Miner-Treasury Hybrids

Fidelity's Director of Global Macro is pointing to Bitcoin's power law math as a signal that a new cyclical bull market is underway after the cryptocurrency held the $60,000 level. The director's analysis projects Bitcoin reaching $300,000 by 2029. The call rests on the power law model, which maps Bitcoin's long-term price trajectory against time on a logarithmic scale. The director framed the holding of $60,000 as confirmation that a fresh cyclical advance has begun.

Bitcoin broke above $86,000 on September 21, climbing to its highest level in about eight months. Behind the move is a three-stage chain: renewed inflows into U.S. spot ETFs, an improving regulatory and macroeconomic backdrop, and large-scale liquidation of short positions. Analysts at JPMorgan Chase said that if hedging trades targeting ETFs decline, Bitcoin could receive stronger price support than gold. After a sharp correction from its all-time high of about $126,000 set in October 2025, Bitcoin has now recovered to around $86,000, but it remains roughly 30 percent below that record peak. It also emerged that U.S. President Trump purchased between $51,000 and $100,000 worth of Strategy shares in July.

JPMorgan analysts say Bitcoin's move above $85,000, the average production cost, could provide much-needed relief to miners. The bank's analysts are convinced that reclaiming that level matters for the sector's economics. The $85,000 figure is framed as the average production cost for Bitcoin miners. Trading above it would ease pressure on miners, according to the JPMorgan team.

During the holiday stretch, the Bitcoin market surged from below $75,000 to the $87,000 range, making it clear that a bottom has formed. After rebounding from below $75,000 early Thursday, it broke through $80,000 on Friday. Over the weekend it was capped at the previous rebound high of $82,000, but it broke above that level on Monday and climbed into the $87,000 range on Tuesday. The catalysts were the halt in attacks on the Houthis and a rising mood for peace, along with falling crude oil prices. ETF flows brought in $2.1 billion over the three business days starting Friday, marking the highest level in nearly a year. BTC broke above a resistance zone formed by May's rebound high of $82,000 and the 38.2% retracement from its all-time high at $83,000 on its third attempt, and long-term investors are gradually returning to the market. However, with US long-term yields spiking and crude oil prices firming, the price has adjusted back into the $84,000 range for now, and today is expected to see a firm undertone.

On-chain analytics platform CryptoQuant concluded in a weekly report published on the 22nd that Bitcoin has confirmed its entry into a bull market. According to the report, Bitcoin has risen above its 365-day simple moving average of about $80,500 for the first time since March 2023 and is trading at $86,000; past breaks above this line signaled the start of bull markets in 2019 and 2023. The next resistance zone is $88,000 to $90,000, which overlaps with the upper band of short-term traders' realized price, and the firm warns that profit-taking selling is likely to intensify once the price reaches around $90,000. CEO Ki Young Ju said in a post on X that this bull cycle's gains will be limited to 3 to 5 times rather than more than 10 times, and that the subsequent bear market will also be milder. According to Farside Investors, U.S. spot Bitcoin ETFs saw total net inflows of $1.7137 billion over the two days of the 21st and 22nd.

Bitcoin ETFs took in $1.7 billion in inflows over a strong two-day run, with $714.7 million arriving on Tuesday after Monday's roughly $1 billion haul, the ninth biggest inflow day ever, bringing the four-day streak to about $2.3 billion. In the stablecoin world, Mastercard and SoFi have teamed up on stablecoin settlement for cards, with SoFi now settling debit and credit card transactions across Mastercard's network using SoFi USD and migrating its entire credit card program, which is expected to process more than $25 billion in annualized volume. Binance has invested $100 million into Circle, buying shares at a 5% discount on a vesting schedule, and signed a new five-year commercial agreement to promote USDC on its platform. Binance is also under US scrutiny over possible Iran sanctions violations, according to Bloomberg News. BitMEX, the exchange that invented the perpetual swap, has now closed.

