Bitcoin rally tops $3 trillion as leveraged bets surge

WASHINGTON, 22 SEPTEMBER 2026 —

Bitcoin’s rally pushed the total market value of digital assets above the $3 trillion mark on Monday, the first time the threshold has been breached since January, data from CoinGecko cited by Bloomberg showed.

The rally lifted Bitcoin, the market’s leading token, to near $85,863, a 5.8 percent increase on the day, and it briefly touched $86,349, its highest price since 29 January, according to CoinMetrics data referenced by CNBC.

Over the past week the cryptocurrency has risen more than 8 percent, and it is up 34 percent over the last three months, although it remains below its October 2025 record of $126,000 and is still down for the year.

The broader market recovery has revived debate over whether the “crypto winter” that followed the 2025 peak has ended. Matt Hougan, chief investment officer at Bitwise, told CNBC’s “Squawk Box Europe” that he believes the downturn is over.

“I do think it’s over, it’s crypto spring, the crocuses are blooming,” Hougan said, adding that he expects “the strongest and longest‑running bull market in crypto’s history.” He cited rising blockchain transaction activity and growing involvement from firms such as BlackRock as evidence that fundamentals have improved even while prices lagged. “I don’t think if I came back next year, we’d still be below those all‑time highs,” he added.

Technical analysts at BTIG took a more measured view. In a note cited by CNBC, they wrote that as long as Bitcoin holds above the $75,000 level, “bulls can target a push through 82k on the way to $90,000.” Crypto‑linked equities, including Strategy and Coinbase, traded higher alongside the token.

A key macroeconomic factor behind the rally was the United States Treasury’s decision last month to increase buybacks of long‑dated bonds. Bloomberg reported that the crypto market has added more than $740 billion in value since the Treasury announced the expanded buyback programme. The policy is seen as a source of liquidity that can spill over into risk assets such as Bitcoin and other digital tokens.

Regulatory developments in Washington have not dampened the market’s momentum. The U.S. Senate last week blocked the so‑called Clarity Act, legislation that would have split oversight of the crypto industry between the Securities and Exchange Commission and the Commodity Futures Trading Commission, CNBC reported.

Hougan argued that the failure of the bill may not be detrimental, describing the current leadership of both agencies as “the most pro‑crypto SEC in the history of the U.S.” and “the most pro‑crypto CFTC in the history of the U.S.” He also suggested that capital is rotating out of artificial‑intelligence stocks and back into crypto now that the AI trade has “levelled off.”

The rise in perpetual futures open interest underscores a shift in the composition of the rally. Perpetual futures are derivative contracts that allow traders to bet on cryptocurrency prices with borrowed money and no expiration date, meaning positions can remain open indefinitely as long as margin requirements are satisfied. Coinglass data showed that open interest across tokens climbed to nearly $160 billion, the highest reading since October 2025.

Bloomberg noted that such a rapid increase in leveraged positions signals that a growing share of the current price advance is being amplified by borrowed capital rather than by straightforward spot buying.

The interplay of price gains and leveraged exposure raises the risk of abrupt swings. Bloomberg’s reporting explained that heavily leveraged markets tend to overreact to sudden news or sentiment shifts, because a wave of forced liquidations can accelerate price moves that would otherwise be modest. While the data do not indicate an imminent correction, the heightened leverage means the rally has less cushion than a spot‑driven advance.

The market’s recovery has also been reflected in crypto‑related equities. Shares of Strategy and Coinbase, both listed on U.S. exchanges, rose in tandem with Bitcoin, suggesting that investor sentiment is spilling over into the broader crypto ecosystem.

Looking ahead, market participants will watch the sustainability of the rally against the backdrop of expanding leverage and evolving regulatory signals. The next move in Treasury bond buybacks, any further legislative action on crypto oversight, and the behavior of large‑scale leveraged positions will likely shape whether the market consolidates above the $3 trillion threshold or experiences a sharper correction.

Related: U.S. Senate · Matt Hougan · Washington