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Bitcoin held firmly above $86,000 as U.S. spot Bitcoin ETFs attracted nearly $1 billion in net inflows, signaling renewed institutional demand.

Notable Statistics Coinglass data shows 93,939 traders were liquidated in the past 24 hours for $437.68 million.        SoSoValue data shows net inflows of $998.95 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $269.98 million. In the past 24 hours, top gainers include Bitcoin Cash, NEAR Protocol and Quant. Notable DevelopmentsThis Analyst is Expects a BTC PullbackWhy Billionaire Tim Draper Calls Apple, Meta ‘Irresponsible’ for Not Holding BitcoinEXCLUSIVE: ‘Institutions Are Buying BTC’ — Retail Is Trading Everything ElseBitcoin Cash, Uniswap Surges as CME Announces New Futures Contracts: What’s Going On?Strategy Swings From $10B Loss to $8B Profit as Bitcoin Hits $85KForget Dogecoin: PEPE Is Outrunning Bitcoin and XRP—Is FLOKI Next?‘Crypto Winter Is Over,’ Fundstrat Says: Why Ether and Solana ETFs Matter NowElon Musk’s X Launches Cashtag Trading Program With Coinbase, Kraken, GeminiNot Dogecoin or Shiba Inu: Is This Meme Coin’s 27% Rally Just Getting Started?Trader NotesDigital asset trader Castillo Trading expects Bitcoin to retest $80,000, though it could first extend toward $89,000. He views dips as buying opportunities rather than a reason to turn bearish.

Heavily followed trader Michael van de Poppe anticipates a sweep of the $84,000 level, which he sees as a potential area to look for long entries.

Trader CryptosBatman points to nearly $1 billion in latest-session Bitcoin ETF inflows as evidence that institutional demand is returning after months of weakness. “Real capital is coming back,” he added.

He suggests BTC’s bottom may already be in.

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TLDR Coinbase launched fixed-rate Bitcoin-backed USDC loans through Morpho Midnight on Base. Borrowers can lock both the interest rate and repayment date when taking a loan. Coinbase now offers fixed-rate loans alongside variable-rate borrowing through Morpho Blue. Coinbase said its variable-rate loans exceed $1.4 billion, backed by about $3 billion in collateral. Morpho Midnight holds about $30 million in deposits, while more integrations are planned. Coinbase has added fixed-rate bitcoin-backed loans through Morpho Midnight. Users can borrow USDC while keeping Bitcoin as collateral. Users lock the loan rate and repayment date when they open the position. Coinbase now offers both fixed-rate and variable-rate borrowing inside the same platform. Fixed terms show borrowing costs and maturity before a loan begins.

Its existing variable-rate loans use Morpho Blue. Coinbase said those loans have passed $1.4 billion outstanding, with about $3 billion in collateral. The new option gives borrowers another way to manage repayment costs without selling Bitcoin.

Midnight Sets Rates and Repayment Dates Morpho launched Midnight on Base in July. The protocol brings fixed rates and defined maturity dates to onchain lending. The rollout follows Circle’s Bitcoin-backed USDC lending launch, which also uses Morpho infrastructure for crypto-backed borrowing. A Morpho spokesperson described Coinbase as the first major consumer platform to offer Midnight at scale.

Coinbase currently offers loans that mature at the end of the current month or the next month. Coinbase defines month-end as the final Friday. Borrowers must repay before maturity. If they fail, lenders can claim the posted collateral.

Borrowers Gain Another Loan Structure Coinbase did not disclose the interest rates available through Midnight. A company spokesperson said lenders and borrowers set rates through supply and demand. They place offers on an onchain order book, which determines available terms.

The product arrives as other crypto platforms add collateral-based credit. Hyperliquid’s BTC-backed stablecoin loans launched this month, allowing users to borrow USDC or USDT against Bitcoin or HYPE. That service reported $269 million in borrowing on its first day.

Onchain Credit Market Keeps Expanding Coinbase manages the customer interface, while Morpho runs the lending protocol and Base handles settlement. The launch also follows the Coinbase and Stablecore banking partnership announced last week. That deal brings crypto custody, trading, and payment tools to community banks and credit unions.

Morpho said Midnight has about $30 million in deposits during its rollout. Morpho Blue has $5.2 billion in outstanding loans and $16 billion in deposits across integrations. Morpho also sees possible uses for structured credit and tokenized real-world asset loans. Morpho plans more integrations but has not provided a public timeline. Market makers also use Midnight, while Tenor Labs launched a lending platform on the protocol in July during the early rollout.

With a new cycle seemingly underway, there are legitimate concerns around Bitcoin worth considering, and I do not just mean quantum vulnerability.

I, and it seems some others on the timeline, have been turning over the possibility of BTC underperformance this coming cycle, similar to how most alts failed to make meaningful new all-time highs last cycle.

With Bitcoin already ripping higher, you may think me crazy. But hear me out.

— (@)

Bitcoin Is Mainstream Last cycle was, more than anything, about “mainstreaming” Bitcoin.

It kicked off with the approval of spot ETFs, which opened Bitcoin to institutional capital and did so with tremendous success, as BlackRock’s IBIT became the fastest ETF ever to reach $10B in assets. Then we had Trump run, and win, on a platform that included creating a Strategic Bitcoin Reserve, another catalyst that helped push Bitcoin through six figures. Meanwhile, we had Saylor buying millions of dollars of BTC each week, a shopping spree that inspired other companies to become digital asset treasuries and join him in these weekly purchases. The point is that Bitcoin spent the cycle dramatically expanding the number of people and institutions that could own it. No other crypto asset received anything close to this breadth of support, in or out of the markets.

I struggle now, though, to see who is left to join in. The DAT trade has largely fallen apart. The BSR has mostly come and gone, with the government so far relying on seized BTC rather than making outright purchases. Those who want to buy Bitcoin can already do so through ETFs. I do not mean that the bid disappears, only that opening these channels was itself a catalyst, and one that cannot simply be repeated.

Instead of entering this cycle with another massive pool of buyers waiting to be unlocked, Bitcoin faces some uncomfortable headwinds. Most unnerving to me is the unresolved quantum question, where a sufficiently powerful quantum computer could derive private key from public key and spend the Bitcoin that address controls controls. Yes, Bitcoin developers have proposed defenses, including BIP-360, but there is still no adopted network-wide migration.

How Strategy Can Sell Billions More in Bitcoin on Bankless

Strategy sold $216M in Bitcoin to fund dividends but still reports full $1.25B reserve capacity. The build-versus-replenish loophole explained.

