The largest cryptocurrency rose about 2% from Sunday afternoon to around $82,800, briefly topping $83,000, as stock futures reopened higher, oil fell and China's growth beat forecasts. Ether gained 3% and Zcash 7%, and traders betting against ether were forced out.
Bitcoin spent Sunday as the only market open and ended it looking cautious. When other markets reopened, it followed them up.
Bitcoin traded at about $82,830 at 4:45 a.m. Eastern on Monday, up about 2.2% from about $81,050 at 1:50 p.m. Sunday and about 2.8% from its weekend low of about $80,565, reached at 4 p.m. Sunday. It touched a high of about $83,060 around 3 a.m.
The climb started at 6 p.m. Sunday, when stock and commodity futures resumed trading, and continued through the Asian session. Bitcoin rose 0.7% in the first hour after the reopen and passed $82,000 by about 8 p.m.
Other tokens rose more. Ether gained about 3% to around $2,436. Solana added about 3.8% and XRP about 3.4%. Zcash jumped about 7.4% to about $1,164, and LayerZero rose about 6.7% ahead of a token unlock on Tuesday.
What moved with it
The rally tracked other markets. Nasdaq 100 futures rose about 1.2% and S&P 500 futures about 0.6% after Friday's chip-led selloff. Brent crude fell about 2%. China reported third-quarter growth of 4.5%, above forecasts. Gold edged up and the dollar index slipped.
No crypto-specific trigger has emerged. The timing, starting at the futures reopen and moving in step with Nasdaq contracts, fits a broad return of risk appetite better than any news within crypto.
Who was buying
Exchange data point to forced buying by short sellers as part of the move. Traders betting on lower ether prices were liquidated for about $13.3 million in the 6 p.m. hour and about $15 million in the 9 p.m. hour, according to exchange-data tallies. Liquidations across the largest exchanges totaled about $221 million over 24 hours.
Trading volumes were light, by one measure about a third of normal over the past two days. A rally built on short covering in thin markets can reverse more easily than one driven by new buyers.
U.S. spot bitcoin ETFs had net outflows of about $229 million last week, and Monday's flow data come after the U.S. close.
Market implications
One reading is that crypto is responding to macro relief. Lower oil prices and better Chinese data ease fears of inflation and higher rates after last week's hot consumer price data, and bitcoin is trading as a high-beta risk asset alongside technology stocks.
A second reading is that the move is mostly positioning. Short sellers were squeezed in thin overnight trading, and without fresh spot or ETF demand the bounce may fade.
A third reading ties crypto to the AI trade. If it is following Nasdaq futures, it will follow them down too if Meta's and Tesla's results this week disappoint.
What to watch
The 9:30 a.m. U.S. cash open, especially Coinbase, Strategy and MARA after Friday's 6% to 10% declines; Monday's ETF flows; Strategy's weekly filing; the LayerZero unlock on Tuesday; and Friday's weekly options expiry. A cash session that holds futures gains would give the overnight rally a firmer base.