Bitcoin Soars to Eight-Month High as ETF Inflows and Oil Prices Fuel Rally

Bitcoin surged to an eight-month high on Monday, reaching $85,222 for a gain of up to 5.1% as oil prices fell and ETF inflows returned.

The token settled at $85,117, a 4.7% advance, marking the end of a significant stretch that saw it rise more than 30% from its Aug. 19 level.

According to Zaye Capital Markets analyst Naeem Aslam, three factors drove the advance: accelerating ETF inflows, favorable signals from regulators, and traders covering short positions.

The crypto market capitalization has risen to $2.8 trillion, its highest level since January this year, with buyers dominating the market since Sunday.

Broader market conditions also contributed, with falling oil prices and optimism ahead of a planned summit between U.S. President Donald Trump and Chinese President Xi Jinping on Thursday lifting risk assets across the board.