Bitcoin remains in the hunt for further gains as falling oil prices join a growing list of tailwinds supporting the cryptocurrency.

The largest cryptocurrency recently traded near $86,000 after recovering from Asian-session lows of around $85,000. Prices convincingly broke above the May high on Monday, reinforcing the bullish trend. The CoinDesk 20 Index (CD20) rose 2.2% over 24 hours.

U.S.-listed spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday, their largest single-day haul since October last year.

WTI crude futures fell more than 2% to below $90 a barrel, extending their retreat from a recent high of $106. The decline followed a Kyodo report that Iran was willing to reopen the Strait of Hormuz within seven days if the U.S. eased its blockade.

Lower oil prices could help ease inflationary pressures and weaken the case for additional Federal Reserve interest-rate increases in the coming months.

“The crypto market gained ground against the backdrop of a sharp rise in the Nasdaq index. Falling oil prices and US government bond yields, rising global stock markets and optimism regarding US-China negotiations supported risk appetite,” Alex Kuptsikevich, chief market analyst at The FxPro said in an email.

In other words, the trader appears to be positioning for bitcoin to rise from roughly $85,000 to $95,000 over the next four weeks. That view broadly aligns with bitcoin’s daily chart, which shows little obvious resistance between $85,000 and $98,000.

There are no price levels in that zone where bitcoin previously stalled or consolidated, so, all else being equal, the current momentum could push it toward $98,000 in the near-term (check Today’s Signal).

The butterfly was not the only sign of growing bullish positioning. Traders also increased their demand for upside exposure through call options, pushing short-term risk reversals higher.

“Risk reversals have also been volatile, with front-end RRs flipping aggressively in favour of calls during the move up to $85K, before retracing somewhat this morning,” Laser Digital said in a note shared with CoinDesk.

The options market is also showing a broader preference for volatility across major tokens. On Monday, Coinbase Markets said options were pricing one-standard-deviation swings of 8.9% for XRP, 8.0% for SOL, 6.9% for ether and 5.0% for bitcoin through Sept. 27.

The figures measure expected price swings rather than directional bets, with risk of volatility highest in XRP. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

Binance bought $100 million of Circle shares as the companies signed a five-year deal that pays the crypto exchange to promote the USDC stablecoin on its platform.

Circle issued Binance 1.24 million Class A shares at $80.84 each in a private placement that closed Sept. 17, according to an SEC filing published Tuesday. The price reflected a discount to Circle’s market value before the sale, the company said.

Binance cannot sell, transfer or hedge the shares for as long as two years, subject to certain exceptions, but retains the right to vote them.

The equity purchase closed alongside an expansion of the companies’ existing USDC partnership. Circle agreed to pay Binance a monthly incentive fee calculated as a percentage of the USDC held through Circle’s Modular Smart Contract Wallet service, while Binance will carry out promotional activities for the stablecoin.

The cryptocurrency market cap briefly climbed back above $3 trillion earlier on Tuesday as Bitcoin and the biggest altcoins extended a broad rally, while increasing leverage pointed to growing speculative activity. 

Bitcoin (BTC) traded around $86,000, up about 4.5% over the past 24 hours, according to CoinGecko. Ether (ETH) gained about 2.3% to $2,745, while XRP rose 5.7% to $1.53 and Solana (SOL) advanced 3.6% to $117. BNB gained 1.6%, while Dogecoin (DOGE) was among the stronger large-cap performers, rising about 11%.

The total crypto market cap stood just below $3 trillion at the time of writing, up about 4.3% over the previous day. 

Bloomberg reported that open interest in perpetual futures across crypto had climbed to nearly $160 billion, its highest level since late October 2025. More than $920 million in bearish positions were liquidated on Monday as prices surged, according to the report, raising the prospect that leverage could amplify moves in either direction.

US spot Bitcoin ETFs also drew nearly $1 billion on Monday, their largest single-day inflow since October 2025.

Further down the market-cap rankings, Akedo’s AKE token has emerged as one of the week’s biggest movers. Ranked 208th out of all 8,161 active cryptocurrencies listed on CoinMarketCap, AKE has gained about 170% over the past seven days, lifting its market cap to roughly $1.2 billion, at the time of writing.

The AI gaming and content token reached an all-time high of $0.1467 on Sunday before plunging more than 60% from its peak. Traders have exchanged $108.9 million worth of AKE in the past 24 hours.

