Bitcoin surges to $87,374 on spot ETF inflows, liquidation cascade

KUALA LUMPUR, 22 SEPTEMBER 2026 —

Bitcoin’s price hit an intraday peak of $87,374 on Monday, its highest level since late January, as $433 million in net inflows into U.S. spot ETFs and a $1.73 trillion market cap revival reignited speculative momentum in the broader crypto sector.

The surge was triggered by a liquidation cascade in bearish positions as Bitcoin breached the $83,000–$86,000 resistance zone, a threshold that had suppressed prices for months. According to CoinGlass, forced sell-offs totaling hundreds of millions of dollars cleared the way for Monday’s advance, while MicroStrategy—the largest corporate Bitcoin holder—added 950 BTC to its 846,000-BTC treasury last week, reinforcing institutional demand.

The rally has ignited debate over whether Bitcoin can sustain momentum into October, a month historically stronger for the asset. "Last time you’ll see Bitcoin under $100K?" pseudonymous analyst Plan B, creator of the stock-to-flow (S2F) model, posted on X (formerly Twitter) on Monday, citing October’s seasonal strength. Yet Bitcoin remains 31% below its all-time high of $126,277, set in October 2025, and faces skepticism from traders who argue macroeconomic risks—including U.S.

interest rate expectations—could cap further gains. While Bitcoin’s recovery has been sharp, altcoins have outperformed, with Ethereum, Solana, XRP, and Monero all climbing alongside BTC. Smaller-cap assets saw double-digit percentage gains in Monday’s session, pushing the Altcoin Season Index to 47—nearly double the threshold of 75 that historically signals a shift from Bitcoin-led rallies to broader crypto outperformance.

"ALTSEASON 3.0 STARTS HERE," one X user declared, noting that Ethereum and others had broken weekly downtrends, a pattern that has preceded past altcoin booms.

Yet not all traders are convinced the rally will hold. "This is the last mega ROI crypto bull," one speculative trader claimed on X, arguing that regulatory tightening, maturity in the sector, and diminished retail FOMO could limit future upside. The comment reflects broader unease: while Bitcoin’s $87,374 peak brings $90,000 into view, the asset’s 50-week moving average—a key technical level—remains just above $85,000, meaning any pullback could trigger further profit-taking.

For Malaysian investors, the rally carries limited direct impact given the Bank Negara Malaysia’s cautious stance on cryptocurrency, which remains classified as a high-risk asset under local regulations. While retail participation in Bitcoin and altcoins is modest compared to traditional assets like equities or property, institutional players—including Malaysian digital asset firms—have shown growing interest in crypto derivatives and staking, though spot exposure remains restricted.

The Securities Commission Malaysia (SC) has repeatedly warned against speculative trading, citing risks of volatility and fraud.

The immediate focus now shifts to Tuesday’s trading session, where Bitcoin’s ability to hold above $85,000 will determine whether the rally extends toward $90,000 or reverses. On-chain data suggests accumulation pressure from long-term holders, but liquidity remains thin outside major exchanges, raising the risk of sharp reversals. Meanwhile, U.S. economic data, including PCE inflation figures due later this week, could influence Bitcoin’s trajectory—higher-than-expected inflation readings historically weigh on risk assets.

For now, the $87,374 peak has reignited speculation that Bitcoin’s 2024 bull market may yet deliver one last surge before year-end. But with $90,000 still 3% away and macroeconomic crosswinds looming, traders are divided on whether this is a breakout or a dead-cat bounce. What is clear is that the crypto sector’s $3 trillion valuation—nearing pre-halving levels—has restored confidence, at least for the moment.

Whether it lasts depends on whether institutional demand can outweigh the next wave of profit-taking.

Related: Strategy · Plan B