Bitcoin came close to its all-time high after an overnight rally that also pushed Ethereum to levels not seen since 2021.

According to Coin Metrics data, Bitcoin rose 1% to $119,782, while Ethereum slipped about 1.6% to $4,181 after surging on Sunday to its highest level since December 2021. On Friday, Ethereum broke above $4,000 for the first time since then.

These moves came as US stock futures climbed on Monday morning, with investors awaiting key inflation data while equities trade near record highs.

Shares of Coinbase rose more than 5%, Circle gained 3%, and Galaxy Digital jumped 8%. Bitcoin Proxy Strategy shares added over 4%, while several mining companies, including Mara Holdings, Riot Platforms, and Iris Energy, posted gains of more than 3%.

After strong performances from cryptocurrencies and stocks in the second quarter, many investors expected a healthy slowdown in August — historically a weak trading month across markets, including crypto.

Markus Thielen, CEO of 10x Research, said the recent crypto rally was driven by Asian-session buying amid the rapid expansion of US debt. He noted that Bitcoin’s breakout from its “accumulation” range in early July coincided with President Donald Trump signing the “Beautiful Big Bill,” which raised the debt ceiling by $5 trillion.

“Bitcoin’s breakout isn’t random — it’s fueled by the fastest US debt expansion in history, and the momentum is still strong,” Thielen said. “Whether the economy stays strong or enters a recession, the influx of new debt is a tailwind for hard assets like Bitcoin and gold.” He added that the next major resistance level at $133,000 is now in sight, with market structure and positioning favoring buyers.

Meanwhile, Ethereum-related stocks benefited from capital flows into a new set of treasury companies, pushing the second-largest cryptocurrency above $4,000 — a key psychological and technical level for investors.

Bitmain Emergent Technologies shares soared 25% — after a nearly identical jump on Friday — while Sharp Link Gaming climbed 11%. According to Sosovalue data, Ethereum exchange-traded funds (ETFs) attracted $326.83 million in inflows last week, compared to $246.75 million for Bitcoin ETFs.

Bitcoin remains about 3% below its July 14 peak, while Ethereum is still 14% under its November 2021 record.

Ethereum’s breakout through a years-long technical barrier, along with Bitcoin’s weekend rally, has strengthened expectations for the start of an “altcoin season.” Analysts believe that a pause in Bitcoin and Ethereum’s rise could pave the way for a strong run in altcoins if economic conditions remain stable.

In just four months, Ethereum has more than tripled in value thanks to large inflows from digital asset treasuries and US spot ETFs, while Bitcoin has gained more than 600% over the past two years.

Shashank Sripada, co-founder and COO of generative AI network GAIA, said: “Conditions are set for altcoin season,” explaining that such a season typically begins when capital rotates toward riskier tokens after major coins stall.

Coinanalyze data shows altcoin dominance rising against Ethereum, while the CoinGlass Altcoin Season Index — which measures the performance of all non-Bitcoin assets relative to Bitcoin — stands at 39 after peaking at 88 in early December.

João Weidson, founder of crypto analytics platform Alfractale, said “the fun phase for altcoins has just begun and could last until November,” noting in a post on X that Ethereum’s recent performance, driven by institutional interest and ETF inflows, could support this season.

Last week, Ethereum inflows ($325 million) far outpaced Bitcoin inflows ($247 million), highlighting Ethereum’s push to catch up with Bitcoin in this space — potentially attracting new capital into related altcoins.

A Whale Builds a Massive Treasury

CryptoPolitan reported that a new treasury formed last week through continuous purchases from the open market and over-the-counter (OTC) platforms, following a previous commitment to hold 171,000 ETH. The entity added 49,533 ETH near the latest local peak, bringing total holdings to 221,166 ETH spread across several linked wallets, each containing between 42,013 and 29,772 ETH.

The entity’s identity remains unknown, but speculation links it to major treasuries such as Bitmain or Sharp Link Gaming. Institutional buyers today use different storage strategies than early investors or ICO treasuries, due to evolving security concerns and transaction tracking as Ethereum’s value rises.

