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2h ago

Bitcoin Tops $120,000 as Rate-Cut Bets Build During U.S. Shutdown

Renewed inflows to U.S. spot bitcoin ETFs and forced short covering powered the breakout to a two-month high.

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration
Image
A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid/File Photo
An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris/File Photo

Overview

  • Bitcoin broke above $120,000, its highest level since mid-August, after a five-day climb that followed late-September consolidation.
  • Data providers reported strong spot ETF demand, including roughly $650 million of net inflows on Wednesday and a multi-day run exceeding $1.6 billion.
  • Derivatives activity amplified the move, with BTC futures open interest hitting a record near $32.6 billion and up to $448 million in 24-hour liquidations.
  • Weak private payrolls from ADP pushed traders to price in Fed rate cuts, lifting gold to record highs near $3,895 as yields and the dollar slipped.
  • The federal government shutdown has delayed key economic releases and the SEC said it will not review applications, pausing crypto-related filings during the lapse.