Miner shares soar on new ATH of $126,000

Acryptoinvest.news: Bitcoin briefly hit a new all-time high on Monday, sending miner stocks soaring as traders priced in additional profits ahead of the end of the year.

The leading cryptocurrency reached $126,200, slightly surpassing Sunday's peak of $125,250. This occurred amid a sharp increase in open interest in call options targeting $140,000, according to Bloomberg.

This momentum fueled a surge in Bitcoin mining stocks across the board. Hive Digital jumped 23%, followed by Bitfarms, up 14%, Riot Platforms, up 10%, and MARA and CleanSpark, both up around 7%.

The growth is driven by a combination of positive Bitcoin dynamics and improving fundamentals in the mining sector. Companies like Hive, Marathon, and CleanSpark have increased their computing power in recent months, while simultaneously expanding their Bitcoin storage facilities.

MARA and CleanSpark increased their Bitcoin holdings to over 52,000 BTC and 13,000 BTC, respectively, while companies like Hive recently hit new monthly mining highs.

Bitcoin Bullish Drivers

Market observers pointed to a combination of macroeconomic and structural factors behind the changes.

Jean-David Péquinho, chief commercial officer at Deribit by Coinbase, said Bitcoin's rise was driven by a “perfect confluence of macroeconomic circumstances,” including the US government shutdown, record spot ETF inflows, and declining exchange supply.

“ETF demand is reducing supply, while seasonal optimism and geopolitical instability make BTC a prime inflation hedge,” Pequinho wrote in an email. He added that technical indicators such as the RSI and the current chart structure point to potential targets in the $128,000 to $130,000 range by mid-October, with implied volatility in short-term options modestly increasing as traders take bullish positions.

Record inflows into spot ETFs also contributed to Bitcoin's price growth. US-based Bitcoin ETFs attracted $3.2 billion last week, the second-highest amount since their launch in early 2024.

At the time of publication, the price of Bitcoin was approximately $125,239, up 1.8% over the past 24 hours. During this period, the world's leading cryptocurrency's trading volume reached $68.2 billion.

Notably, the total cryptocurrency market capitalization reached a new all-time high of $4.29 trillion over the weekend, up 23% year-to-date.

Source: cryptonews.net