Ethereum reserves across all exchanges have fallen near historic lows at 18.89 million ETH, while Binance’s reserves have risen since May — suggesting a mix of whale deposits for trading or participation in the exchange’s liquid staking program, where it holds around 8.32% of market share.

Selling Pressure from Some Early Whales

Despite expectations for new price highs, one Ethereum ICO participant sold 2,300 ETH — nearly their entire initial investment. While the investment’s nominal value has grown, Ethereum still trades relatively low against Bitcoin, having peaked at 0.14 BTC during its launch period.

The current rally has not been accompanied by significant retail buying, while institutions remain capable of absorbing large amounts of ETH to generate passive income through decentralized finance (DeFi) instruments.

Analysts Remain Upbeat on Further Gains

Traders and investors see Ethereum’s recent breakout from a “Wyckoff accumulation” pattern as paving the way for sustained gains, with the potential to reach around $6,000, according to analyst Lord Hawkins, who noted that surpassing $4,200 marks a “sign of strength.”

Analysts “Crypto Rover” and “Titan of Crypto” said Ethereum has broken out of a multi-year symmetrical triangle, with a possible technical target of $8,000. Analyst Nilesh Verma believes the token could hit $10,000 in 6–8 months, and potentially $20,000 in the same timeframe, based on previous cycles.

Bitcoin’s Shrinking Share Boosts ‘Flippening’ Talk

Analyst Ali declared that “altcoin season has officially begun” after Ethereum’s net market cap change surpassed Bitcoin’s for the first time this cycle, signaling investor readiness to direct more funds toward other major cryptocurrencies.

Copper prices were steady on Monday as Chile allowed mining operations to resume at Codelco’s El Teniente mine, while the market awaited further signals on the path of interest rates.

Benchmark three-month copper on the London Metal Exchange slipped 0.1% to $9,756 per metric ton by 09:34 GMT, after gaining 1.4% last week.

Easing supply concerns, Codelco said on Saturday that Chilean government regulators had approved the reopening of parts of El Teniente unaffected by the July 31 collapse, which killed six workers.

On the consumption side, data showed China’s producer prices fell more than expected in July, while consumer prices were unchanged, reflecting weak domestic demand.

Investors hope demand from China, the world’s largest metals consumer, will improve in September — typically the peak season — and that Beijing and Washington will extend the deadline for reaching a trade agreement once again.

A trader noted that the metals market was relatively calm ahead of the release of US inflation data this week, which could determine whether the Federal Reserve cuts borrowing costs next month, as lower interest rates boost the economic growth outlook for industrial metals tied to economic activity.

Technically, copper found support at its 21- and 50-day moving averages, in the $9,735–$9,740 range.

Among other LME metals, zinc was steady at $2,825 a ton. However, the price spread between the spot zinc contract and the three-month contract narrowed to 20 cents from $13 on August 15, as available warehouse stocks approved by the exchange fell to a two-year low.

Aluminum fell 0.5% to $2,596.50 a ton, lead slipped 0.3% to $2,001.50, tin was unchanged at $33,450, and nickel rose 0.7% to $15,260.

Meanwhile, the US dollar index rose 0.4% to 98.6 by 15:57 GMT, with a high of 99.3 and a low of 98.03.

In US trading, September copper futures fell 0.1% to $4.46 per pound by 15:53 GMT.

Bitcoin is expected to break its all-time high this month, as optimism about the macroeconomic outlook continues to support risk assets, including cryptocurrencies, according to experts quoted by Decrypt on Sunday.

Weekend gains helped offset last week’s losses, with Bitcoin rising 4.5% since Saturday’s open, nearing its July 14 peak of $122,838, according to CoinGecko data.

Open interest grew by 7,834 BTC, alongside increases in both spot and perpetual trading volumes, according to derivatives platform Coinalyze, with signs that the rally was driven mainly by speculative long positions.

Sean Dawson, head of research at options platform Dervie, told Decrypt: “There’s still plenty of fuel left for this rally,” adding that Bitcoin is expected to reach “$150,000 before year-end” based on volatility data.

