Bitcoin and Ether surge in late trading
BlockBeats reported on Aug. 20 that the crypto market, after a long period of relative quiet, saw a sharp rally on Tuesday night. Data from HTX showed Bitcoin briefly climbed above $69,000, up about 5.7% over 24 hours. Ether briefly moved above $2,100, up about 8.8% in the same period. The total crypto market capitalization rose to about $2.4 trillion, a 4.7% gain over 24 hours.
Earlier in the evening, reports said President Trump was meeting at the White House with SEC Chair Atkins, CFTC Chair Selig, and executives from Coinbase, Ripple, Gemini, Polymarket, Kalshi, Nasdaq, NYSE, CME and DTCC. The meeting was held to prepare for Thursday’s CFTC Innovation Advisory Committee meeting. Bitcoin’s rapid move higher took place while that meeting was underway.
Traders reset the bull-case threshold
Several bullish views have surfaced in recent days. Killa, a well-known trader who previously called Bitcoin’s path through this bear market with unusual precision, said Bitcoin has already bounced from the lows and that waiting for a “perfect bottom” could mean missing the next leg higher. Killa said the long-term target remains above $150,000 and added that the traditional four-year cycle may eventually change.
Killa also said Bitcoin’s 200-day moving average is now around $69,500. In their view, the market only needs Bitcoin to reclaim that level and hold it; once that happens, the market can be treated as officially back in a bull phase. The price action on Tuesday night brought that level back into focus, with Bitcoin running up quickly before stalling almost exactly at $69,500.
Institutional demand returns to the foreground
The institutional narrative has also turned more constructive. Bitwise CIO Matt Hougan said the market is repricing “on-chain assets that generate revenue,” arguing that some protocol valuations could be revised higher as real revenue capture becomes more visible.
Bitwise Europe said in an August report that institutional demand has started to reaccelerate. It pointed to ETP inflows, elevated supply held by long-term holders, and stabilizing demand from treasury companies as potential support for the next phase of the market.
Speaking on The Rollup podcast, Hougan said Bitcoin has become “immune” to bad news and that the bear market may be nearing its end. He said that if just 1% to 2% of the roughly $20 trillion in assets managed across Morgan Stanley, Wells Fargo, UBS and Merrill Lynch were allocated to crypto, it would translate into hundreds of billions of dollars in recurring inflows.
VanEck said in a mid-August report that Bitcoin may be close to, or already in, an accumulation phase. The firm said 8 of 12 capitulation signals have already been triggered, while historical patterns suggest a possible turning point in September to November. Grayscale research head Zach Pandl said at the end of July that he believes this bear market may bottom earlier than the traditional four-year cycle would imply.
Regulatory framing stays in view
On the regulatory side, the market is also reassessing the weight of potential tailwinds. The SEC’s latest Crypto draft could provide a clearer framework for token fundraising. If compliant issuance channels open further, primary markets, trading venues and on-chain protocols could each gain a new source of incremental capital.
For now, traders are watching whether Bitcoin can reclaim and hold $69,500, and whether institutional flows and regulatory clarity continue to support the move.