Related: Bitcoin cycle bottom may already be in at $58K, says analyst James Check

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Bitcoin pushed to around $86,000 this week, lifting broader crypto sentiment and helping the total market value reclaim the $3 trillion mark. Alongside the move, several cross-asset signals have shifted—most notably a Glassnode metric that now points toward stronger altcoin performance.

At the same time, spot ETF flows in the US have surged back to levels not seen since October 2025, with record daily inflows reported for both Bitcoin and Ether products. Together, the data suggests the current rally isn’t confined to the largest asset classes, though market structure still matters as investors weigh whether this is a sustained rotation or a short-lived burst.

Key takeaways

• Glassnode’s Altcoin Cycle Signal rose to 81.25 (0–100 scale) as the “altcoin season” read improved in the wake of the latest market upswing.
• Altcoin market cap reached $1.19 trillion on Tuesday, the highest level since late January, with altcoins up 33% since Aug. 19.
• Bitcoin dominance has stayed rangebound near 59%–60% and has not broken above 60% in the past month.
• US spot Bitcoin ETFs recorded $999 million in inflows on Monday, while Ether ETFs pulled in $270 million—both the highest daily totals since October 2025, per Farside Investors.

Glassnode’s “altcoin season” signal turns bullish

Glassnode’s on-chain analytics has renewed attention on altcoin relative strength this week. Its Altcoin Cycle Signal—an internally developed measure that compares the combined market cap of the 250 largest cryptocurrencies (excluding stablecoins) against Bitcoin—has flipped to favor altcoins, a condition crypto traders commonly label “altseason.”

In Glassnode’s framework, an “altcoin season” signal is generated when relative market-cap growth among the group of top altcoins temporarily outpaces that of Bitcoin. While the broad logic is clear, Glassnode does not publish the exact methodology behind the calculation.

As of Monday, the seven-day rolling mean of the signal stood at 81.25 on Glassnode’s normalized 0–100 scale, indicating a stronger tilt toward altcoin outperformance than earlier in the cycle.

Glassnode attributed part of the shift to breadth in the latest rally. In a post on X, the firm highlighted that an earlier August move saw altcoins lag in terms of participation, whereas the current upswing has “ignited the full breadth of the altcoin market.”

Altcoin market cap hits the highest point since late January

The signal is reinforced by market-cap data. According to the article’s figures, the combined altcoin market cap reached $1.19 trillion on Tuesday—its highest reading since late January.

That metric has also shown meaningful acceleration since Aug. 19, when crypto markets experienced a flash upside tied to a US Treasury announcement about interventions in bond markets. Since then, altcoins’ total market capitalization has increased by 33%.

For traders and portfolio managers, this combination—an “altcoin season” read alongside a rising altcoin market cap—can matter because it can indicate that the rally is expanding beyond Bitcoin leadership. However, rotation signals still tend to be fragile until they show persistence across multiple trading sessions and market conditions.

Bitcoin dominance remains capped near 60%

While altcoins have regained momentum, Bitcoin’s share of the overall market has not broken decisively upward. The article notes that Bitcoin dominance has remained rangebound since the Aug. 19 period, currently sitting at 59.7% versus 59.2% on Aug. 19.

Crucially, dominance has failed to push through the 60% level over the last month—an area many market observers treat as a psychological and technical threshold for whether capital is rotating away from Bitcoin or consolidating in it.

Trader and commentator Matthew Hyland characterized the environment as “complacency” among Bitcoin investors, arguing that investors have been slow to accept that Bitcoin has lacked sustained progress against altcoins since dominance reached about 66% in June 2025. His comments point to a tension: even if Bitcoin remains strong in absolute terms, relative underperformance versus altcoins can still drive strategic repositioning.

ETF inflows rebound sharply for both Bitcoin and Ether

Beyond on-chain and market-cap measures, investor behavior also appears to be shifting. This week has brought a broad rebound in US spot ETF demand across both Bitcoin and Ether products, suggesting renewed risk appetite—or, at minimum, renewed willingness to allocate through regulated vehicles.

On Monday, the combined inflows into US spot Bitcoin ETFs totaled $999 million. Ether ETFs, meanwhile, recorded $270 million in inflows. In both cases, the daily totals were described as the highest since October 2025, based on data from Farside Investors.

Cointelegraph previously reported that Bitcoin ETF investors’ aggregate cost basis sat just below $86,000 at the end of last week. With BTC/USD attempting to establish that level as support, the renewed ETF buying becomes particularly relevant: cost basis can influence how investors react to pullbacks, and steady inflows can help sustain demand during volatility.