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Then we have the overhang of Strategy, which Saylor is attempting to maneuver like an actively managed fund, balancing Bitcoin holdings against shareholder demands, preferred dividends and debt payments — no longer simply doing everything in pursuit of “stacking sats.” Strategy has already sold BTC to fund distributions, while management itself now describes the company as moving from one-way issuance toward “active capital management”. If anything, Strategy provides the perfect transition into the more difficult problem Bitcoin faces: a cultural one.

Bitcoin’s Cultural Problem Bitcoin was born as money outside of the traditional financial system. Now fund managers gobble it up, repackage it, charge a fee and sell the exposure back to investors. There is an obvious benefit to this. I like being able to buy Bitcoin in an IRA. But there is also something undeniably strange about watching the financial system Bitcoin was designed to route around become one of the primary ways people access and profit from it.

Sixsmith, whose recent piece helped kick off this train of thought, recently put the cultural critique more sharply: “Bitcoiners started to believe that bitcoin had already achieved the mission and then they sold out.”

I believe this view is more widely held than many may realize, and that Zcash’s outperformance is symptomatic of it. David Hoffman made a similar case around Bitcoin’s institutionalization dulling its cypherpunk edge: Zcash has the same basic monetary foundation, including a 21 million supply cap and proof-of-work, but adds native privacy, something Bitcoin has never meaningfully achieved and something that arguably makes Zcash more resistant to being absorbed into the traditional financial system in quite the same way.

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It has also been more willing to confront quantum directly through Tachyon, its proposed next-generation shielded protocol, which is being designed to open a path to post-quantum privacy.

Considering this backdrop, I would not be surprised to see standout reflexivity from Zcash: the more it appreciates, the more people question Bitcoin; the more they question Bitcoin, the more capital moves toward Zcash, and on and on. I think Zcash may surprise people with how much of Bitcoin’s monetary premium it can capture. Hopefully, that competition also scares Bitcoin’s developer community into addressing quantum with the urgency it deserves.

— (@)

Alts Finally Have Fundamentals But I do not mean to simply disparage Bitcoin. There is an equally compelling case for alts, which can, in some respects, simply be reduced to this: they have matured.

We really have Hyperliquid to thank for demonstrating how much fundamentals supporting a token can matter to its trajectory. Crypto now has businesses generating serious revenue, and many of the leading ones have made routing that revenue back toward their tokens a priority. Hyperliquid is the archetype: roughly 97% of protocol fees flow into HYPE buybacks, with cumulative purchases already well above $1B. As Evan_ss6 shared in his latest article, buybacks have become big enough of a trend that the Financial Times now tracks them.

Beyond that, Uniswap uses protocol fees to buy and burn UNI, while Lighter routes all of its revenue into LIT buybacks. Aave automated its buyback program last year, and Pump.fun is also actively buying back PUMP. Ethena is in the process of implementing its own.

The result is something crypto historically lacked: tokens tied to businesses where greater usage can actually translate into greater token demand or reduced supply. And these businesses still have enormous room to expand. The CFTC has already opened a path for crypto perpetuals to reach U.S. customers through regulated venues and intermediaries, while the SEC’s new Innovation Exemption permits limited onchain trading of rights-bearing U.S. stocks through permissioned AMMs.

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Products that were inaccessible or legally uncertain for U.S. users last cycle are beginning to open up. That gives businesses like Hyperliquid, Lighter, Uniswap and others something Bitcoin increasingly lacks: genuinely new markets to grow into.

And I am not talking about every alt. The opportunity increasingly looks concentrated in the “good” ones: businesses already generating meaningful revenue from products people actually use, with mechanisms connecting that success back to their tokens and large markets they have barely begun to penetrate.

That is ultimately the thesis. Bitcoin does not need to crash. It can appreciate considerably and still underperform. But while last cycle revolved around Bitcoin, this cycle may much more revolve around the handful of assets whose addressable markets are expanding now.

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Bitcoin has received a new buy signal from the Supertrend indicator. Crypto commentator Rand Group noted that the indicator has turned green again, this time around $84,000.

The last time it gave a buy signal, Bitcoin was trading around $16,000. According to Rand Group, the indicator stayed green for about three years while Bitcoin rose roughly 700%. With the Supertrend turning bullish again at around $84,000, hopes are rising for another mega price rally.

The last time the Supertrend flagged a BUY signal, Bitcoin was $16K.

It stayed green for 3 years and 700% straight up. It just printed again at $84K 👀 pic.twitter.com/N4dGxeXFSS

— Rand Group (@randgroup) September 22, 2026

Bitcoin Supertrend Points to Big BTC Rally The chart shows Bitcoin’s price alongside the Supertrend indicator. The indicator turned green in early 2023, when Bitcoin was trading around $16,000. Bitcoin then went on a prolonged rally, surpassing $100,000 in December 2024 and reaching around $120,000 by October 2025.

In other words, the green signal lasted roughly three years before turning into a sell signal. Meanwhile, Bitcoin fell from above $100,000 to around $57,700 in July 2026. Now, the Supertrend has turned green again, with Bitcoin trading around $84,000.

In simple terms, the indicator is showing another buy signal after previously turning green ahead of a major Bitcoin rally. So far, Bitcoin has surged 51% from its cycle low of $57,700 over the past two months.

Bitcoin What the New Signal Means for Bitcoin The Supertrend is a tool that uses Bitcoin’s price and volatility to show the direction of the trend. Green usually means the trend is moving upward, while red usually means the trend is moving downward.

Bitcoin’s latest green signal suggests that the trend may be turning upward again after its recent decline. However, the previous 700% rise does not mean Bitcoin will repeat the same move. Regardless of the potential upside, the indicator suggests a return to an upward trend, but it does not guarantee another major rally.

End of Bear Market? This week, Bitcoin moved back above its 365-day moving average, which is around $83,000. CryptoQuant founder Ki Young Ju said this was the signal traders were watching for the end of the bear market and for institutional FOMO to resume.

Analyst Ted Pillows also pointed to a higher weekly high and a move above the 50-week moving average as signs that BTC’s bottom is already in.

Bitcoin’s next major technical level is around $88,761, its two-year moving average. Holding above this level could indicate stronger upward momentum.

Bitcoin’s September 20 weekly close at $81,159 was about 3% above its 50-week moving average and 24% above its 200-week moving average. It was the first close above the 50-week moving average in 45 weeks.

