Morning Minute: Bitcoin Hits $86,000 as Oil Slides and ETFs Bid
Crypto majors continue their climb while alt leaders hit new ATHs. What’s driving the recent run up?
Bitcoin pushed through $86,500 Tuesday and is up about 14% on the week, taking total crypto market cap above $3 trillion. Spot Bitcoin ETFs took in $999 million Monday. And 97 of the top 100 coins are green over seven days. The crypto tides are turning.
Alongside the Bitcoin pump, ETH hit $2,750. SOL pushed to $120. Hype, ZEC and VVV all hit new ATHs. And even the NFT leader CryptoPunks have caught a bid, running past a $90k floor.
Wall St is also on the move. The Nasdaq Composite closed at a record Monday, up 2.26% for its best day since June, with Intel gaining 12% and AMD adding 10% as it crossed a $1 trillion market cap. Chipmakers extended that into Tuesday for their longest winning streak since April.
The oil selloff helped. Brent briefly slipped below $98 and WTI under $93, the lowest since September 8, after reports that Iran offered to reopen the Strait of Hormuz within days if Washington eases pressure. Trump told the UN General Assembly he expects a deal right after November’s midterms, and Saudi Arabia is working to restart its East-West pipeline by the weekend.
Coming back to crypto, the setup for the next bull market is becoming clear. The SEC and CFTC are providing market structure clarity without the CLARITY ACT. There is a massive tokenization boom happening and still in its infancy, with Robinhood CEO Vlad Tenev likely leading the way after showing off what types of primitives can be spun up in just weeks with tokenized stocks on Robinhood Chain. Those who were expecting an early October bottom are slowly capitulating, as are retail buyers ($999M in ETF inflows for Bitcoin was the biggest day since October 2025).
So hang on to your seats. The next crypto bull market may very well be off and running…