For market participants, the ETF angle is also notable because it links the current move to a broader pool of investors who may prefer ETF access over spot exchanges. When ETF flows rise in tandem with improvements in altcoin-relative signals, it can indicate a more synchronized shift in sentiment across the market.

Going forward, investors will likely watch whether the altcoin “season” signal holds above its recent threshold and whether Bitcoin dominance can either break higher above 60% or continue to stay capped—both scenarios could shape how long this rotation lasts. On the ETF front, the key question is whether inflows remain strong beyond a single day, since sustained demand is more likely to translate into durable price leadership across the broader market.

Iran could reopen the Strait of Hormuz within seven days if the U.S. eases military pressure and lifts its port blockade, according to multiple reports citing a senior Iranian official.

Oil prices subsequently fell with WTI crude more than 2.5% lower at $89 a barrel, roughly 15% below its September high. Brent crude dropped below $98 a barrel.

A sustained de-escalation in the Middle East could provide a tailwind for risk assets, with lower energy prices easing inflationary pressures and concerns over further interest rate hikes.

Bitcoin is consolidating around $86,000 following Monday’s sharp rally, which took it to an intraday high of $87,300. Gold is little changed over the past 24 hours at approximately $4,336 an ounce.

Bitcoin’s (BTC) rise to $86,000 this week has dragged altcoin markets higher as the industry’s market cap reclaimed $3 trillion.

Key points:

• Glassnode’s Altcoin Cycle Signal printed a new “altcoin season” signal as it reached 81.25 of a maximum 100.
• Bitcoin dominance, BTC’s market share among crypto assets, failed to break 60% and has stayed rangebound over the past month.
• On Monday, both Bitcoin and Ether ETFs saw their highest daily inflows since October 2025.

Altcoin Cycle Signal flips to favor altcoins over Bitcoin

A proprietary metric from onchain analytics platform Glassnode has delivered a new “altcoin season” signal this week on the back of recent crypto market upside.

Glassnode’s Altcoin Cycle Signal, which compares the market cap of the 250 largest cryptocurrencies relative to Bitcoin, has flipped to favoring altcoin outperformance. Altcoin season — known in crypto circles as ‘altseason’ — refers to periods when altcoins outperform Bitcoin in combined market-cap growth. Glassnode’s metric delivers “altcoin season” signals when relative growth in market cap of the 250 largest altcoins, excluding stablecoins, is temporarily stronger than that of Bitcoin. The exact methodology behind the calculation is not disclosed.

The seven-day rolling mean value of the Altcoin Cycle Signal measured 81.25 on its normalized scale from 0-100 as of Monday.

“The first rally in August saw altcoins stay relatively flat while BTC moved. However, today’s rally has ignited the full breadth of the altcoin market,” Glassnode reported in a post on X.

The combined altcoin market cap reached $1.19 trillion on Tuesday, marking its highest level since late January. Altcoins have increased their market capitalization by 33% since Aug. 19, when crypto markets saw flash upside on the back of an announcement by the US Treasury over interventions in bond markets.

Total altcoin market cap one-week chart. Source: Cointelegraph/TradingView

Bitcoin’s dominance over the total crypto market cap, meanwhile, has continued to act within a narrow range since then, and currently sits at 59.7% versus 59.2% on Aug. 19.

Commenting on the current dynamic, trader and commentator Matthew Hyland described a state of “complacency” among Bitcoin investors, suggesting that dominance had already set a macro high when it reached 66% in June 2025. He argued on Saturday that investors have remained unwilling to accept Bitcoin’s lack of progress against altcoins since then.

BTC dominance of crypto market cap one-week chart. Source: Cointelegraph/TradingView

Crypto ETFs see broad rebound in inflows 

Crypto exchange-traded funds (ETFs) reveal a blanket rebound in investor demand across both Bitcoin and altcoin products this week.

Related: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

On Monday, the US spot Bitcoin ETFs saw combined inflows of $999 million, while Ether (ETH) ETFs took in $270 million. In both cases, the daily tally was the highest since October 2025, per data from UK-based investment company Farside Investors.

As Cointelegraph reported, Bitcoin ETF investors’ aggregate cost basis sat at just below $86,000 at the end of last week, with BTC/USD now attempting to cement that level as support.

Bitcoin, Ether ETF netflows data. Source: Farside Investors