September saw a long-awaited full-scale counterattack in the crypto market, living up to the traditional saying "Golden September, Silver October." Bitcoin broke through $82,000 today, closing at $82,059.76, a daily increase of 1.08%; Ethereum broke through $2,700, closing at $2,701.30, a daily increase of 2.13%. The total market capitalization of the crypto market rose 5.33% in five trading days, regaining the $2.81 trillion mark.

Just a few days ago, the market was experiencing brief selling pressure due to the bill vote and interest rate hike.

Bitcoin briefly fell below $75,000, triggering widespread panic and a sudden shift to a bearish outlook, with most predicting a 50% drop. Ethereum was also hovering around $2,500 at the time. The reversal was swift. Unexpectedly, Bitcoin surged nearly $7,000 in just a few days, regaining the $82,000 mark. Ethereum rebounded more than 8% from its lows, breaking through $2,700 and reaching a new high since the end of January this year. Altcoins followed suit. Layer 1 stocks performed particularly well, rising 2.70% overall in 24 hours. Among them, NEAR Protocol rose 16.44%, Avalanche rose 15.37%, and Sui rose 9.78%. Looking at a longer period, NEAR saw a cumulative increase of 78.23% in the seven days ending September 21, while AVAX rose 54.80% during the same period. The PayFi sector also performed strongly, with Zcash (ZEC) continuing to hit new all-time highs, up 3.82% in 24 hours. In the DeFi sector, Kamino (KMNO) rose 20.57%. The MEME.ssi index rose 1.63%, and among platform tokens, BNB rose 2.72%, while BGB rose 2.8%, regaining the $2 mark. BGB has recovered 30% from its July lows. The breadth of market rotation is quite considerable. Although the total market capitalization of altcoins expanded to over $1.2 trillion during this rally. However, Bitcoin's dominance remains high, at 58% to 59%, meaning that the recent surge has been primarily driven by quality assets rather than pure speculative frenzy. This rebound has provided the most direct support from the funding side. Spot Bitcoin ETFs saw net inflows of approximately $3.8 billion in the three weeks ending September 5th, marking the strongest consecutive inflow since 2026. The total net assets of US spot Bitcoin ETFs are approximately $101.3 billion, with cumulative net inflows reaching $55.6 billion. BlackRock's iShares Bitcoin Trust (IBIT) is the largest absorber of funds. As of the latest data, IBIT holds 806,700 Bitcoins, with a market value of approximately $63.7 billion, controlling approximately 49% of the total assets of US spot Bitcoin ETFs. In the past 20 days, BlackRock has increased its Bitcoin holdings by approximately $1.08 billion. Ethereum ETF inflows are also accelerating. On September 18th, spot Ethereum ETFs saw a net inflow of approximately $143.8 million, with BlackRock ETHA contributing approximately $114.3 million. Previously, Ethereum ETFs had seen net inflows for 12 consecutive trading days. On the macro level, the outcome of the Federal Reserve's September FOMC meeting forms a significant backdrop to this rebound. The market previously had a sharp divergence of opinion regarding the policy path—futures pricing once indicated an 88.5% probability of a 25 basis point rate hike in September, while at the beginning of the year, the market was betting on a rate cut. After the rate hike was confirmed, the crypto market generally rebounded, with previously suppressed risk assets releasing pent-up buying pressure. Bitget Wallet COO Alvin Kan previously pointed out that historically, the crypto market typically enters a medium- to long-term upward trend once the Federal Reserve intervenes by cutting interest rates or expanding its balance sheet. While the current policy direction is not towards interest rate cuts, the realization of the expectation of a rate hike has also eliminated a major uncertainty in the market—when all the negative news is priced in, funds no longer remain on the sidelines.