Bitcoin Rebounds Above $84,000 Amid Yield Spike and Oil Pressure
Bitcoin rose about 1% to just above $84,200 on Tuesday after dipping near $82,500, with Ether leading majors higher. U.S. spot Bitcoin ETFs recorded roughly $31 million in net inflows on Monday, alongside $17 million for Ether funds, extending multi-day streaks even as volumes cooled from prior weeks. The move comes as Bitcoin sits up about 7% for September after a 25% August gain, putting it on track for a third straight monthly advance and the first positive September following a positive August since 2013; Q3 would finish up more than 40%.
The backdrop includes the U.S. 10-year Treasury yield holding near 5.25% after climbing to its highest since 2007, with the 30-year near multi-decade peaks. Brent crude has hovered above $105 amid ongoing U.S.-Iran tensions. Institutional buying via ETFs and corporate treasuries has provided a floor, while broader crypto market cap hovers near $2.87 trillion after recent lows.
Key tensions center on whether elevated real yields and energy-driven inflation fears will cap risk assets into Q4, especially with potential Anthropic IPO flows and U.S. midterms ahead. Analysts note technical support near prior highs but flag short-term downtrend risks below $2.90 trillion market cap; historical Q4 strength averages around 77% but faces a more hawkish rate path.
Sources: CoinDesk, Cointelegraph, ZeroHedge.
Bitget Resumes BTC Withdrawals After $388M Exploit; SEC Clarifies Rules
Bitget began phased resumption of Bitcoin withdrawals on the Bitcoin and BNB Smart Chain networks Monday after a Sept. 24 breach that drained about $387.5–$388 million from hot and warm wallets via a third-party security vulnerability. Cold wallets were unaffected; the exchange’s user protection fund is covering losses, with further assets (ETH, USDT) scheduled in coming days. NEAR Intents reported blocking over $50 million in attempted hacker swaps, though funds moved via other routes including THORChain. Investigators, including Mandiant and SlowMist, continue tracing, with possible North Korea links noted but unconfirmed.
Separately, the SEC issued updated staff FAQs on when certain crypto activities—token buybacks on functional networks, network maintenance, and staking receipt tokens—may fall outside securities laws under the Howey test. This follows the CFTC’s similar guidance and the Senate’s failed cloture vote on the CLARITY Act.
The episode highlights persistent hot-wallet and third-party risks even at large exchanges, while regulatory agencies advance under existing authority amid stalled legislation. Uncertainties include full recovery amounts, reputational effects on Bitget’s IPO timeline, and how non-binding guidance shapes issuer behavior without statutory clarity.
Sources: Cointelegraph, CoinDesk, The Block.
US-Iran Standoff Lifts Oil and Bond Yields
President Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, driving Brent crude higher (settling near $105 after peaking above $108) and deepening the Treasury sell-off. The 10-year yield reached 5.25%–5.27%, a 19-year high, with shorter maturities also rising on expectations of further Fed tightening to counter energy-driven inflation. Talks are expected to continue via mediators, but Iran has signaled no softening on core conditions.
This prolongs the multi-month energy shock that has already disrupted shipping and LNG flows. Markets price additional rate hikes, pressuring equities and non-yielding assets like gold (which fell sharply). Saudi Arabia’s pipeline and loading restarts offer partial relief but have not fully eased tightness.
Contradictions persist between diplomatic signals and hard positions on enrichment and the strait; duration of elevated oil remains the key variable for inflation paths and risk appetite, including crypto.
Sources: ZeroHedge, OilPrice.com, market reports.