Bitcoin’s record-breaking rally to a fresh all-time high of $126,200 on Monday sent ripples through the crypto market, sparking a surge in bitcoin mining stocks and renewed optimism among traders betting on further upside.
According to data, the world’s largest cryptocurrency briefly topped Sunday’s peak of $125,250 before stabilizing slightly lower. Options markets reflected growing bullish sentiment, with open interest climbing sharply on calls targeting $140,000, as reported by Bloomberg.
David Pan
Miner Stocks Rally on Bitcoin Momentum
The rally lifted mining shares across the board. Hive Digital jumped 23%, followed by Bitfarms with a 14% gain. Riot Platforms rose 10%, while Marathon Digital (MARA) and CleanSpark each advanced about 7%, according to data.
The strong performance in mining equities mirrors the sector’s improving fundamentals. Companies like Hive, Marathon, and CleanSpark have all increased their hashrate capacity and boosted their bitcoin holdings in recent months. Marathon now holds more than 52,000 BTC, while CleanSpark has accumulated roughly 13,000 BTC. Hive also reported new highs in monthly production.
HIVE Digital Technologies Ltd.Macro Tailwinds and ETF Demand Fueling the Rally
Market analysts attribute Bitcoin’s strength to a mix of macroeconomic and structural factors. Jean-David Péquignot, Chief Commercial Officer at Deribit by Coinbase, described the rally as “a perfect storm of macroeconomic tailwinds,” citing record spot ETF inflows, a potential U.S. government shutdown, and tightening exchange supplies.
“ETF demand is squeezing supply, while seasonal optimism and geopolitical agitation position BTC as a prime hedge against inflation,” Péquignot said.
He added that technical patterns suggest potential targets between $128,000 and $130,000 by mid-October, as implied volatility in short-term options continues to rise.
Record ETF Inflows and Market Growth
Bitcoin’s momentum has been further fueled by surging demand from spot exchange-traded funds. U.S. bitcoin ETFs attracted $3.2 billion in inflows last week — their second-highest total since launching in early 2024, according to ETF data.
At the time of publication, Bitcoin was trading around $125,239, up 1.8% over the past 24 hours, generating $68.2 billion in daily trading volume. The total cryptocurrency market capitalization also reached a new peak of $4.29 trillion over the weekend — a 23% increase year-to-date.
