Crypto Market Value Tops $3 Trillion, Highest Since January

Crypto's total market value topped $3 trillion for the first time since January, lifted by Bitcoin's rally.

The combined value of digital assets has climbed back above the $3 trillion mark for the first time since January, according to CoinGecko data cited by Bloomberg. The Cryptonomist reports that Bitcoin's rally is the engine behind the recovery, with the total market adding more than $740 billion in value since the US Treasury announced increased long-dated bond buybacks last month. The milestone caps a run in which Bitcoin briefly touched roughly $86,000, its highest level since late January, per CNBC.

The rebound arrives despite a regulatory setback: CNBC reports that the US Senate last week blocked the Clarity Act, which would have split crypto oversight between the SEC and CFTC. Bitwise CIO Matt Hougan told CNBC that, ironically, the failure to pass may not hurt prices because the current SEC and CFTC are, in his words, "the most pro-crypto" in US history. He argued the so-called crypto winter is over and predicted "the strongest and longest-running bull market in crypto's history."

CNBC, citing CoinMetrics, reports Bitcoin traded near $85,863 on Monday, up roughly 5.8%, after touching about $86,349. The token remains down for the year and well below its October 2025 record above $126,000, but it has gained more than 8% over the past week and 34% over three months. CNBC also notes analysts at BTIG argue that as long as Bitcoin holds above $75,000, bulls can target a push through $82,000 on the way to $90,000. Crypto-linked equities, including Strategy and Coinbase, traded higher alongside the token.

Beyond crypto-native enthusiasm, macro policy appears central. The Cryptonomist, citing CoinGecko data referenced by Bloomberg, reports the market added more than $740 billion in value since the US Treasury announced expanded buybacks of long-dated bonds last month, a policy that shapes liquidity conditions across risk assets. Hougan also told CNBC that momentum investors are rotating out of AI stocks and back into crypto now that the AI trade has "levelled off," pointing to rising blockchain transaction activity and involvement from firms like BlackRock as signs fundamentals improved even as prices lagged.

Leverage is building alongside the price gains. According to Coinglass data cited by Bloomberg and reported by The Cryptonomist, open interest in perpetual futures across tokens has surged to nearly $160 billion, the highest since late October last year. The Cryptonomist warns that a fast price run amplified by borrowed capital increases the risk of sharp, fast swings in either direction, since waves of forced liquidations can accelerate moves that might otherwise have been mild.

Hougan told CNBC he suspects prices will "catch up toward the end of the year" after fundamentals improved through the downturn, saying he does not believe Bitcoin will still be below its all-time highs a year from now. Traders, per The Cryptonomist, are watching most closely whether the recovery holds without a sharp leverage-driven wobble, while BTIG's cited framework puts $75,000 as the level that must hold for the bull case toward $90,000 to stay intact.