Bitcoin hits its highest mark in eight months
On Monday (21/09), Bitcoin broke through the $85K level and even hit intraday highs above $86,300—the highest point since the end of January. Even so, the asset remains far from its all-time high of more than $126K, reached in October 2025. (CNBC) (CNBC)
Why the market turned
Three forces combined to unleash the move:
Short squeeze: the shift above $84K wiped out more than $262 million in short positions in just one hour, and liquidations across the crypto market as a whole exceeded $600 million in 24 hours. (Coinbase) (Parameter)
ETFs: Spot Bitcoin ETFs in the U.S. saw US$ 435 million in net inflows on Friday, the best daily result since the beginning of September — with the Wise Origin fund from Fidelity accounting for US$ 310 million of that total. (Parameter)
Macro context: WTI oil fell from more than US$ 100 to below US$ 94 at the start of the week, easing inflation fears—even though the Fed raised interest rates by 0.25 percentage point on 16/09, one day after the Senate stalled the CLARITY Act, when Bitcoin was still around US$ 76k. (Cointelegraph) (Yahoo Finance)
The SEC opened a door the Congress closed
The CLARITY Act, which would create a broad regulatory framework for crypto in the U.S., stalled in the Senate on 15/09 due to lack of votes. Two days later, the SEC acted on its own: on 17/09 it published the "Innovation Exemption," exempting the so-called Tokenized Securities Venues (TSVs) from the definition of "exchange" in order to trade tokenized U.S. stocks via liquidity pools with automated market makers. (Forex Crunch) (SEC.gov)
Key conditions of the exemption, valid for five years:
only applies to tokens that mirror the real stock, with the same rights as the original paper—synthetic products are excluded; (Securitieslawyer101)
the company that owns the underlying stock can object and block tokenization done by third parties; (CoinDesk)
the platforms have limits on symbols and volume; they need to suspend trading when the original stock is suspended on the traditional exchange and disclose price and volume data in U.S. dollars. (Forex Crunch)
Citi estimates that the tokenized assets market could reach US$ 5.5 trillion by 2030, and Nasdaq and the NYSE are already studying launching their own tokenized stock offerings — a sign that this momentum is not stopping. (Forex Crunch) (Yahoo Finance)
What to watch
There is still no consensus on whether the "crypto winter" has ended, but optimism has grown after a 34% rally quarter. In the coming days, PCE inflation data, the U.S. jobs market, and the outcome of the summit between Trump and Xi should say whether the US$ 85k level is a floor or just another test on the chart. (CNBC)
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