sits almost exactly on top of today's price. Nearly 11% of supply changed hands within 5% of the current level alone. That's an unusually dense cluster of cost basis forming in real time, and it cuts both ways: it confirms recent buying was concentrated right where price is now, not scattered, but it also leaves a large group of holders with almost no cushion. Whether that cluster becomes support on the next dip or supply overhead on the next rally will say more about conviction than any single indicator this week.

The numbers

The week’s most interesting numbers$999 million — Monday's net inflow into U.S. spot bitcoin ETFs, the largest single-day haul in 11 months.

$96.20 — HYPE's new all-time high on September 23, on roughly $385 million in institutional buying.

$1 million — Kevin O'Leary's new bitcoin price target, alongside a raised $15 trillion market-cap call.

12 — Consecutive weeks of inflows for spot Solana ETFs, through a Fed hike and the Clarity Act's defeat.

Hot topic

What the community is discussingMiners coming back from holiday?

Another key metric checked by Bitcoin.

Ethereum’s take on the recent rally.

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11 U.S. Democratic senators urge Senate Banking Committee to hold a hearing on prediction markets

11 Democratic senators on the U.S. Senate Banking Committee are urging committee chair Tim Scott to hold a hearing on prediction markets, following the panel’s plan to host a Republican-only roundtable on the topic next week. The roundtable will focus on securities-based prediction markets, with a representative from Kalshi expected to attend. Currently, primary regulatory authority over prediction markets falls to the Senate Agriculture Committee and the Commodity Futures Trading Commission (CFTC); the Banking Committee’s planned discussion is seen as a further move by the panel to engage with the prediction market issue.

3 hours ago

Bitcoin breaks through $80,000, backed by institutional funds; analysts hold divergent views on the sustainability of this rally.

Bitcoin recently broke through $80,000 and hit a high of $87,300. Analysts note the current rally is backed by strong inflows from institutional capital and spot Bitcoin ETFs, but metrics including trading volume, market breadth, and derivatives positions have sparked debate over whether the uptrend can sustain. K33 points out that Bitcoin’s recent pullback in both magnitude and duration is significantly smaller than those during major bear markets in 2013, 2017, and 2021, suggesting the current cycle’s low may have already been established. The firm also adds that Bitcoin still has catch-up potential relative to gold and U.S. equities. 21Shares attributes the crypto market’s regulatory tailwinds to the U.S. SEC’s “innovation exemption” and the Commodity Futures Trading Commission (CFTC) advancing relevant rulemaking. K33 further notes that fading uncertainties—such as the Federal Reserve’s interest rate decisions and the vote on the CLARITY Act—also helped drive the market’s breakout. However, Nexo takes a cautious stance, highlighting that recent declines in trading volume, narrowing rally breadth, and rising derivatives leverage could expose Bitcoin to risks of profit-taking or a temporary correction. Capital.com’s analysts identify the $87,000–$88,000 range as the near-term resistance zone; a breakout would target $90,000 next, while key support levels to watch are $84,000–$85,000 and $80,000. Fundstrat founder Tom Lee claims the crypto bull market has already begun, citing drivers including the reflow of AI capital back into crypto markets, improved crypto fundamentals such as tokenization and AI integration, and the end of Bitcoin’s four-year cycle.

3 hours ago

US SEC Commissioner Uyeda: Dropping some crypto lawsuits to avoid harming the regulator’s credibility

US SEC Commissioner Mark Uyeda stated that the agency has dropped several cryptocurrency cases inherited from the previous administration. The reason is that continuing to defend legal interpretations set to be overturned in court could harm the SEC’s credibility. Uyeda noted that as the SEC prepares to make a "180-degree shift" in its relevant legal interpretations, he does not want the agency’s litigation attorneys to keep defending its prior stance in court. He added that sticking to positions ultimately set to be overturned would "damage the SEC’s reputation". Furthermore, Uyeda referred to the SEC’s "innovation exemption" for tokenized securities as a "pilot program", arguing that this mechanism could create "significant potential opportunities" for new market entrants and traditional financial institutions.

