Crypto Briefing: On September 22, 2026, Bitcoin briefly surged to about $87,300, hitting an eight-month high. It then pulled back to the $85,000–$86,500 range, with a weekly gain of roughly 10%–13%. U.S. spot Bitcoin ETFs saw nearly $1 billion in net inflows in a single day, and combined with short liquidations exceeding $800 million, this pushed the global crypto market cap back above $3 trillion. Strategy also increased its holdings by about 950 BTC.

This rebound was mainly driven by ETF capital returning and forced short covering. In the short term, sentiment has clearly improved, but Bitcoin is still more than 30% below its all-time peak, and the fundamentals have not undergone any fundamental change. Regulatory uncertainty and the macro interest-rate environment remain potential risks. Personally, I’m more inclined to view this kind of rapid rally as a stage of technical repair rather than confirmation of a new bull market. For a truly sustainable uptrend, we need to see continued spot buying and clearer policy implementation. Near-term volatility is likely to remain high—staying cautious is recommended.