Historically, Bitcoin’s recovery above its 50-week moving average has often been followed by further gains.

The Fed just hiked for the first time in more than three years, and Jim Bianco of Bianco Research says the bond market had been signaling this was necessary for two years. He points out that during the cutting cycle the ten-year yield rose from 3.7% to 5% — the first time in over 50 years that long-term yields climbed while the Fed cut. In this conversation with Grace Remington and Sean Hagan, Bianco explains what he’d need to see in the long end of the curve to conclude the Fed has regained credibility with bond investors, and why the October 28 decision one week before the midterms matters more than Wall Street thinks.

Chapters:
00:00 — What the Long End of the Curve Says About Fed Credibility
00:31 — The Ten Year Went From 3.7% to 5% While the Fed Cut
01:17 — The October 28 Decision One Week Before the Midterms
01:39 — Pushing Back on the Debasement Trade Narrative
02:27 — Development Activity, DeFi Summer, and What Bitcoin Needs to Show
03:04 — Why Tether Is Effectively the Currency in Venezuela and Afghanistan
04:34 — Why the Bitcoin ETF Buildout Missed the Plot
05:26 — Stablecoins, the GENIUS Act, and Real Treasury Demand
06:56 — The Post-COVID Economy and Pushing Back on Jay Powell
08:00 — Multiple Wars, Ports in the Storm, and Fourth Turning Dynamics

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Patrick Green

Patrick Green is an Assistant Producer and Channel Manager on the multimedia team at Bitcoin Magazine, focusing on production, content distribution, and channel strategy across the network.

Arthur Hayes Says AI Glut Could Lower Compute Costs and Boost Crypto

Bitcoin hit $86,000 on September 21, a level unseen since January 28. Experts called it “the first day of the bull market,” pointing to a puzzling market reaction. Two events widely expected to hurt crypto, the CLARITY Act’s failure and a 25 basis point Fed rate hike, instead coincided with Bitcoin climbing roughly 15% in just six days.

Why Bad News Didn’t Trigger A Selloff

Analyst John Gillen’s explanation rests on a simple idea: both events had already been priced in well before they actually happened. Prediction markets and yield curve pricing had made a Fed hike feel almost demanded by traders, so when it arrived, the reaction was muted rather than negative rather than negative. 

The CLARITY Act’s failure followed the same logic, weeks of uncertainty had already been weighing on prices, and once the outcome landed, whether good or bad, that overhang simply lifted.

His more pointed read went further. He argued the CLARITY Act had quietly evolved into legislation designed to protect banks rather than help crypto, making its failure less a setback and more what he called a “max bullish outcome” for the industry.

The SEC’s Quiet Intervention

The more interesting thread is what he says happened immediately after CLARITY collapsed. He’d told listeners in advance that once the bill’s failure became obvious, the SEC would move fast to fill the gap, issuing its own rules to let the industry operate without waiting on Congress. That’s exactly what played out. 

He called the SEC’s rapid response “very bullish” and “very constructive,” opening the door for new products and services under guidance that, in practice, turned out more specific and workable than the stalled bill would have offered.

Where The Real Momentum Is Building

Bitcoin has mostly traded sideways-to-up since a major short liquidation event in August, but the sharper action, by his account, is happening in altcoins. Ethereum has climbed past $2,700 and briefly touched $2,800, with a return to $3,000 seen as likely soon. Sui is up roughly 30% in 24 hours. 

Not A Bubble Yet, Just A Return To Normal

What stands out is how grounded the read stays despite the excitement. Bitcoin reclaiming its 50-week moving average is framed not as a breakout signal but simply as the price climbing back above its own one-year average, a reversion to the mean rather than proof of overheating. The broader argument is that crypto has spent months lagging behind rallies in other asset classes, and this move largely reflects catching up, not yet tipping into overvalued territory. Whether momentum carries prices meaningfully past that average from here is the open question still being watched.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

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Bitcoin (BTC) fluctuated around $86,000 on Tuesday as crude-oil prices hit their lowest levels in nearly three weeks.

Key points:

Bitcoin consolidated at around $86,000 after hitting fresh 33-week highs on Monday.US president Donald Trump told the UN that a deal to end the war with Iran could come after November’s midterm elections.WTI crude oil dropped to near $89 per barrel, its lowest level since Nov. 4 before reversing toward $92.Bitcoin tests strength of $86,000 support as oil drops under $90Data from TradingView showed the volatility of BTC/USD cooling after Bitcoin hit $87,350 the day prior, its highest level since Jan. 29.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks tracked sideways as US president Donald Trump took to the stage at the UN General Assembly in New York. In a speech to world leaders, Trump pledged to reach a deal to end the US-Iran war, but suggested that this might come after the US midterm elections in November.

“I believe we’ll make a deal right after the election because it doesn’t make sense for them not to,” he said.

WTI crude oil inched higher into the speech after falling as low as $89.16 per barrel, its lowest since Sept. 4. The drop was aided by reports that Saudi Arabia had reopened the East-West Pipeline, a key oil-supply route. Three anonymous sources referenced by Reuters said that it would take six to eight weeks for flows to reach full capacity.

CFDs on WTI crude oil four-hour chart. Source: Cointelegraph/TradingView

Onchain metric points to end of bear-market accumulationCommenting on Bitcoin’s current position, onchain analytics platform Glassnode noted a classic momentum indicator had returned above a key long-term trend line.

Bitcoin’s market value to realized value (MVRV) ratio, which compares the book value of the BTC supply — its market cap —  to the cumulative price at which it last moved onchain, has now crossed above its 365-day moving average.

“This is the same cross that we saw in 2019 and 2023 at the beginning of each bull market,” Glassnode noted on X.

The MVRV ratio seeks to determine what Glassnode describes as “fair” value for the supply — whether it is trading at a premium or discount to the price last paid by investors. High MVRV values correspondingly reflect larger unrealized profits among wallets.

The ratio currently sits at 1.62, having increased from 1.19 on Aug. 16. It remains far from the 3.7 level that has traditionally marked the profitability zone for bull-market tops.

Bitcoin MVRV ratio chart. Source: Glassnode on X.com

Continuing, onchain analytics platform CryptoQuant eyed a breakout from a multi-month resistance level for the MVRV ratio’s 30-day moving average below 1.5. CryptoQuant concluded in a blog post that breaking above this level for the first time since January would mark the end of a lengthy investor accumulation phase.

CryptoQuant added that moving above the current 1.62 would “confirm the reversal of ongoing bear market,” bringing back Bitcoin’s all-time highs of $126,200 as a BTC price target.

