Bitcoin hits highest level since January at $85,000, as the market debates whether the ‘crypto winter’ is over
- On Friday, U.S. spot Bitcoin ETFs recorded $433 million in net inflows, while Ethereum ETFs added $143.80 million, signaling renewed institutional demand for digital assets.
- Despite the U.S. Senate failing to advance the CLARITY Act on September 15, the Securities and Exchange Commission and Commodity Futures Trading Commission continued advancing crypto-related policies.
- Fidelity Investments' Wise Origin Bitcoin Fund led institutional inflows with $310 million, while forced buying of leveraged short positions contributed to over $250 million in liquidations.
- Bitwise Chief Investment Officer Matt Hougan described the market as "crypto spring," noting that momentum-driven capital is rotating back from artificial intelligence stocks.
- Bitcoin is approaching $85,638, the breakeven cost basis for U.S. spot Bitcoin ETF holders per Glassnode data, creating a critical psychological threshold traders are monitoring closely.
184 Articles
184 Articles
The price of Bitcoin has climbed to the highest level since the beginning of the year thanks to inflows in Bitcoin ETFs on Monday. On the Bitstamp trading platform, the oldest and best-known cryptocurrency was temporarily traded at US$85,248 (about EUR74,400), almost five percent more than the previous day and the highest level since the end of January.
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The rapid move back above US$80,000 has traders betting the bear phase is over, with momentum bringing sidelined capital back in and lifting prices.
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Bitcoin's sharpest rally in two years was powered almost entirely by short liquidations, not new longs. Yet returning ETF inflows and miner accumulation suggest the rebound may have firmer foundations this time. Price has reclaimed $81,000 despite macro headwinds.
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Despite rising inflation and high oil prices threatening to destabilise the world economy, an unlikely winner has emerged over the past week as Bitcoin surged to its highest price since January.
Cryptocurrency managed to cross the $85,000 barrier
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