Bitcoin, ether surge as prices hit multi-year peaks

August 13, 2025 (MLN): Bitcoin has edged closer to its all-time high after an overnight rally that also propelled ether to levels not seen since 2021, with the leading cryptocurrency currently trading at $119,434.

The price of bitcoin was most recently flat at $118,981.86, according to Coin Metrics, while ether held steady at $4,256.90 after surging on Sunday to its highest level since December 2021.

Both cryptocurrencies were trading off their intraday highs. On Friday, ether crossed $4,000 for the first time since December, as CNBC reported.

The moves came alongside an early rise in U.S. equity futures, as investors awaited a series of key inflation reports.

Stocks began the day near all-time highs before easing, dragging crypto prices back with them.

Shares of Coinbase gained nearly 3%, Circle rose more than 1%, Galaxy Digital advanced 3%, and bitcoin proxy Strategy was up over 1%.

Historically, August has been a softer trading month for both equities and cryptocurrencies, and after a strong second quarter, many investors expected a period of cooling.

However, crypto gains have been largely fueled by Asian trading sessions, driven by the rapid expansion of U.S. debt, according to Markus Thielen, CEO of 10x Research.

He pointed to bitcoin’s early July breakout from its consolidation phase coinciding with President Donald Trump’s signing of the Big Beautiful Bill, which included a $5 trillion debt ceiling increase.

“Bitcoin’s breakout isn’t random, it’s being fueled by the fastest U.S. debt expansion in history and that momentum isn’t slowing down,” Thielen said.

“Whether the economy stays strong or dips into recession, the flood of new debt is a tailwind for hard assets like bitcoin and gold.”

He added that the next major resistance level at $133,000 is now in sight, with positioning and market structure favoring the bulls.

Ether-linked stocks also rallied, boosted by inflows into newly established treasury companies, helping push the cryptocurrency above $4,000, a historically significant technical and psychological level.

Shares of Bitmine Immersion Technologies jumped 25% after nearly matching that gain in the previous session, while SharpLink Gaming rose 11%.

Ether ETFs attracted $326.83 million in inflows last week, surpassing the $246.75m seen by bitcoin ETFs, according to SoSoValue.

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