Bitcoin MVRV ratio data (screenshot). Source: CryptoQuant

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.

Bitcoin is trading at $86,074, stuck between $85,000 and $88,000, unable to break either level. DeFi strategist Penguin X says this isn’t random, it’s the direct result of heavy options positioning that’s been boxing the price in.

Why Bitcoin Can’t Move

According to the analysis, $85,000 currently holds the most money in the options market. Every 1% drop toward that level triggers roughly $142 million in buying, about 1,650 Bitcoin worth, acting like a cushion holding the price up. But there’s a catch: another $58 million is positioned to work the opposite way if price actually falls below $85,000, turning that same level from a floor into an accelerant for further downside.

Above the current price, two resistance walls are stacked up. At $88,000, there’s $103 million in seller positioning. At $90,000, that grows to $123 million. Beyond that, the next major seller doesn’t show up until $95,000, meaning a break above $90,000 could open a relatively clear path higher.

On the downside, support thins out fast. Buying drops to just $57 million at $84,000 and $37 million at $83,000, with a real gap emerging below $80,000.

Why Friday Changes Everything

The reason Bitcoin is stuck right now is that major options contracts expire this Friday, September 25, with the biggest concentrations sitting at exactly $85,000 and $90,000. Once that expiry hits, the wall currently holding price near $85,000 disappears, removing the anchor that’s been keeping Bitcoin range-bound.

What Happens Next

If Bitcoin breaks above $88,000 after expiry, only one significant seller remains at $90,000, and clearing that opens the door toward $95,000 with little resistance in between. If instead $85,000 breaks first, $84,000 offers weak support before a much larger gap opens below $80,000.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

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Bitcoin holders are not rushing to cash out their holdings despite the impressive 47% rally that has taken place over the past 24 hours, according to the recent data shared by the Bitfinex exchange. 

Bitcoin's adjusted Spent Output Profit Ratio (aSOPR) is currently hovering around 1.01. The reading indicates that holders are cashing out very modest profits despite the significant price surge. 

No rush 

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Adjusted SOPR measures whether Bitcoin being spent on-chain is moving at a profit or a loss. 

A reading above 1 shows that coins are being moved at a profit on average (and vice versa). 

Bitcoin's current reading of roughly 1.01 is therefore only slightly above the breakeven threshold.

That is particularly notable when compared with Bitcoin's previous breakout in August. Bitfinex noted that aSOPR climbed to approximately 1.04 at the time. 

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This time, Bitcoin's price has surged without producing a comparable spike in realized profits.

"There is barely any selling to absorb," Bitfinex said.

Bitcoin comeback gains momentumThe muted profit-taking comes as Bitcoin continues its dramatic recovery from the summer sell-off.

BTC briefly sank below $58,000 around the beginning of July before reversing course. It has now climbed above the $86,000 level, reaching its highest price since January.

The recovery has also produced an important technical breakthrough.

As reported by U.Today, Bitcoin closed the week ending Sept. 20 at $81,159, above its 50-week moving average of $78,786. It marked the cryptocurrency's first weekly close above the closely watched indicator in 45 weeks.

Bitcoin had remained below the 50-week moving average on every weekly close since November 2025.

The latest advance has evidently so far encountered less on-chain distribution than Bitcoin's August breakout.

Whether that behavior persists if BTC extends its rally toward higher price levels will be the next thing to watch for the emboldened bulls. 

Brent oil futures dropped below the $100 mark amid fresh diplomatic signals from Iran. In a statement, Iran indicated readiness to reopen the Strait of Hormuz within seven days, provided the United States lifts its port blockade and suspends military operations in the region. The potential reopening of this critical waterway contributed to the oil price decline, with market participants closely monitoring geopolitical developments for further cues.

Recovery in crypto and stock marketsThe drop in oil prices has coincided with renewed strength in both the stock and cryptocurrency markets. Bitcoin (BTC) rose to $87,000 earlier today, although it was met with resistance between $86,000 and $87,000. Market data suggest that this range is currently a significant barrier for further gains.

Major equity indices also saw positive momentum, with the S&P 500 and Nasdaq closing in the green. Semiconductor shares, led by Advanced Micro Devices (AMD), posted robust gains. AMD reached an all-time high on Monday, September 21, 2026, achieving a market capitalization above $1 trillion for the first time.

Index/AssetLatest MoveKey Level or MilestoneBrent oilFell below $100Driven by Iran proposalBitcoin (BTC)Climbed to $87,000, faced rejectionResistance at $86,000-$87,000AMDNew all-time high$1 trillion market capInterest rate impact and market outlookThese market moves have taken place against the backdrop of a recent US Federal Reserve decision to raise interest rates by 25 basis points. While such hikes have historically dampened appetite for riskier assets, the current surge in both stocks and crypto suggests that investors may be discounting traditional patterns. Despite this rally, the persistence of high rates raises the potential for a market correction.

The reaction of the cryptocurrency sector is especially notable, as it appears to be diverging from typical responses to monetary tightening. Many analysts caution that continued high rates could eventually trigger profit taking and volatility, making the rally fragile in the short term.

Geopolitical risks remainAlthough Iran has offered to reopen the Strait of Hormuz under certain US concessions, the waterway remains closed for now. Ongoing tensions between the US and Iran add a layer of uncertainty. US President Donald Trump stated that he would order decisive military action against Iran unless a deal is finalized. Iran’s latest move is regarded as a possible response to these threats.

If negotiations break down and the strait remains shut, analysts warn that oil prices could rebound sharply. In that scenario, both stock and cryptocurrency markets might experience a pullback, reversing some of the recent gains.

Mini dictionary: Strait of Hormuz, a strategic waterway between the Persian Gulf and the Gulf of Oman, is one of the most important maritime passages for global oil shipments. Its closure or restricted access can significantly impact global energy and financial markets.

Bitcoin has reached $87,000 but continues to face selling pressure at the $86,000 to $87,000 range, indicating a key technical resistance zone for the cryptocurrency.

AMD broke above the $1 trillion market capitalization milestone, marking a historic achievement for the semiconductor company amid surging equity markets.

Federal prosecutors — including the U.S. Department of Justice — are investigating whether Binance has allowed Iran to dodge sanctions by using its platform, according to a report from Bloomberg. 

The outlet, citing people familiar with the matter, reported Tuesday that feds were investigating whether  Binance Holdings Ltd., which operates the world’s biggest crypto exchange, knowingly allowed Iran-linked entities to trade. 

