Bitcoin is trading near $84,897 this morning — up 44% for the quarter, its best three-month performance since Q4 2024, and still 33% below its October all-time high of $126,000. A short squeeze overnight pushed the price to $85,000, forcing out $648 million of bearish bets; 95 of the CoinDesk 100 constituents are higher on the day. Bitcoin closed last week above its 50-week moving average for the first time in 45 weeks, a level Galaxy Research identified as the historical dividing line between bear and bull markets. Strategy returned to buying last week after a three-week pause, adding 950 BTC for $75.7 million. Oil has retreated to $102, Treasury yields have eased from last week’s 19-year high, and analysts say there is limited resistance between current prices and six figures. Stay alert.
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The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds.
An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC.
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1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026.
2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026.
3As of September 18, 2026. Subject to change.
4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund.
What matters today
Markets
Story 1 of 3
Bitcoin’s 44% quarterly gain teases a full-blown crypto bull run
Bitcoin is heading into the final week of Q3 up 44% — its best quarter since Q4 2024 — while gold has gained 8.7% and the S&P 500 just 2% over the same period. The rally was initially driven by oversold conditions and short squeezes, but has since picked up a regulatory tailwind: the SEC’s September 17 decision granting a five-year innovation exemption for tokenized U.S. stock trading gave crypto a fresh institutional credibility boost, and Ethereum is seen as the primary beneficiary. ETH, XRP, SOL, UNI and NEAR have all gained between 40% and 150% this quarter. Bitcoin closed last week above its 50-week moving average for the first time in 45 weeks — the technical line that historically marks the end of bear markets. FxPro’s Kuptsikevich: “This is already a bull market, but that does not rule out sudden pullbacks.”
Strategy returns to bitcoin buys, adding $75 million of BTC last week
Strategy acquired 950 BTC for $75.7 million last week at an average of $79,670 per coin, breaking a three-week pause in purchases. The buy was funded by selling $80.1 million of common stock; remaining proceeds were used to repurchase $174 million of STRC preferred stock and bolster cash reserves. Strategy now holds 846,000 BTC acquired for a total of $63.81 billion at an average of $74,417 per coin. At current prices the position is up meaningfully from that average. MSTR shares rose 7% in pre-market trading Monday alongside bitcoin’s move to $84,500. The renewed buying reinforces the signal from last week’s 50-week moving average close — that the company, which paused buying during the Clarity Act and Fed-hike turbulence, now sees prices as attractive again.
Bitcoin hits $85,000 as a short squeeze forces out $648 million of bearish bets
Bitcoin pushed to $85,000 overnight as forced buying kicked in, with $647.9 million of the $746 million in 24-hour liquidations coming from shorts — including $159.9 million in a single hour. The move clears the September 4 high of $82,284 and chart analysts note there is limited historical trading activity between $84,000 and $97,000, leaving minimal overhead friction toward six figures if momentum holds. Open interest rose 7.59% to $156 billion even as shorts were closed out, suggesting traders are replacing rather than abandoning positions; 24-hour volume is up 39% to $224 billion. For the first time in weeks the taker long-short ratio has flipped above 53% in favor of buyers. Bitcoin futures open interest topped 700K BTC for the first time in weeks — still short of record highs, but pointing to rising demand for leverage.
CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
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