3 hours ago

Visa Survey: Americans’ Willingness to Use Stablecoins Rises to 56% With Bank-Level Guarantees

Visa’s “Money Travels 2026” report reveals that if stablecoins offer bank-equivalent fraud protection and deposit insurance, U.S. consumers’ willingness to use stablecoins for cross-border transfers will climb from 36% to 56%. The survey identifies stablecoin awareness as a major barrier: 56% of U.S. respondents said they have never heard of stablecoins. When stablecoins are offered by existing financial service providers, that willingness rises to 45%; 61% of respondents said they would trust traditional banks to provide digital currency services, while 60% would trust global payment networks. Visa notes that stablecoins currently do not carry FDIC deposit insurance, adding that the data is based solely on hypothetical scenarios and does not mean such protections are imminent. Conducted by Morning Consult between February 24 and March 2, the survey covered 45,445 people across 20 markets, including 2,192 U.S. adults. In Latin America, willingness to use stablecoins for cross-border transfers jumps from 34% to 74% when the relevant protections are in place.

3 hours ago

Crypto exchange Coinbase has been stripped of its membership by UK Finance, the UK's financial industry lobbying group.

Sources familiar with the matter have revealed that the board of UK Finance recently sent a letter to Coinbase, stating that after reviewing its membership framework, the crypto exchange failed to meet the organization’s membership standards, leading to the decision to terminate Coinbase’s membership. Coinbase still retains the right to appeal this ruling. UK Finance represents around 300 financial institutions, including major UK and international banks, market infrastructure firms, and payment providers. Both Coinbase and UK Finance declined to comment. In recent years, the crypto industry’s influence in policy discussions has continued to rise, though it has faced disagreements with traditional financial institutions over issues such as stablecoin yields and banking services. The revocation of Coinbase’s membership comes at a time when discussions between the UK crypto sector and traditional financial institutions on topics like banking service access are heating up.

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WSJ: Two senior executives from Anthropic invest in a biosecurity startup backed by Peter Thiel

Beating AI News Brief: According to a WSJ report, two senior executives from Anthropic have invested in a Peter Thiel-backed startup developing hardware capable of detecting airborne viruses. The report notes that the project focuses on biosecurity, aiming to address potential biosecurity risks stemming from the rapid advancement of AI technology. The hardware can detect airborne viruses to help identify potential biological threats at an earlier stage. This investment also reflects that the AI industry’s attention to AI-related biosecurity risks is expanding from model security to real-world protective infrastructure.

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Daniel Hinton, known for his experience managing global liquidity relationships at SFOX, recently addressed the evolving landscape of Bitcoin market efficiency. Hinton described the complexity of maintaining a 24/7 global market where the blockchain operates as the sole clearinghouse, highlighting its challenges compared to traditional finance.

Liquidity Gaps and Exchange DislocationsHinton pointed out that in 2018, significant price discrepancies between exchanges, sometimes spanning several percentage points, were a routine issue. These arbitrage opportunities were prevalent due to less efficient market structures and fragmented liquidity pools.

Over recent years, these large-scale dislocations have mostly vanished as market infrastructure matured. Improvements in exchange connectivity and pricing transparency have helped narrow price differentials, leading to a more consistent trading environment across platforms.

Despite these advances, isolated incidents still cause dramatic market moves. Hinton cited the recent BitMEX wind-down, during which thin liquidity caused a perpetual swaps market wick to spike above $150,000. This sharp price movement affected traders relying on margin and stop-loss orders, underlining the risks inherent in illiquid trading scenarios.

Challenges in Bitcoin Market StructureWith no centralized clearinghouse and a global, non-stop trading schedule, Bitcoin markets often present unique operational difficulties. Hinton emphasized that efficient settlement relies entirely on the blockchain, requiring sophisticated strategies by institutions to manage risk and exposure.

Custody solutions remain an unresolved challenge. The lack of robust infrastructure for securely holding digital assets continues to be a concern for institutional investors, contributing to hesitation from some market participants.

Hinton also referenced ongoing efforts to create open-source price software that runs alongside individual Bitcoin nodes. These tools aim to enhance price discovery and transparency in a market where no single benchmark price prevails due to decentralized trading activity.

Institutional Involvement and Future DevelopmentsAs institutional adoption increases, the focus has shifted to building reliable tools and structures. Areas such as sustainable balance sheet management and the ability to track dislocated assets across multiple markets have gained importance.

Institutions are now demanding robust technical solutions before fully implementing digital asset mandates. The development of advanced oracles, custody models, and price-tracking tools factors prominently in unlocking broader adoption of Bitcoin and other cryptocurrencies.

Market observers have noted that technical signals, including the formation of certain chart patterns or the breaking of key resistance levels, play an increasing role in guiding both individual and institutional trading strategies. In fast-moving sectors like meme tokens, the ability to quickly identify trends and investor activity can be critical. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000—stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

UTXO Management and BTC Inc., the producer of BMTV, both operate under Nakamoto Inc. (NASDAQ: NAKA).