It comes after the U.S. Department of Justice last week said it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil. The funds, according to the DOJ, were laundered through Binance by Chinese entities. 

Iran has been using bitcoin — and other cryptocurrencies — to skirt around U.S. sanctions. The U.S. in April started targeting crypto wallets linked to the Iranian regime, Treasury Secretary Scott Bessent said in a statement. 

Bessent went on to say that the Iranian regime’s crypto had been frozen — mostly in the form of Tether’s USDT stablecoin. 

And last week, the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast — the Trump Administration’s whole-of-government economic campaign against the Islamic Republic of Iran and its enablers.  

Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year. Bitcoin cannot be frozen, unlike many other cryptocurrencies. 

The Financial Times this month reported that the Middle Eastern country was using bitcoin to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy.   

Binance, which has no headquarters but is incorporated in the Cayman Islands, ran into trouble with U.S. authorities after it allegedly allowed funds linked to virtual theft and terrorism to flow through its exchange undetected. 

It exited the U.S. market and agreed to pay $4.3 billion. Its CEO and founder Changpeng Zhao stepped down after pleading guilty to anti-money laundering violations but was later pardoned by President Trump. 

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.

19h05 ▪ 5 min read ▪ by Eddy S.

Summarize this article with:

On Monday, US Bitcoin ETFs experienced their best session of the year with 998.9 million dollars of net inflows in one day. A record for 2026 that surpasses the January 14th record of 844 million dollars. IBIT, ARKB, and FBTC led the charge while bitcoin briefly climbed above 87,200 dollars. However, a figure far from isolated brings all this back into the red. Which one?

In Brief US Bitcoin ETFs collected 998.9 million dollars on Monday, their biggest daily inflow since October 2025. IBIT (BlackRock) leads with 381 million $, followed by ARKB (289 million $) and FBTC (239 million $), according to Farside Investors. Despite this record, Bitcoin ETFs still show about 464 million dollars of net outflows since the beginning of the year. 999 Million Dollars for Bitcoin ETFs in One Day, a Record for 2026 998.9 million dollars, the figure is net and it represents the inflows for US Bitcoin ETFs this Monday. It’s the best day of the year 2026, ahead of January 14th and its 844 million dollars. You have to go back to October 6, 2025, with its 1.2 billion dollars, to find a better figure. The mechanism behind this surge is a BTC that is regaining strength. The price jumped above 87,200 dollars Monday before stabilizing around 85,430 dollars at the time of publication of this data, up +4.7% over 24 hours and +12.3% over the month.

Enough to wake up institutional buyers who had been watching the market from afar for weeks and unsurprisingly, it’s the same three heavyweights doing the work:

IBIT from BlackRock in the lead with 381 million dollars; ARKB from Ark & 21Shares right behind with 289 million; FBTC from Fidelity completing the podium with about 239 million. Three funds generating more than 900 million by themselves. The rest of the issuers share the crumbs.

Record flow at 999 million dollars in Bitcoin ETFs. The Rally is Not Only About BTC, Ethereum is Also Involved  Ethereum did not miss the movement as ETH ETFs also attracted about 270 million dollars the same Monday. Their best day of 2026 as well, notably driven by ETHA from BlackRock with 110 million dollars. XRP ETFs, on the other hand, remained flat with no net inflows recorded, for a cumulative figure stagnating around 1.71 billion dollars since launch.

270 million dollars in Ethereum ETFs. Here is what the Triumphant Narrative Forgets to Say About Bitcoin ETFs The small drawback and where it gets really interesting is that Eric Balchunas notes these flows shown Monday probably correspond to orders placed on Friday, not the session of the same day. We know that ETF data always has a delay, so the real figure of the day could still grow in the evening. He also highlights a detail that somewhat dampens the wow effect around IBIT from BlackRock which is only the 4th largest individual contributor that day, across all issuers. It is indeed the six big players of the sector who, together, made the score.

And then there is the huge elephant in the room that no one wants to look at too much! For the year 2026, Bitcoin ETFs still show around 464 million dollars in net outflows. One billion in one day does not make up for eight months of bleeding… No. And this is precisely the paradox of the moment as we celebrate a daily record on a product that, accumulated since January, remains in the red. Institutional investors may have regained taste for Bitcoin (BTC) on Monday, now it remains to be seen if they come back Tuesday, Wednesday, and the rest of the month.

What to Remember from Bitcoin ETFs that Collect 998.9 Million dollars? US Bitcoin ETFs indeed recorded 998.9 million dollars of net inflows on Monday, their daily record for the year 2026. IBIT, ARKB, and FBTC concentrate the bulk of the BTC ETF movement, driven by bitcoin back above 87,000 dollars. Despite this record session, Bitcoin ETFs remain in negative net flows for the entire year 2026. One billion in one day makes headlines, but the real test is not last Monday. It is to know if this surge marks a true return of institutional appetite, or just another flash in the pan in a year that remains, figures in hand, disappointing for Bitcoin ETFs according to Eric Balchunas.

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Bitcoin and the stock market are fundamentally different assets, with Bitcoin representing a decentralized digital network and equities denoting ownership in companies. However, there are trading days when both move sharply in the same direction, sparking questions about their relationship in modern finance.

Increasing Correlation in MarketsBitcoin’s integration into mainstream finance has transformed how it interacts with traditional asset classes. Researchers at the International Monetary Fund (IMF) found that spillovers between Bitcoin and equity markets increased significantly after 2020, in line with growing cryptocurrency adoption and easier financial conditions.

Changes in investor risk appetite have played a major role. Easier financial conditions can drive both crypto and stock prices higher, especially during risk-on periods when investors seek assets with higher potential returns despite increased volatility.

Despite some similarities in their price movements, Bitcoin and equities display a connection that shifts over time. Bitcoin often occupies a riskier position compared to stocks, which means that improving market sentiment can result in gains for both asset classes. For example, while equities recently rebounded as oil prices and Treasury yields declined, Bitcoin advanced simultaneously.

Interest Rates and SentimentInterest rates play a critical role in determining both equity and Bitcoin prices. Declining Treasury yields may lessen the appeal of safe government bonds, often prompting investors to seek riskier assets like growth stocks and Bitcoin. Lower interest rates can also raise the present value of future corporate earnings, further supporting equity prices.

Although Bitcoin does not produce earnings or dividends, lower yields decrease the opportunity cost of holding a non-yielding asset. Conversely, when interest rates rise sharply, safer investments such as cash and bonds become more attractive, pressuring speculative assets—including technology stocks and Bitcoin.

