The total market cap of global crypto assets has returned to the $3 trillion mark for the first time since January. It briefly surpassed this level during trading before retreating near the threshold, with a daily increase of about 4.3%. Bitcoin led the surge, priced at approximately $86,000, reaching around $87,000 at its peak, marking a high since January.

Ethereum is around $2,745, up about 2.3%; XRP is about $1.53, up about 5.7%; Solana is around $117, up about 3.6%; Dogecoin has risen about 11%, leading the large-cap market. The total market cap of altcoins is approximately $1.19 trillion, also returning to levels seen at the end of January. Bitcoin's market share remains below 60%.

The U.S. spot Bitcoin exchange-traded fund saw a net inflow of nearly $1 billion on the previous trading day, the largest single-day inflow since October 2025. The open interest in perpetual contracts is about $160 billion, also the highest since late October last year; approximately $920 million in short positions were liquidated during the rise. Reports indicate that since late August, around $740 billion in market cap has recovered, partly linked to the U.S. Treasury's expansion of long-term bond buybacks and easing financial conditions.

This is a recovery rather than a new high: the total market cap was significantly higher at the end of 2025. Both leverage and spot funds are amplifying, making prices more sensitive to reverse fluctuations. The decline in stablecoin market share is interpreted by some traders as a widening participation in risk assets.

Mechanically, buyers are unleveraged funds purchasing and trend traders, while sellers are short positions being squeezed. Funds are shifting from government bonds and safe-haven accounts into Bitcoin spot shares, then spilling over into large-cap altcoins. Beneficiaries are Bitcoin spot product issuers and high-beta altcoins; those under pressure are high-leverage shorts and accounts still shorting at January's highs. The event-driven nature is the reclaiming of the threshold combined with expectations of policy easing, not a fundamental shift at the protocol level.

The $3 trillion mark is an emotional switch; whether it can hold depends on whether fund inflows can continue and whether leverage will be reversed.

Source: Public Information