Morgan Stanley raised its price target on Cipher Digital to $54 from $43.50 on September 18 while keeping an Overweight rating, citing the Bitcoin miner's pivot to AI infrastructure. The thesis rests on a 15-year lease worth roughly $5.5 billion at Cipher's Black Pearl site with Amazon.com, under which Cipher agreed to provide about 300 megawatts to Amazon Web Services. Cipher began delivering capacity in August 2026, two months ahead of schedule, and said rent had commenced, while a separate Barber Lake transaction backed by Google adds another hyperscaler validation point. The bear case is financing and execution, since a long lease only becomes valuable once the data center is built, commissioned and delivered on schedule, and Cipher's legacy mining exposure means investors are underwriting a business-model transition while new projects consume cash. Insider Monkey's database counted 72 hedge funds holding Cipher in Q2 2026, up from 49 in Q1, with D. E. Shaw's disclosed common-share position at about 14.51 million shares after a 12% decrease, while Amazon's hedge-fund count rose to 369 from 353 and Arrowstreet Capital increased its position about 24% to 40.35 million shares.

Bitcoin's price surged toward the $85,000-$87,000 range after breaking through a key technical resistance level, driven mainly by buying in US spot Bitcoin ETFs. Data from Coinpedia shows Bitcoin ETFs snapped up more than 12,000 BTC in a single trading session, followed by another day of purchases exceeding 8,000 BTC. Meanwhile, inflows into US spot Bitcoin ETFs approached $1 billion in a single trading session, rising from $159 million on Thursday to $433 million on Friday before nearing the $1 billion mark on Monday. The rally also triggered a short squeeze that liquidated more than $900 million across Bitcoin and the broader crypto market within 24 hours. Fidelity International's director of global macro said Bitcoin could enter a new bull market phase if it holds above roughly $85,500. Ki Young Ju, founder of CryptoQuant, sees potential for 3x to 5x growth in the next upcycle. At the same time, signs of an altcoin season are emerging, with Ethereum moving toward the $2,600-$2,800 range, Solana trading around $120, XRP jumping 13%, and Zcash up about 40% during the week. Near Protocol surged roughly 90% over seven days and 126% over the month, while the Altcoin Season Index remains straddling the line between Bitcoin Season and Altcoin Season rather than confirming a full-blown altcoin cycle.

Bitcoin is trading at $86,767.30, up 1.1% over the past 24 hours and up 14.6% over the past week, after climbing to $87,000, its highest level in eight months. The move came as more than $1 billion in futures positions were liquidated within a 24-hour window, with as much as $843 million, or 84% of the total, coming from the short side, while roughly 126,000 to 135,000 accounts were closed out. The rally occurred even though the CLARITY Act failed in the Senate by a vote of 49 to 50, falling 10 votes short of the 60 needed, sending Coinbase shares down about 8% and Circle shares down roughly 10%. The Federal Reserve then raised interest rates by 0.25%, in a unanimous decision under Chair Kevin Warsh, its first rate hike since 2023, while the Bank of Japan raised rates to their highest level in 31 years and a semiconductor stock index plunged more than 5% amid concerns over AI safety. Total open interest in the futures market, however, rose 7.5% to about $156 billion, suggesting the move reflects genuine demand.

US-listed Bitcoin and Ethereum ETFs recorded their highest level of inflows in a year. According to data from Farside UK, Ethereum ETFs logged about $270 million in inflows on Monday, while Bitcoin ETFs saw $999 million in net inflows, bringing combined single-day inflows for the two assets to nearly $1.3 billion. The Bitcoin inflow was the largest single day since about $835 million was recorded on October 6, 2025, and Ethereum also hit its highest level since $420 million on October 7, 2025. Eric Balchunas, chief ETF analyst at Bloomberg, said much of the reported inflows may stem from Friday buy orders and expressed the view that further inflows will appear in the coming days. Bitcoin ETFs hold a total of 1.4 million BTC, equivalent to about 6.97% of the circulating supply as of September 22. Meanwhile, Bitcoin's one-year active supply rate has fallen to about 36.7%, its lowest level since April 2025, suggesting long-term holders are reluctant to sell even during the rally.

