The total cryptocurrency market capitalization has risen above $3 trillion for the first time since January, driven by Bitcoin’s rally and broader gains across altcoins. The market has recovered more than $740 billion since the U.S. Treasury announced an expansion of long-term bond buybacks last month, according to Bloomberg, which cited CoinGecko data on September 22. Bitcoin briefly reached $87,381 during U.S. trading before retreating to about $85,100 the next day. At the same time, open interest (the value of outstanding derivatives positions) in perpetual futures (futures without an expiry date) climbed to about $160 billion, its highest level since late October last year. Roughly $920 million in short positions was forcibly liquidated on Monday as prices rose. Analysts said traders are replacing liquidated positions instead of reducing exposure, increasing the chance of rapid moves in either direction. U.S. spot Bitcoin ETFs recorded $593 million in net inflows over Thursday and Friday last week, while Zcash and Hyperliquid’s HYPE also rallied. The key question for the following week is whether spot buying can replace purchases driven by forced liquidations, since a short squeeze can lift prices without creating lasting holders.