Bitcoin rose above $84,500 on Wednesday as money flowed back into risk-on trades, with tech stocks leading the move. Bitcoin Magazine tied the advance to SpaceX’s latest quarterly results.
The cryptocurrency was recently priced at $84,461 after climbing as high as $84,588 earlier Wednesday morning in New York. Over the past 24 hours, Bitcoin was up 2%. On a seven-day basis, it had gained 3%.
SpaceX earnings helped drive the move
According to the report, SpaceX said Tuesday that third-quarter revenue reached $14.6 billion, a 161% increase from a year earlier and well above estimates. The company debuted on the Nasdaq in June, which the article described as the biggest initial public offering ever.
The report also said SpaceX owner Elon Musk spoke about the possibility of a SpaceX-Tesla merger. Technology stocks rallied after the update, and Bitcoin moved higher alongside them.
Bitcoin’s broader trading pattern this year
Bitcoin Magazine said Bitcoin has previously risen with risk assets and has been correlated with the Nasdaq. This year, though, the cryptocurrency has also traded with gold as the so-called debasement trade returned to focus.
The article described that trade as investors buying certain assets to hedge against currency devaluation. In August, the U.S. Treasury Department said it would more than double the size of its government debt repurchases, after which the dollar weakened in value. The report added that Bitcoin then posted its best quarterly run in three years and its third-best August on record.
Spot Bitcoin ETFs drew fresh inflows
U.S. investors have also returned to spot Bitcoin exchange-traded funds this week. Citing Coinglass data, the report said funds managed by BlackRock, Fidelity, Grayscale and others received more than $549 million in new investment across Monday and Tuesday.
Still more than 30% below the record high
Even with Bitcoin nearing $85,000, its price remains more than 30% below the all-time high of $126,080 reached in October 2025.
Bitcoin Magazine added that analysts are saying the asset is back in a bull market after spending most of this year in a bear market.
The article first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.