Bitcoin has pushed above $83,000 as the crypto market stages a broad rally on October 21, with DeFi tokens leading the charge and Ethereum climbing back above $2,400.
Data from SoSoValue showed the whole market moving up together. The DeFi sector rose 4.38% in 24 hours. Compound (COMP) jumped more than 23% and Convex Finance (CVX) gained over 22%. Bitcoin itself rose nearly 2%, crossing $83,000, while Ethereum added about 2.6% to trade above $2,400.
Bitcoin finds new momentum
Bitcoin has spent weeks trading in a tight range around $82,000. Today it broke higher, helped by a stronger mood across global markets. Wall Street closed higher, led by the Dow, and oil prices eased about 2.5%, which calmed fears about inflation ahead of next week's Federal Reserve meeting.
The rally also had strong support from Bitcoin exchange-traded funds. US spot Bitcoin ETFs pulled in about $526.7 million on October 19 — their strongest single-day inflow since September 22. BlackRock's IBIT fund did most of the heavy lifting, while a few smaller funds still saw money leave. The picture is not fully clear yet, but the return of big buyers is a hopeful sign.
JPMorgan still sees Bitcoin doing well over the long run, with expected yearly returns near 10%. Big holders such as Strategy and Strive keep adding to their positions, and BlackRock views Bitcoin as a possible hedge against rising US government debt.
Ethereum forces out the short sellers
Ethereum rose to about $2,444 on Wednesday as traders who had bet on falling prices were forced to close their positions. Short liquidations of around $27 million pushed the price higher during the day, with ETH touching a high near $2,470.
Still, Ethereum has a split story. While the price is recovering, US spot Ether ETFs have now lost $1.08 billion in October — the largest monthly outflow of 2026 so far. That drain wiped out September's $832 million of inflows and left the year with only about $485 million in net new money. With ETF demand weak, ETH's price now depends more on futures trading and the wider market mood.
Analysts say holding above $2,410 is key for the short-term recovery. A strong break below that level could drag the price back toward $2,375. On the upside, $2,460 is the level to watch next.
DeFi and the wider market shine
Beyond the big two coins, the rally was broad. The RWA sector gained 5.9%, NFTs rose 5.7%, meme coins added 4.9%, and Layer 1 tokens climbed 2.9%. The day's standout moves — COMP up 23% and CVX up 22% — show that traders are willing to take more risk again.
One reason for the cautious confidence: real-world milestones. On October 20, Switzerland's financial regulator FINMA approved the country's first Bitcoin ETF open to ordinary retail investors — a first for Swiss savers. And on October 21, the Aerodrome and Velodrome exchanges completed their merger into a single exchange called Aero, with the AERO token up more than 6% ahead of the launch.
There is still plenty to worry about. Traders face high interest rates, delays to the US CLARITY crypto bill, and tension in the Middle East. France's National Assembly also backed a 31.4% tax on crypto-to-stablecoin swaps this week. But for now, the buyers are back in control — and Bitcoin is testing levels it has not held all month.
