Bitcoin Breaks Above $86,500 as Crypto Market Cap Tops $3 Trillion

Bitcoin climbed above $86,500 on Tuesday, having touched an eight-month peak of $87,381 and pushing the total cryptocurrency market capitalization past $3 trillion. The rally was propelled by record institutional inflows and short squeezes, with U.S. spot Bitcoin exchange-traded funds drawing nearly $1 billion in net inflows on September 21, led by $381 million into BlackRock's IBIT. The rapid surge forced over $920 million in short liquidations as perpetual futures open interest surged near $160 billion. Bitcoin confirmed a technical golden cross, with analysts targeting $90,763, while major altcoins including XRP and Ethereum registered broad gains.