Recent Federal Reserve tightening offers an example of this trend, having contributed to notable declines in both equity markets and cryptocurrencies.

Liquidity, Market Structure, and Price FormationFinancial conditions also affect market liquidity and investors’ willingness to deploy capital. When lending standards ease and volatility falls, money tends to flow away from cash toward assets perceived to have greater upside, such as stocks and Bitcoin.

Importantly, asset prices often move on the margin: it does not take $1 trillion in new investments to raise a market’s capitalization by that amount. Where buyers pay higher prices, the value of all shares or coins rises accordingly. This effect is especially pronounced in Bitcoin, as its relatively low liquid supply can amplify price swings.

The Role of Institutional Investors and ETFsInstitutional involvement has also started to bridge the gap between Bitcoin and stocks. In the past, Bitcoin traded mostly within the cryptocurrency ecosystem, but the advent of spot Bitcoin exchange-traded funds (ETFs) has enabled traditional investors to access BTC via familiar brokerage and asset-management platforms.

Large ETF inflows, such as a $1 billion single-day sweep into U.S. Bitcoin ETFs, demonstrate how shifts in institutional risk appetite can directly impact Bitcoin pricing.

Crypto-related equities, including Coinbase, mining firms, and financial companies, further link the two asset classes, as their stock prices often move with Bitcoin’s market performance.

However, shifting correlations remind investors that Bitcoin and stocks retain unique catalysts. ETF flows, regulatory changes, halvings, major investor movements, and crypto-specific events can move Bitcoin independently of stock market trends.

Meanwhile, equities are influenced by company earnings reports, dividends, and sector news. For example, strong artificial intelligence earnings can boost tech stocks without necessarily increasing demand for Bitcoin, and exclusive regulatory updates can trigger Bitcoin rallies even as the S&P 500 falls.

Spillovers between Bitcoin and equity markets increased significantly after 2020, according to an IMF study, as digital assets became more entrenched in the broader financial ecosystem.

Mini dictionary: Spot Bitcoin ETF, a fund traded on traditional stock exchanges that allows investors to gain exposure to Bitcoin price movements without holding the cryptocurrency directly.

The global cryptocurrency market capitalisation has surged back above $3 trillion, propelled by Bitcoin’s climb toward $87,000 and a surge of institutional investment. The rapid rise, combined with a wave of short position liquidations, has also lifted major altcoins and reignited market momentum.

Bitcoin rallies and altcoins followBitcoin briefly traded near $87,300, marking its highest level since January before paring gains back to the mid-$85,000s. The initial rally quickly spread across the digital asset sector, boosting cryptocurrencies such as Ethereum, XRP, Solana, and Dogecoin in the process.

Dogecoin stood out with a 14% gain during a sharp short squeeze, while XRP and other leading altcoins also recorded stronger growth than Bitcoin at certain points during the rebound. This broad-based rally helped restore positive sentiment throughout the crypto market.

Spot Bitcoin ETFs attract large inflowsAnalysts identified US-listed spot Bitcoin ETFs as the primary driver of fresh demand. On September 21, these funds attracted roughly $999 million in net inflows, recording their most active day in nearly a year. BlackRock’s IBIT fund accounted for $381 million of that total, with ARK 21Shares and Fidelity bringing in $289 million and $239 million, respectively.

These substantial inflows have reinforced the argument that the latest rally is based on robust spot buying, as opposed to just derivatives activity. The nearly $1 billion influx into spot Bitcoin ETFs has underlined the increasing influence of institutional investors in shaping overall crypto market dynamics.

Spot Bitcoin ETFs added nearly $1 billion on a single day, with BlackRock’s IBIT leading inflows and ARK 21Shares and Fidelity contributing significant amounts, illustrating the growing role of institutional players.

Parallel to the ETF inflows, approximately $920 million in short positions were liquidated as prices advanced, forcing traders with bearish bets to exit rapidly. Meanwhile, the open interest in perpetual futures approached $160 billion, indicating that many participants are replacing closed positions rather than merely decreasing exposure.

Strong institutional and retail activityThe market’s rally has also occurred against a supportive macroeconomic backdrop. Lower oil prices and easing Treasury yields have alleviated some inflation and borrowing concerns that previously weighed on risk assets, prompting renewed buying across both crypto and US stock markets.

The correlation between Bitcoin and other high-beta assets has strengthened in times of increased liquidity. Observers noted that Bitcoin has been rising alongside equities as overall risk appetite rebounds.

Bitcoin’s performance has increasingly mirrored other high-beta assets under favorable liquidity conditions, reinforcing its role as a barometer of broader market sentiment.

This latest upswing also came shortly after Strategy disclosed its purchase of an additional 950 BTC, which further highlights growing institutional engagement in the market.

As retail and institutional investors monitor breakouts among top cryptocurrencies, technical trends and investor behavior continue to play key roles. In this environment, an internet trend in the meme token sector can rapidly spark significant trading activity. For example, Fomo App data revealed that a $99 investment in the meme token “Niu Lai” transformed into approximately $370,000, underscoring how timing and token selection are often critical. Fomo App has sought to streamline meme token market participation by integrating token discovery, social feeds, investor rankings, and trade notifications within a single platform, enabling users to follow both market moves and investor actions closely.

The total crypto market cap has climbed to $3.01 trillion, up 0.9% over the past day, with $141.8 billion in trading volume. Bitcoin sits at $85,980.96, Ethereum at $2,750.36, and XRP at $1.54, and behind each of those numbers is a different technical setup.

Bitcoin: Officially Back In A Bull Market, But Running Hot

Bitcoin touched $87,000 this week, breaking above its old May resistance near $82,814, a level analysts have flagged as marking the official return of a bull market. On the daily chart, MACD has crossed bullish and Bitcoin has moved into overbought territory, which is why price has cooled slightly to around $85,500.

The broader structure has followed what’s known as a Wyckoff accumulation pattern, and if that continues to play out, some analysts see a path toward $90,000 to $100,000. Others expect a top closer to $92,000 followed by a retest of the low $70,000s before the next leg higher into 2027. Neither outcome is guaranteed, but both scenarios assume the broader trend has already turned upward.

Bloomberg’s James Seyffart has said the average Bitcoin ETF holder is back above their cost basis of roughly $81,722 for the first time since January, a shift that could bring renewed inflows into major funds like BlackRock’s Bitcoin ETF.

