Key facts
- Bitcoin reached a nine-month high of $85,299.
- Approximately $648 million in crypto short positions were liquidated in 24 hours.
- Total crypto liquidations in the past 24 hours reached $750 million.
- The global crypto market cap rose to $2.87 trillion.
Bitcoin climbed to highs of $85,111 on Monday, up 5.7% over 24 hours, as traders priced in the prospect of U.S.-Iran talks and U.S. and Chinese officials met to lay groundwork for a Trump-Xi summit. The bond market also played a role, with the 10-year Treasury yield touching 5.014% on September 14, its highest since October 2023, before falling across the curve. Investors took Federal Reserve Chair Warsh's focus on inflation as credible, with the "fully anticipated rate hike eliminated a degree of uncertainty," according to Tim Sun, senior researcher at HashKey. Short sellers faced significant losses, with $648 million of positions liquidated across the market in 24 hours, according to CoinGlass. More than $230 million of Bitcoin shorts were liquidated in one session as the price recovered through $80,000, triggering further stop-losses. Bitcoin also reclaimed its 50-week moving average, a level not seen since November 2025, which analysts view as a potential signal of a bear market bottom. Spot Bitcoin ETFs saw inflows of $592 million over Thursday and Friday, ending the week $6.2 million ahead, though this was their smallest weekly net inflow since launch. CoinShares head of research James Butterfill noted that the Fed's removal of expected easing through 2027 from the dot plot supports the dollar and delays liquidity conditions Bitcoin responds to, making a further hike this year plausible.