Bitcoin Tops $85,000 For First Time Since Late January

Bitcoin rose above $85,000 on Monday, marking its highest level since late January as broader markets turned risk-on. The rally coincided with gains in stocks and bonds, lower oil prices and optimism around an upcoming meeting between U.S. President Trump and China’s Xi Jinping. Other large tokens also advanced, with ether climbing toward $2,750 and tokens such as XRP, Solana and Monero posting increases. Market participants pointed to a mix of regulatory and macro developments supporting the move. The Securities and Exchange Commission’s recent approval allowing digital versions of securities to trade in the U.S. was cited as a positive signal, while the failed Clarity Act—whose collapse some industry figures, like Michael Saylor, characterized as potentially beneficial—appears to have removed a layer of regulatory uncertainty for now. Analysts also noted that falling bond-yield worries helped restore a “risk-on” mood among investors. Institutional and on-chain indicators showed heightened bullish positioning. Bloomberg reported that options open interest on Deribit was skewed toward calls, with roughly 272,000 call contracts versus about 154,000 put contracts. Strategy, the bitcoin-focused company co-founded by Michael Saylor, disclosed a $75.7 million bitcoin purchase and a $174 million repurchase of its STRC perpetual preferred shares as part of efforts to rebuild reserves and restore the preferred securities above par. Despite the advances, some traders cautioned that macro headwinds could limit momentum: U.S. Treasury yields remain elevated and crude oil is still trading above $100 a barrel. Bitcoin remains below its 2026 high of over $97,000 reached in mid-January and well under its all-time peak. ETF flows have resumed, with Fidelity’s Wise Origin Bitcoin Fund (FBTC) reported to have attracted $310 million of recent inflows rather than the largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT).