Bitcoin climbed to an eight-month high near $86,000 after breaking through $82,000, triggering roughly $750 million in short liquidations and adding about $2 billion in new futures leverage. Analysts cautioned that the rally may remain vulnerable without sustained spot demand and ETF inflows.

Crypto super PAC Fairshake reportedly plans to spend $30 million to prevent former Senator Sherrod Brown from returning to the Senate. The spending would be its largest single-candidate expenditure this year.

Binance’s monthly average Ethereum withdrawal transactions have exceeded 90,000, the highest level since 2023. The movement of exchange-held ETH to external wallets is being viewed as a sign of stronger medium- to long-term accumulation and reduced immediate selling pressure.

Trading platforms are stepping up competition to launch perpetual futures linked to individual U.S. stocks. Kalshi, Payward’s Bitnomial exchange and Coinbase have each outlined plans or submitted applications for such products.

Santiment said Ethereum has reached its highest level since January as whale activity, nonzero-balance wallets and staked ETH have increased.

Checkonchain founder James Check said Bitcoin may have already passed the current cycle’s bottom after two rounds of investor capitulation. He highlighted investor cost bases and realized and unrealized profit-and-loss conditions over reliance on the historical four-year cycle.

Charles Schwab said the Strategic Bitcoin Reserve bill’s passage by the House Financial Services Committee could be an important first step toward becoming law. The bill would place Bitcoin acquired by the federal government into a Treasury-managed strategic reserve.