Hinton highlighted the difficulties of running margin and stop-loss strategies in a market where large price wicks, like the recent spike above $150,000 during the BitMEX event, can quickly cascade across thin order books and impact traders worldwide.

He also noted that current institutional investors frequently deploy open-source price-tracking tools alongside their nodes to capture more accurate and timely pricing data, aiming for greater portfolio resilience in a volatile market environment.

Bitcoin price is up about 13% since the Federal Reserve raised rates on September 16, and Wall Street funds did most of the buying. Three things brought them back.

The bad news was already in the price, higher rates stopped scaring buyers, and the chart showed room to rise.

The Bad News Was Already in the Bitcoin PriceRate futures gave a hike 69.6% odds on September 11. On September 15, the CLARITY Act, a bill to set US crypto rules, failed a Senate vote 50-49. Bitcoin fell 3.3% that day and closed near $75,600, the low of the pattern’s right shoulder.

A day later, the Fed raised its range to 3.75% and 4%.

Why the Funds Came BackThe first reason is that the waiting ended. Funds that had recorded heavy outflows ahead of the vote no longer had a decision to wait for.

The second is that higher rates stopped scaring buyers. The two-year Treasury yield, what the US government pays to borrow for two years, climbs when traders expect more Fed hikes and falls when they expect cuts. It hit a September high of 4.76% on September 18 and 21. Those were Bitcoin’s two big up days. Fundstrat’s Tom Lee argued the Fed cannot get more hawkish from here.

Rates Held Near Their September High: BeInCryptoThe third is room to run. The UTXO Realized Price Distribution (URPD) shows the price at which each Bitcoin last moved, a rough map of where holders bought. The band near $87,100 holds 1.34% of supply, and the band near $88,400 holds 0.46%.

Bitcoin URPD Level: GlassnodeFewer coins bought there means fewer holders waiting to sell at breakeven.

Key URPD Level: GlassnodeTwo Days Did the LiftingSpot Bitcoin ETFs took in $2.31 billion across September 17, 18, 21, and 22. Bitcoin (BTC) rose 5.9% on September 18, when funds bought $433 million, and 6.7% on September 21, when they bought $999 million. Those two sessions produced almost all of the 13.2% gain to September 22.

Two Fund-Heavy Days Did the Work: BeInCryptoThe September 21 jump also caught short sellers, with $262 million of bets against Bitcoin liquidated in one hour. Closing a short means buying, which adds to the fund demand.

The Bitcoin Price Breakout and What It TargetsThat demand pushed Bitcoin out of an inverse head and shoulders it had been building since February, a pattern where a deep middle low sits between two shallower ones. It broke the neckline on September 21, on the heaviest daily volume since August 21. The pullback since has been shallow, 0.5% on September 22 against the 3.3% drop on September 15.

Bitcoin Price Analysis: TradingViewThe first hurdle is $86,935, which Bitcoin touched but has not closed above. A daily close there opens $89,825, then $93,940. The pattern’s measured move is about 43% from the neckline, pointing to $117,247, within 7% of the $126,080 all-time high record.

The floor is thicker. The band near $84,569 holds 2.92% of supply, the largest within 20% of the price, just above the $84,045 technical level.

Key Bitcoin Price Floor: GlassnodeA daily close below $84,045 would bring the neckline near $82,000 back into play.

Analyst’s View: Funds bought even with the two-year Treasury yield near its September high, which suggests the hike no longer scares them. If August inflation data on September 30 does not revive that fear, a daily close above $86,935 keeps the 43% path open.

Disclaimer

This Analysis reflects BeInCrypto's editorial interpretation of information and data available at publication and may become outdated. It is general and non-personalised, does not consider your circumstances, and is not investment research, financial, investment, legal or tax advice, an offer or a recommendation. Forecasts, targets, technical analysis and forward-looking statements are uncertain and may not materialise; past performance and indicators do not predict future results. References to assets, products or providers do not imply endorsement. Crypto-assets and financial products may result in total loss. Verify material information before acting.

Bitcoin just did something it hasn’t done in over a decade. For the first time since 2012, BTC has posted three consecutive months of price gains, a streak that places it in very rare company given the asset’s historically chaotic relationship with sustained momentum.

The numbers: Bitcoin rose 4.8% in July 2026, then surged 25.2% in August, and as of September 23 was up roughly 10.9% for the month, trading in the $86,140 to $86,500 range.