Anthony Scaramucci said on CNBC's Squawk Box on Tuesday that Treasury Secretary Bessent's signal of support for the long end of the curve, not the Clarity Act, is what drove Bitcoin's recent rally. Scaramucci, founder of SkyBridge Capital, argued that a pledge to step in at the ten- or thirty-year maturities tells investors something about the fiscal and monetary conditions requiring intervention, making a fixed-supply asset more attractive. He set the Clarity Act aside, saying it would have helped tokenization and some layer-one tokens but that Bitcoin stands alone as a digital store of value. Bitcoin traded at $85,732.79 as of 13:42 UTC on September 22, 2026, up 14.37% over one week from $75,584.17 on September 15, but still down 23.32% over one year and 1.20% year to date. Scaramucci also said he sold Bitcoin on September 15 to pay taxes, with proceeds hitting his JPMorgan account in about ten minutes, and attributed part of the recent move to a short squeeze over the past three weeks.

Bitcoin held above $86,000 on Tuesday after a multi-session rally that analysts say marks the end of the token's cyclical crypto winter. The token jumped more than 5% on Friday and another 6% on Monday, breaking solidly above its 50-day moving average. Sean Farrell, head of digital assets, told Yahoo Finance the breakout is credible and that the crypto winter is over, though he cautioned the path higher may not be linear. Compass Point analyst Ed Engle wrote that crypto is in the early innings of a new bull market with few signs of overheating, while Nansen senior research analyst Nicolai Sondergaard attributed the move to a combination of renewed ETF demand and a large short squeeze. Altcoins also surged after the Securities and Exchange Commission granted a five-year exemption last week for trading in certain tokenized stocks, a move that followed the Senate's failure to advance the Clarity Act. The total cryptocurrency market capitalization stood at $2.94 trillion on Monday, about 30% below its record valuation in October, when bitcoin reached an all-time high of more than $125,000.

Bitcoin climbed to a 7-month intraday high of $87,395 on September 21, its strongest price since January 29, and traded at $85,326 at press time, up 4.90% over 24 hours. The rally followed a weekly close back above the 50-week moving average, a level that has historically signaled bear-market lows, and was fueled largely by a short squeeze: Coinglass data showed $746.6 million in crypto liquidations over 24 hours, with shorts accounting for $647.9 million, while market-wide trading volume rose 39% to roughly $224 billion. Sentiment and institutional flows followed the price, with Santiment recording the largest spike in bullish commentary since December 2024 at 954 mentions versus 269 bearish, the Crypto Fear and Greed Index climbing to 78, or Extreme Greed, from 70 on Monday and 69 a week earlier, and spot Bitcoin ETFs absorbing $999 million on September 21, their largest single day since October 6, 2025, lifting total net assets to $110.1 billion from $102.5 billion. Corporate treasuries also stepped up: Strive bought 1,355 Bitcoin for about $107.7 million between September 14 and September 18, raising its holdings to 26,355 Bitcoin, while Strategy disclosed a purchase of 950 Bitcoin that took its total to 846,000 coins. Two signals still flash caution, however: open interest across crypto derivatives rose 7.59% to about $156 billion even as shorts were liquidated, suggesting traders opened new positions rather than reducing risk, and the Coinbase Premium Index remains negative at -0.028, though it has recovered from deeper readings earlier in September.

US-listed spot Bitcoin ETFs recorded total net inflows of $998.95 million on Monday, the highest value since October 6, 2025, and the ninth-largest inflow since these funds began trading on January 11, 2024. The inflows were led by BlackRock's IBIT at $381.37 million, followed by Ark's ARKB at $289.12 million and Fidelity's FBTC at $238.84 million. The inflows marked the first three-day streak in two weeks and came just days after Bitcoin was hit by the Senate's failure to pass a cloture vote on the Clarity Act and by the Federal Reserve's interest rate hike. The inflows brought the month-to-date total to $1.31 billion, following August's $3.52 billion, while Bitcoin's price surged 44% to $85,000 this quarter, outperforming all other major assets including gold. However, spot ETFs remain down $450 million year-to-date.

