TLDR
- Bitcoin surged 5% past $80,000, its highest level since January 31
- Coinbase, Strategy, Robinhood, and other crypto stocks rose in premarket trading
- U.S. spot Bitcoin ETFs pulled in roughly $2.7 billion over the past three weeks
- Polymarket traders give a 56% chance Bitcoin hits $85,000 this month
- A crypto strategist warned the rally could be short-lived given Bitcoin remains far below its $100,000+ record
Bitcoin climbed past $80,000 on Monday, hitting its highest price since January 31. The move sent shares of crypto-linked companies higher in U.S. premarket trading.
Coinbase gained 4.1% in premarket. Strategy, which holds large amounts of Bitcoin on its balance sheet, rose 3.3%. Robinhood was up 3.5%, Riot Platforms gained 2.2%, MARA Holdings rose 2.8%, and Circle Internet Group jumped 6%. Galaxy Digital and Hut 8 each added 2.2%.
Block, a fintech company with crypto products, also edged up 0.5%.
Bitcoin climbed as much as 1.9% during Monday morning trading in Singapore, reaching $80,393. It was trading at $79,692 at press time. Other cryptocurrencies, including Ether, also rose.
The S&P 500 closed at a record high on Friday, showing broad risk appetite across markets heading into the week.
What’s Driving the Bitcoin Rally
U.S. spot Bitcoin ETFs have brought in roughly $2.7 billion over the past three weeks. That has pushed total net assets in those funds above $100 billion.
Analysts at CryptoQuant say the buyers driving Bitcoin back to $80,000 don’t fully trust the move. Positioning data and on-chain signals both reflect that uneven demand picture.
ETF inflows and leveraged long positions have helped push prices steadily higher. But analysts say the underlying demand is not yet strong across the board.
On Polymarket, traders currently price a 56% chance that Bitcoin reaches $85,000 before the end of May. The probability of it reaching $90,000 this month sits at just 23%.
That suggests the market expects a slow grind upward rather than a sharp breakout.
Reasons for Caution
At least one prominent crypto strategist has warned that the recent price bump could be temporary. Bitcoin remains well below its record high above $100,000, which it set in late 2025.
Concerns about a prolonged “crypto winter” were widely discussed by analysts earlier this year. Some had expected that downturn to last through most of 2026.
All of the stocks that rose on Monday are closely tied to Bitcoin’s price. When Bitcoin falls, these stocks tend to fall with it.
Markets are also watching geopolitical developments. President Trump said the U.S. would guide ships through the Strait of Hormuz. A senior Iranian official warned that U.S. interference there could breach ceasefire terms.
Bitcoin’s return above $80,000 marks its highest point in over three months, supported in large part by continued ETF inflows that have now lifted total net assets in U.S. spot Bitcoin funds past the $100 billion mark.
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