Bitcoin has once again found itself at the centre of global financial attention. Following the August rally, despite Bitcoin reaching a value of $81,700–82,000 in early September, it had been trading around $79,500 since 7 September. However, the crypto market did not turn its back on Bitcoin after the pullback. In just one week, US spot Bitcoin ETFs attracted $986.9 million, extending their positive run to three weeks. Bitcoin gained around 23 per cent, marking its strongest weekly performance in roughly three years.
Bitcoin and the ‘debasement trade’: when $80,000 no longer seems like a pipe dream
Experts in the crypto sector agree that this is no longer just another cryptocurrency pump and are increasingly describing the August rally as a ‘debasement trade’. This term refers to a strategy whereby investors buy assets capable of retaining or increasing their value against a backdrop of concerns about the devaluation of fiat currencies and high debt burdens.
The path to the current $80,000 was not an easy one: the cryptocurrency weathered the 2022 crash, several periods of sharp volatility, and the bankruptcies of major companies and exchanges. But something significant happened after the breakout – Bitcoin did not collapse and, as of early September this year, has been holding steady at around $80,000.
The contrast with August 2021 and 2023 is striking and telling: the current price is almost three times higher than it was on 25 August 2023, when Bitcoin was trading at around $26,000. Admittedly, the crypto market was in a completely different phase at that time, as Bitcoin did not yet have the current level of institutional access via US spot ETFs. It is also worth noting that five years ago (25 August 2021), Bitcoin was trading on exchanges at around $48,982.
The price of Bitcoin today and what lies ahead
As of today – early September 2026 – Bitcoin is showing remarkable resilience even as expectations regarding the Fed’s interest rate rise have intensified. US Bitcoin ETFs attracted a further $987 million last week. If ETFs continue to absorb hundreds of millions of dollars each week, whilst concerns about the devaluation of fiat currencies intensify, this level could become a new support level.
However, if the Fed adopts a more hawkish stance, the dollar strengthens and institutional demand weakens, the August rally risks turning out to be nothing more than a sharp price rebound.
Crucially, Bitcoin today is no longer the speculative asset it was in 2021 or 2023. It is reacting more and more strongly to macroeconomic factors, government debt, the US dollar and the flow of institutional capital.
