Mortgage rates and Treasury yields aren’t the only things shooting to the moon.
The price of Bitcoin (BTC) has also quietly mounted a significant rally over the past month, eclipsing the $85,000 mark as of this writing on Monday morning.
That’s an increase of 14% over the past 30 days, and 21% over the past six months. Though Bitcoin is still down slightly, around 2%, since the beginning of the year, it recently surpassed levels not seen since January.
Other popular cryptocurrencies are also up over the last month, including XRP and Ethereum (ETH), both of which have increased by about 17% over the last 30 days.
Why is crypto rising?
As for what’s fueling the rally, it’s likely a combination of factors. For Bitcoin in particular, one notable factor is that Bitcoin ETFs collectively absorbed more than $3.5 billion in August—the strongest month of the year so far.
That’s laid a foundation of buying demand, and so far in September, the inflows have largely continued, increasing demand and effectively pushing up prices.
The activity may have caught the attention of some investors or traders who have been sitting on the sidelines, waiting for crypto markets to turn positive after a year in which most major tokens have struggled.
In other words, some traders noticed that BTC prices were rising and decided to get in on the action, making trades and further increasing demand.
Bitcoin has had a tough year
While some have speculated that crypto markets had been experiencing another “crypto winter”—a prolonged period of depressed prices—the recent breakout may suggest that isn’t the case, or perhaps that the “winter” period is ending.
And analysts and others in the crypto space are already talking up the next bull market.
Bitwise CIO Matt Hougan, during an interview with CNBC’s “Squawk Box Europe” on Monday, said that he anticipates BTC prices catching back up to all-time highs. BTC’s value peaked at more than $126,000 in October 2025.
“I think we had this unusual situation where you had a cyclical decline in prices even as you had a secular improvement in fundamentals. And now I suspect that prices are going to catch up toward the end of the year,” Hougan said. “I don’t think if I came back next year, we’d still be below those all-time highs.”
There are a lot of other factors that could affect BTC prices outside of the crypto markets, too, such as the ongoing war in Iran and subsequent rises in energy prices, and the most recent interest rate increase by the Fed, the first in three years.
Even so, that hasn’t seemed to derail the rally that BTC is on. (The stock market, conversely, did see a short decline last week.)
Crypto-related stocks are also seeing a bit of a rally: As of Monday, shares in Coinbase Global (Nasdaq: COIN) were up almost 20% over the past five days, and Robinhood Markets (Nasdaq: (HOOD) is up more than 10%.