Bitcoin pushed back above $85,000 for the first time in eight months, trading near $85,435 with a market capitalization of around $1.7 trillion after Brent crude fell back below $100 a barrel and the 10-year Treasury yield eased to roughly 4.96% from a recent high of 5.04%. The move followed a week in which Brent had topped $109 a barrel, a spike traders read as a direct threat to the inflation outlook. The same macro relief lifted the S&P 500 by 1.5% and the Nasdaq Composite by 2.1% in the session, evidence of a cross-asset move rather than one isolated to crypto. Bitcoin swung between $81,724 and $87,330 during the session, a spread of more than $5,600, and reported spot Bitcoin ETF inflows and short covering may have amplified the advance, though no verified figures for either accompany that claim. The article cautions that a single session of falling yields and retreating crude is relief from a worsening shock rather than confirmation of a sustained downtrend, and that signs of de-escalation tied to Iran and Hormuz are a market read rather than a resolved outcome.

On September 21, Bitcoin broke above $86,000, climbing to its highest level in about eight months. Just days earlier, on September 16, it had fallen to around $75,800 amid the Federal Reserve's 0.25% rate hike and the stalling of the U.S. crypto market structure bill known as the CLARITY Act. The roughly $10,000 rebound from that low rests on a three-stage chain: recovering spot demand, a falling risk premium, and a short squeeze. The most important factor supporting the rally was the recovery in inflows to U.S. spot Bitcoin ETFs, which flipped from a net outflow of about $167 million on September 10 to a net inflow of more than $430 million on September 18, while Strategy also announced an additional purchase of 950 BTC worth about $75.7 million. On-chain data, however, is not uniformly bullish. According to CryptoQuant data as of September 19, Binance's Bitcoin reserves rose to about 702,900 BTC, up roughly 55,000 BTC from around 648,000 BTC in late July, and how much ETF inflows can absorb long-term holders taking profits and rising exchange reserves will determine whether the rally can be sustained. As prices broke through the $80,000 and $85,000 milestones, forced liquidations of shorts cascaded through the derivatives market, with about $658 million liquidated across the entire crypto market in the past 24 hours, of which roughly $367 million was in Bitcoin shorts alone. Looking ahead, if net inflows into ETFs continue, exchange reserves begin to decline, and futures funding rates settle down, the rally will become healthier; if instead ETF inflows slow, exchange reserves rise, open interest grows, and funding rates climb all at once, that would be a warning sign.

Bitcoin surged past the $86,000 level today, touching its highest point since January. As of 10:07 p.m. Thailand time, Bitcoin had climbed 6.04% to $86,088.80 in trading on the Coin Metrics platform, while analysts expect Bitcoin to potentially push up to the $90,000 level. Matt Hougan, chief investment officer of Bitwise, told CNBC's Squawk Box Europe that the "crypto winter" is over and predicted this will become the strongest and longest bull market in crypto history. Over the past five days, Bitcoin's price has risen more than 7%, and over the past three months it has climbed nearly 35%. Analysts at BTIG said in a report that as long as Bitcoin remains above the $75,000 level, the bulls can set a target for the price to break through $82,000 on its way toward $90,000. Bitcoin's rally came even after the U.S. Senate last week blocked the Clarity Act from moving forward. Hougan said the bill's failure to pass the Senate could also be a supportive factor for crypto prices, since the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will continue to set the rules.

Alex Thorn, head of research at Galaxy, said Bitcoin's first weekly close above its 50-week moving average in 45 weeks signals the bear market low is in, after the cryptocurrency closed the week of September 20 at $81,159. Thorn, writing on X, argued the $57,718 low from July 1 is unlikely to be broken, noting that in four of the last five bear markets the first weekly close above that average followed a low that held. Bitcoin traded at $84,702 as of September 21, 2026, up 5.3% in 24 hours but down about 3% year-to-date, and still 33% below its record $126,198 set in October 2025. The moving average stood near $78,786, and Thorn said the next test is the September 27 weekly close: a hold above that level would confirm the trend, while a close below would make September 20 a one-week fluke. The one exception to the pattern came from late 2021 to 2022, when Bitcoin crossed above the average twice but made lower lows amid the collapses of the Luna stablecoin, the Three Arrows hedge fund and the FTX exchange; Bitget's Ryan Lee said those were the only two of Bitcoin's 13 crossings that resulted in lower lows.