Ethereum: Testing A Level That’s Mattered For Years

Ethereum is trading near $2,750, running directly into resistance at the $2,800 level, a price point that has repeatedly flipped between support and resistance since 2024. Every major move in ETH’s recent history, both up and down, has pivoted around this exact zone.

Ethereum’s 3-day RSI has moved back into overbought territory, and a bearish divergence is beginning to form, where price makes higher highs but momentum doesn’t confirm them. That pattern showed up before Ethereum’s last short-term slowdown weeks ago, and technical watchers expect something similar to play out this week, not a crash, but a cooling-off period. A confirmed close above $2,800 that holds would open the door toward $3,300 as the next major target.

XRP: Room To Run Before Getting Overheated

XRP’s setup looks less stretched than Bitcoin or Ethereum’s. Veteran trader Peter Brandt shared a long-term XRP chart pointing to an eventual target of $5.40. XRP is bouncing from a key support level near $1.30 and now heading toward resistance around $1.60. But it’s not moving as fast as Bitcoin, it’s still stuck testing its old highs near $1.52-$1.53 instead of breaking past them like Bitcoin has. 

There’s also a small warning sign forming that could mean a short slowdown for XRP in the coming days, similar to what’s expected for Bitcoin and Solana, before the bigger uptrend likely continues.

Why Altcoins May Be Next In Line

A recurring theme across current analysis is capital rotation. As Bitcoin cools from its overbought stretch, analysts expect liquidity to shift toward Ethereum, XRP, and other altcoins, a pattern historically seen once Bitcoin’s initial leg of a bull run matures. USDT dominance continuing to break down supports that thesis, since falling stablecoin dominance typically signals capital moving off the sidelines and into crypto assets directly.

Story Ends Here

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Since Bitcoin has recovered and is now trading above $85,000, the ratio of BTC to gold has increased to 19.8 ounces.

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After falling to a low of 12 ounces in February, the ratio has climbed sharply to just under 20 ounces, which is half of its all-time high of little over 40 ounces.

The real story isn't about the rebound, but about the ceiling that has limited both assets.

Despite the ratio's 1% year-to-date drop, it has been a turbulent journey.

There was a watershed event in 2026 when spot BTC funds saw their first-ever losing half, with a total of $5.4 billion in net redemptions, as a result of ETF outflows, which caused Bitcoin to face severe hurdles.

Along with gold, North American ETFs had their worst first half since 2013 as a result of the Federal Reserve's hawkish tilt.

The decline in value of both assets was quite comparable. What followed is where the similarities and differences end.

The Fed’s Hawkish Reset Broke the Old Correlation

In 2020 and 2024, Bitcoin and gold worked together as safeguards against currency depreciation, but now the macro situation is increasingly difficult for both assets.

On September 16, under the leadership of newly appointed Chair Kevin Warsh, the Federal Reserve raised interest rates by 25 basis points.

This was the first hike since July 2023, and the Fed revised the target range to 3.75-4%.

With inflation now expected to be 3.7% in 2026, the dot plot shows two hikes that year.

In this setting, the value of Bitcoin and gold is being assessed.

In prior cycles, different assets were supported by a change in monetary policy; however, this is no longer the case.

The most prominent banks and brokerages on Wall Street have made substantial changes: Goldman has increased its earliest cut projection to December 2026, while BofA expects no reductions until mid-2027.

With each basis point that passes, the opportunity cost of holding onto non-yielding assets rises when it is expected that the discount rate will rise rather than fall.

The 2.3% gain to $4,360 in gold on September 17 shows that people still want to hide their money in it when global tensions are high.

But as actual yields rise, that offer becomes less attractive.

According to the World Gold Council, the $7.7 billion H1 ETF outflow from North America was caused by the "hawkish signals" given by the new chair of the Federal Reserve and the rise in real yields.

The problem with gold isn't a lack of demand; in the second quarter, central banks bought 289 tons, with Poland buying 51 tons and China buying 33 tons more than before.

Here we have a situation where physical demand from the East is strong while monetary demand from the West is falling.

Bitcoin’s Recovery is Real But Fragile

The price of Bitcoin reached its highest point since January, when it recovered to $85,000, on Monday.

As Bitcoin's price soared beyond $80,000 a few days ago, short positions were closed, resulting in the liquidation of around $170 million worth of trades and amplifying the action.

After two days of outflowing $746 million, spot ETF flows turned around dramatically, with an influx of $592.5 million recorded on September 17-18.

Positioning, not conviction, is what that whipsaw flow pattern shows.

At first glance, the ratio's jump from 12 to 19.8 ounces can seem significant, but it needs the right background to be understood completely.

Bitcoin is still down for the year, despite a 34% gain over the previous quarter.

After a rough first half of the year, the asset is beginning to show signs of improvement.

BlackRock's IBIT, which is obviously the market leader in its category, had $5 billion in net redemptions in May and June alone, which was more than all of its outflows in a single month up to that point.

A substantial amount of cash, around $80 billion, is still invested in Bitcoin ETFs, indicating institutional interest that was lacking three years ago. But the buyer who pushed the market up in 2024 and 2025 has pulled out.

Despite Bitcoin's diminished status as "digital gold," its correlation to liquidity conditions has grown, as shown by the current ceiling of the ratio, which is hovering around 20 ounces.

Bitcoin is less of a hedge against rate hikes by the Federal Reserve and more of a long-term risk asset.

As a hedge against the huge losses experienced by stocks, gold serves as an asset that does not provide any return but is nevertheless vulnerable to rising real interest rates.

Both Bitcoin's recovery and the market's continued premium on its volatility are shown by the 19.8 ratio.

Central Bank Gold Demand Vs. ETF Flows

Organizational engagement with these assets is the most telling sign.

After adding just 57 tons of gold in the first quarter, central banks quadrupled their holdings in the second quarter, amassing 289 tons.

The majority of reserve managers (89%) expect global gold holdings to rise next year, according to a World Gold Council study.

Rather than being a form of speculative capital, this is a multi-year plan for diversifying sovereign reserves that doesn't care about quarterly price changes.

However, exchange-traded fund (ETF) swings in response to Federal Reserve meetings and Consumer Price Index reports impact Bitcoin's adoption among institutions.

Although April 2026 had the highest influx of over $2 billion since October 2025, the gains were entirely erased in May and June.

When BlackRock's IBIT goes from large inflows to large outflows in a couple of weeks, it shows that market participants are more concerned with short-term positioning than with long-term investment plans.

For the ratio, that difference is crucial. Central banks continue to purchase gold at a steady rate, regardless of market conditions.

