"Crypto Spring Has Arrived, Crocuses Are Blooming": Bitcoin Hits an 8-Month High

The price of Bitcoin rose to an eight-month high on Monday, September 21, continuing the rally of the past few days, according to CNBC. At the time of publication, the cryptocurrency was trading at $85,370, up more than 5%.

Amid Bitcoin's rally, shares of cryptocurrency companies Strategy and Coinbase rose 9% and 7%, respectively, in U.S. trading.

CNBC notes that Bitcoin has not yet managed to recoup its losses since the start of the year, let alone approach its all-time high. Nevertheless, it has gained more than 7% over the past five days and nearly 35% over the past three months.

Strategy, the largest corporate holder of Bitcoin, reported in an SEC filing on September 21 that it purchased 950 Bitcoins for $75.7 million last week. This is the company’s first cryptocurrency purchase in about three weeks, Barron’s notes. Strategy specified that the average transaction price was $79,670 per Bitcoin. Strategy currently holds 846,000 bitcoins on its balance sheet, purchased at an average price of $75,416 per coin.

“I really think that it [‘crypto winter’—the period of falling prices for digital assets that began after Bitcoin reached an all-time high of more than $126,000 in October 2025 — Oninvest] is over, ‘crypto spring’ has arrived, and the crocuses are blooming,” said Matt Hogan, Chief Investment Officer at Bitwise, on CNBC. — “I believe this will be the strongest and longest-lasting bull market in the history of cryptocurrencies.”

Against the backdrop of a temporary decline in prices, the fundamentals of cryptocurrencies have strengthened, as evidenced by the increase in the number of transactions on blockchains and the involvement of major players such as BlackRock, he noted. “I believe we’ve encountered an unusual situation in which a cyclical price decline occurred against the backdrop of a structural improvement in fundamentals. And now I expect prices to catch up with them by the end of the year,” Hogan said.

Bitwise’s Chief Investment Officer also said that the artificial intelligence boom had “sucked all the oxygen out of the room,” but that investors are now shifting their money from IT company stocks back into cryptocurrency.

Bitcoin’s rally continues even though the U.S. Senate blocked the passage of the Clarity Act, a bill to regulate cryptocurrencies, last week. The bill was intended to establish a regulatory framework for cryptocurrencies in the U.S. and divide oversight of the industry between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Tighter regulation in the U.S.—such as the Genius Act, which was passed last year—has supported cryptocurrency prices. However, the failure of the Clarity Act could also push prices higher, as the SEC and CFTC will continue to set the rules for now, Hogan noted.

This article was AI-translated and verified by a human editor