Bitcoin climbed to an eight-month high above $85,000 on Monday, peaking at $85,222 for a gain of up to 5.1% as renewed ETF demand and improving appetite for risk assets extended momentum from the prior week. The token settled at $85,117, a 4.7% advance, and has now surged more than 30% from its Aug. 19 level while adding close to 6% in last week's trading alone, staying comfortably clear of the $80,000 mark that had repeatedly resisted upward breakthroughs in prior weeks. Zaye Capital Markets analyst Naeem Aslam cited accelerating ETF inflows, favorable signals from regulators, and traders covering short positions, while on the options platform Deribit call contracts outnumbered puts by more than 272,000 to 154,000. FxPro chief market analyst Alex Kuptsikevich told Bloomberg that the crypto market capitalization has risen to $2.8T, its highest level since the end of January this year, with buyers dominating since Sunday. Falling oil prices and optimism ahead of a planned Thursday summit between U.S. President Donald Trump and Chinese President Xi Jinping lifted risk assets broadly, with Ether rising more than 4.3% to $2,747 while XRP, Solana, and Monero also gained. The milestone builds on a recovery that absorbed the failure of the Clarity Act and the Federal Reserve's first interest-rate increase in more than three years, aided by a Securities and Exchange Commission green light on Thursday for digital versions of securities to begin trading in the U.S., though bitcoin remains well below the $97,000-plus level it hit in mid-January and trails its all-time October record by an even wider margin.

Bitcoin has surpassed two of the world's biggest listed companies by market capitalization after its price climbed last week. The cryptocurrency now sits above both Tesla and Samsung in market value, flipping the two listed giants as its price rose over the past week. No further figures or details were provided in the source.

Analysts at JPMorgan Chase said Bitcoin could receive stronger price support than gold if hedging activity tied to exchange-traded funds declines. According to the bank, gold ETFs have already recovered the outflows seen since the start of 2026, while Bitcoin ETFs have recouped only about half of their outflows, and demand for Bitcoin ETFs has weakened recently, meaning Bitcoin has more room to recover than gold if conditions improve. Behind this is renewed attention on currency debasement trades after the Federal Reserve's meeting in late July, but that trade has lost momentum over the past week, weighed down by rising real interest rates and the lack of progress in the U.S. Senate on the crypto market structure bill known as the Clarity Act. Short interest in the ETFs differs sharply: short interest in BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust ETF, is near its highest level of 2026, while short interest in the gold ETF SPDR Gold Shares is below its historical average. For IBIT, the ratio of put option open interest to call option open interest is also higher than for GLD, and JPMorgan analysts concluded that under the current market structure, where IBIT has more short interest than GLD, an unwind of positions could support Bitcoin more than gold if hedging demand declines.

CleanSpark said on Friday it priced $2.276B of 7.875% senior secured notes due 2031 at 98.5% of the principal amount. The offering is expected to close on September 25. Net proceeds will fund the remaining buildout costs of the Sandersville facility, reimburse certain prior equity contributions, and fund debt service reserves. The notes will be fully and unconditionally guaranteed by CSRE Properties Sandersville, a wholly owned subsidiary of the issuer, and the company will provide a completion guarantee and fund any shortfall needed to complete the Sandersville facility. Shares rose 8.39%.

Bitcoin traded at $80,888.81, up 5.5% over 24 hours, pushing crypto-linked equities sharply higher Friday morning. Strategy stock rose 12% to $148.55 and Coinbase Global shares climbed 11% to $192.43, both outpacing the coin itself, while the iShares Bitcoin Trust ETF gained 6% and the SPDR S&P 500 ETF Trust slipped 0.1%. Nic Puckrin, founder of Coin Bureau, said short positions were liquidated once Bitcoin broke past its resistance level, and crypto derivatives traders had been heavily positioned in call options heading into the move. The Securities and Exchange Commission said Thursday it is granting a five-year exemption allowing U.S. trading venues to offer tokenized stocks, a direct tailwind for Coinbase, which earns fees on every listed venue it operates. Coinbase chief executive Brian Armstrong said he now assumes the CLARITY Act is dead and that another path exists through the regulators, naming the SEC and the Commodity Futures Trading Commission, while a House of Representatives committee advanced the Strategic Bitcoin Reserve bill on Thursday, a measure that still requires approval from the full House and the Senate. Strategy remains a leveraged treasury vehicle for Bitcoin, funded largely with issued equity, and its stock is still down 3% year to date even after this month's rebound.