Bitcoin investors are more of a reactive bunch; trends emerge in response to price changes than creators of such changes.

While the ratio can spike during a Bitcoin boom, it lacks the fundamental backing that gold's demand from the official sector provides.

What 20 Ounces Would Actually Mean

If the market were to break out above 20 ounces, it would have to be because either Bitcoin solidly broke above $88,000 or gold dropped below $4,400, or both.

Neither of these outcomes is guaranteed.

Following its peak of $86,349 on September 21, Bitcoin faces resistance at $86,000, with $83,000 serving as the critical support level to keep an eye on.

After recovering on September 17, gold found a strong support level at approximately $4,300.

Although there has been an upswing recently, it is still down about 1% for the year.

The more important question is whether the ratio's recovery signifies a lasting shift or just another setback.

With Bitcoin ETF outflows on the rise, the Federal Reserve's hawkish position becoming more apparent, and gold gaining traction owing to geopolitical factors, February's 12-ounce low signified the conclusion of peak pessimism.

Both Bitcoin's recovery from oversold levels and gold's price stability are signaled by the return to 19.8.

Currently, it does not point to a change in the overall economic climate that would necessitate a steady return to the prior 40-ounce highs.

The Macro Trade Ahead

The future of the ratio is less dependent on specific crypto sector events and more on the effectiveness of the Federal Reserve's efforts to curb inflation.

According to State Street, the following may trigger another round of rate cuts: the nuclear deal with Iran would put an end to worries about oil prices, the job market would show clear signs of cooling, or the Fed would be forced to act due to turbulence in the financial markets.

There is some confusion in the labor market data this year.

Payrolls show a total rise of 409,000 since January, but the household survey shows a drop of 326,000. Alterations to monetary policy have often preceded such divergence in the past.

The recovery trajectory for Bitcoin, in comparison to gold, may be more difficult if inflation is persistent and the Federal Reserve keeps interest rates elevated for a long time.

Bitcoin lacks the fundamental backing that gold provides, thanks to central bank purchases.

Nevertheless, if the job market experiences difficulties and interest rate cuts are considered, Bitcoin's heightened liquidity sensitivity indicates it might do very well.

This would lead to a ratio more along the lines of 25-30 ounces, instead of 40, because of the diminished "digital gold" premium.

Now, 19.8 ounces is more of a resurgence than a breakthrough.

The wider economic variables that caused the ratio to fall in 2026 are still at work, even if it has rebounded somewhat since then.

Interest rates are being raised by the central bank.

Yields in actual terms are rising. The same difficult conditions are still plaguing both asset classes.

The difference between Bitcoin and gold is that the former is impacted by performance-driven ETF flows, while the latter is influenced by sovereign buyers who focus on long-term value rather than quarterly outcomes.

This cycle's maximum ratio will be defined by that imbalance.

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16h05 ▪ 5 min read ▪ by Lydie M.

Summarize this article with:

The crypto market briefly reclaimed the $3 trillion capitalization on Tuesday, driven by Bitcoin and several major altcoins. BTC was trading around $86,000, up about 4.5% over 24 hours, while DOGE gained nearly 11%, XRP 5.7%, and Solana 3.6%. Behind the rebound, another figure stands out: over $920 million in short positions were liquidated on Monday. American Bitcoin ETFs also attracted nearly $1 billion in a single session.

In Brief The crypto market briefly surpassed $3 trillion. Bitcoin trades near $86,000, its highest level since late January. The open interest of perpetual contracts approaches $160 billion. Bitcoin Reaches $86,000 and Pulls the Market Bitcoin accelerated above $86,000, a level it had not reached since late January. The rise continues the move observed on Monday, when BTC gained nearly 6% in a few hours.

Cointribune had already noted that Bitcoin had reclaimed $86,000 while maintaining a still fragile spot demand. This time, the movement extended to a large part of the market.

Ether was trading around $2,745, up 2.3%. XRP gained 5.7% at $1.53 and Solana 3.6% around $117. BNB advanced more modestly by 1.6%. Dogecoin did better with nearly an 11% increase.

The total capitalization briefly surpassed $3 trillion before falling just below that threshold at the time of the report. Over 24 hours, the market gained about 4.3%.

Bitcoin remains the main driver. Altcoins benefit from the movement but do not all progress with the same intensity.

A much more speculative example is found further down the ranking. AKE, a token linked to the Akedo ecosystem, had gained about 170% in seven days before losing more than 60% from its all-time high reached on Sunday.

Nearly $1 Billion Returns to Bitcoin ETFs The rebound does not come only from derivatives markets. American spot Bitcoin ETFs recorded nearly $1 billion in inflows on Monday, their best day since October 2025.

The funds had already been regaining capital for several weeks. In early September, Bitcoin ETFs had attracted about $3.8 billion in three weeks, their best streak of 2026 at that time.

Monday’s figure marks a further acceleration. It comes after several irregular months for American Bitcoin products. Withdrawals had sometimes exceeded several hundred million dollars in a single session. Even on September 15, ETFs recorded $450.4 million in net outflows. A few days were enough to change the flow picture.

Bitcoin also benefits from a more favorable market context than last week. Oil prices fell and U.S. stocks rebounded on Monday. BTC took advantage of the general movement of risky assets to exceed $86,000, its highest level in 33 weeks.

However, $1 billion in inflows in one day does not guarantee that flows will remain at the same level. Bitcoin ETFs have already quickly alternated between strong inflows and outflows this year.

$920 Million in Shorts Disappear, Leverage Increases Perhaps the most spectacular figure comes from derivatives.

More than $920 million in short positions were liquidated on Monday during the market rally. Sellers who bet on a decline in Bitcoin and altcoins had to close their positions as prices rose.

Bitcoin had already triggered this type of movement a few days earlier. When it returned above $81,000, the BTC recovery was accompanied by a strong wave of short liquidations.

This time, the phenomenon comes with more leverage. The open interest on crypto perpetual contracts now approaches $160 billion, its highest level since late October 2025.

This amount measures the positions still open on these derivative products. It does not mean that $160 billion is about to be liquidated. It mainly shows that traders are using a lot of leverage again.

And it works both ways. The rise can force sellers to buy back their positions and further accelerate the movement. A rapid drop can cause exactly the opposite among traders positioned on the upside. Bitcoin therefore returns near $86,000, ETFs capture nearly $1 billion in a session, and the market returns to the $3 trillion zone. The rebound is strong. Leverage has already returned with it.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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