The cryptocurrency rally followed a surge in tech stocks last week, coinciding with investor optimism over potential US interest rate cuts and a weaker dollar.

Crypto-focused newsletter Ecoinometrics noted in a Sunday post on X that the growing correlation between the Nasdaq and Bitcoin “explains the recent price action.” It added: “Bitcoin may be digital gold, but it trades like a high-risk asset. What really matters is whether markets are in a risk-on or risk-off mode.”

Markets are now turning their attention to Tuesday’s July Consumer Price Index report, with economists expecting a 10-basis-point rise in annual inflation to 2.8%.

A lower-than-expected reading could boost expectations for a Federal Reserve rate cut as early as September.

Dawson said: “We’re seeing a convergence of economic and political factors that can drive prices higher,” adding: “Cryptocurrencies tend to perform well in low interest rate environments.”

However, Dawson also pointed to growing demand for put options, reflecting increased concern over a possible upside surprise in inflation data, which could cause “a minor panic” and lead to “a sharp drop.”

Bitcoin and Crypto Get a Regulatory Boost from the US

Bitcoin posted strong gains in the second half of last week after US President Donald Trump signed an order directing regulators to allow retirement and savings plans, such as 401(k)s, access to alternative assets and private equity investments, including cryptocurrencies.

The move opens the door to a new source of institutional demand for digital assets, amid growing institutional interest.

The largest US Bitcoin ETFs saw three consecutive days of strong inflows following Trump’s order, which coincided with a sharp rally in Bitcoin prices. However, much of the recent crypto gains occurred over the low-liquidity weekend, raising questions about the sustainability of current price levels.

Trump’s order last week followed a series of pro-crypto regulatory moves by his administration in recent months, including the passage of a bill establishing a regulatory framework for stablecoins.

Rumble Weighs $1.2 Billion Bid for Tether-Backed Northern Data

US-listed video platform Rumble Inc. (NASDAQ: RUM) said Sunday it is considering a $1.17 billion offer to acquire German AI company Northern Data AG (F:NB2).

Tether, the world’s largest stablecoin issuer, is Northern Data’s biggest shareholder and could become Rumble’s largest shareholder if the deal goes through.

Rumble said it is considering offering 2.319 shares for each Northern Data share, equivalent to $18.3 per share and valuing the deal at $1.17 billion.

It added that Tether could also become one of Rumble’s largest customers if the deal proceeds, with a multi-year commitment to purchase processors from the company. However, Rumble stressed that the offer is still preliminary and not yet final.

Oil prices steadied on Monday after falling more than 4% last week, as investors awaited the upcoming talks between the United States and Russia later this week regarding the war in Ukraine.

Brent crude futures rose 5 cents to $66.64 a barrel by 10:03 GMT, while US West Texas Intermediate (WTI) crude futures fell by 1 cent to $63.87 a barrel.

US President Donald Trump said on Friday he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.

The talks follow increased US pressure on Russia, raising the likelihood of tougher sanctions on Moscow if a peace agreement is not reached. Trump had set a deadline last Friday for Russia — which invaded Ukraine in February 2022 — to agree to peace or face secondary sanctions targeting its oil buyers. At the same time, Washington is pressing India to reduce its purchases of Russian oil.

Prices have fallen in recent days after market participants lowered their estimates of supply disruptions, likely because the United States imposed additional tariffs only on India, rather than on all buyers of Russian oil, according to Giovanni Staunovo, an analyst at UBS.

UBS cut its year-end Brent price forecast to $62 a barrel from $68, citing increased supplies from South America and continued strong output from sanctioned countries. The bank added that Indian demand had recently fallen short of expectations and said it expects the OPEC+ alliance to halt production increases unless there are larger and unexpected supply disruptions.

Exxon Mobil said on Friday that a consortium it leads began crude oil production four months ahead of schedule at the fourth floating production, storage, and offloading (FPSO) unit in Guyana.

Energy Aspects consultancy estimated that Indian refiners have already purchased a total of 5 million barrels of US WTI crude for August-loading shipments.