Why this particular streak matters The last time BTC pulled this off was in 2012, when it posted gains of 41.0% in July, 6.4% in August, and 24.4% in September of that year. Those three months were followed by a 9.7% decline in October, which might have looked discouraging at the time. What came after that dip, however, was a rally exceeding 2,000% over the following months. That context is why analysts are paying attention now, even if they’re careful not to oversell the comparison.

The catch, and it’s worth stating plainly, is that a sample size of one historical precedent is essentially no sample size at all. Drawing a straight line from 2012 to 2026 and expecting the same outcome is the kind of reasoning that makes finance professors visibly upset. The structural conditions, market participants, regulatory environment, and sheer scale of Bitcoin’s market today are incomparable to what existed fourteen years ago.

The recovery story underneath the streak August’s 25.2% single-month gain was the headline contributor. September’s ongoing gains, sitting near 10.9% with a week still remaining in the month when the data was captured, suggest the momentum hadn’t immediately collapsed once August closed.

Trading near $86,000 places Bitcoin at a price level that would have seemed improbable during the depths of earlier 2026 turbulence.

Reading the 2012 playbook carefully The three winning months in 2012 were followed by a down month. The October 2012 decline of 9.7% came before the historic multi-thousand-percent rally, meaning anyone who extrapolated straight-line gains from the streak got a correction first.

Multiple financial outlets covering this milestone have flagged the same caution: limited historical data makes it genuinely difficult to assign predictive weight to the pattern. Bitcoin has only existed since 2009. The number of times it could have produced a three-month winning streak and didn’t is part of the data set too.

For now, the milestone stands on its own terms: three consecutive months of gains, a feat Bitcoin last managed when it was trading for a fraction of a dollar and its total market was smaller than most regional bank branches.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Bitcoin (BTC) faces its “next real test” at $90,000 as traders continue to return to unrealized profit.

Key points:

Bitcoin profit-takers may stall BTC price upside at $90,000, CryptoQuant predicts.Onchain signals, including price reclaiming its 365-day moving average at $80,500, led analysts to call the start of the next bull market.CryptoQuant CEO Ki Young Ju sees future cycle tops and bottoms as shallower thanks to institutional ownership.Profit-taking means “natural pause” for BTC price at $90,000In its latest weekly report issued on Tuesday, onchain analytics platform CryptoQuant warned that the area around $90,000 will bring increased odds of profit-taking should price reach it.

Bitcoin traders’ realized price — the average acquisition price of BTC that last moved onchain between one and three months ago — currently sits at $64,300. CryptoQuant data shows upper and lower bands around this level, signifying profit or loss margins for this cohort of the supply. The “upper band” for profit-taking sits at $90,300, or 40% above the realized price.

“The upper band coincides with the $88K–$90K on-chain supply cluster, making it the next resistance to clear. Historically, as price approaches the upper band, trader profit margins stretch and selling can intensify — a natural pause point within an uptrend, not a reversal,” CryptoQuant analysts stated.

Bitcoin trader realized price data (screenshot). Source: CryptoQuant

The report describes the path between current spot price at $86,000 and the profit-taking zone as “largely clear” while seeing no return to bear-market conditions.

“The bull market is confirmed. Technicals, valuation and on-chain data now point the same way — up,” it continued, echoing a previous assertion from CryptoQuant CEO Ki Young Ju.

In an X post this week, Ki saw future Bitcoin price cycles becoming less extreme than previous ones thanks to a shift from retail to institutional BTC ownership. 

“Today, a much larger market and growing institutional ownership are dampening both extremes. The same forces that limit the upside also soften the downside,” he wrote.

Bitcoin profitability stabilizes in 2026Ki noted that during the 2026 bear market, Bitcoin’s market value to realized value (MVRV) ratio did not fall below its breakeven point of 1 at any point, signaling that the broader investor base remained in aggregate profit throughout — a clear contrast to prior macro downtrends.

As Cointelegraph reported, MVRV has now crossed above its 365-day moving average — an event that signaled the end of both the 2018 and 2022 bear markets.

Bitcoin MVRV ratio. Source: CryptoQuant

New capital inflows to Bitcoin remain notably high this month. The US spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $1.7 billion for the first two days of the week, per data from UK-based investment company Farside Investors. Monday’s $999 million tally constituted the largest single-day total since October 2025.

Bitcoin ETF netflows data. Source: Farside Investors

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.