Finance

Bitcoin’s Surge Beyond $106K: How the Senate’s Deal Ignited Crypto Gains and What’s Next

Bitcoin and other cryptos surged after the U.S. Senate reached a deal to end shutdown.

November 9, 2025, 10:32 PM

Stacks of XRP cryptocurrency coins reflecting light against a red and green trading chart.

XRP coins are stacked and illuminated against a background showing cryptocurrency market trends. By alfernec / Shutterstock.com.

Executive Summary

Bitcoin, Ethereum, XRP, and Solana experienced significant gains following reports of a U.S. Senate agreement to end the 40-day government shutdown.

The newly launched Bitwise Solana Staking ETF (BSOL) recorded over $545 million in net inflows since its debut, contrasting with outflows seen in Bitcoin and Ethereum funds.

American Bitcoin (ABTC), a company backed by Eric Trump and Donald Trump Jr., increased its Bitcoin holdings by 139 BTC, bringing its total treasury to 4,004 BTC.

The Story So Far

The recent rebound in cryptocurrency markets, including Bitcoin and Ethereum, follows a period of significant downturn and investor outflows from digital asset funds, largely attributable to a protracted 40-day U.S. government shutdown that fueled broader macroeconomic uncertainties and prompted investors to shift away from risk-on assets.

Why This Matters

The swift rebound of major cryptocurrencies following the resolution of the U.S. government shutdown underscores the market’s high sensitivity to macroeconomic and political stability, indicating that future geopolitical events could similarly influence digital asset valuations. This recovery, alongside the strong performance of new altcoin investment products like the Solana ETF despite outflows from Bitcoin and Ethereum funds, suggests an evolving landscape where investor interest is diversifying beyond established assets. Moreover, the continued Bitcoin accumulation by entities like American Bitcoin, even amidst market volatility, signals sustained corporate confidence in BTC’s long-term value.

Who Thinks What?

The broader cryptocurrency market and investors reacted positively to the resolution of the U.S. government shutdown, with Bitcoin, Ethereum, XRP, and Solana seeing significant gains, underscoring the sensitivity of digital assets to macroeconomic and political developments.

Investors in the newly launched Bitwise Solana Staking ETF (BSOL) showed robust demand, with the fund recording substantial net inflows, signaling a potentially auspicious trend for Solana-tracking products and other altcoin funds.

American Bitcoin, a company backed by Eric Trump and Donald Trump Jr., demonstrated continued confidence in Bitcoin by expanding its holdings, increasing its treasury to 4,004 BTC.

Bitcoin soared past $106,000 for the first time in nearly a week, accompanied by significant gains in Ethereum, XRP, and Solana, following reports that the U.S. Senate had reached an agreement to end the country’s 40-day government shutdown, the longest in U.S. history.

The largest cryptocurrency by market value surged more than 4%, while Ethereum, the second-largest, climbed over 7% to trade above $3,600. XRP and Solana, the fourth and sixth largest coins respectively, each saw gains of approximately 6%, according to data provider CoinGecko.

The protracted government impasse had previously weighed heavily on markets, contributing to Bitcoin tumbling below $100,000 on multiple occasions since early August. BTC remains over 15% below its early October record high of $126,000, with Ethereum experiencing even steeper losses as investors shifted away from risk-on assets amidst broader macroeconomic uncertainties. Over the past eight trading days, the 11 spot Bitcoin ETFs recorded net outflows exceeding $2.1 billion, while nine Ethereum funds collectively shed $579 million. Crypto-related stocks, including exchange giant Coinbase and Bitcoin treasury Strategy, also saw significant declines.

Solana ETF Shows Divergent Trend

In contrast to the outflows seen in Bitcoin and Ethereum funds, the newly launched Bitwise Solana Staking ETF (BSOL) demonstrated robust demand. The fund recorded more than $126 million in net inflows during its first full week of trading.

Since its debut on the New York Stock Exchange on October 28, BSOL has accumulated over $545 million in net inflows, a figure that includes $223 million in seed investments, as reported by UK asset manager Farside Investments. This performance signals a potentially auspicious trend for Solana-tracking products and other altcoin funds.

American Bitcoin Expands Holdings

Separately, American Bitcoin (ABTC), a Nasdaq-traded Bitcoin treasury and mining company backed by Eric Trump and Donald Trump Jr., announced an increase in its Bitcoin holdings. The company’s treasury now stands at 4,004 BTC, valued at approximately $415 million.

Between October 24 and November 5, ABTC acquired an additional 139 Bitcoins, worth more than $14 million. This expansion positions American Bitcoin as the 25th largest Bitcoin treasury, according to data from bitcointreasuries.net.

The crypto market’s positive reaction to the resolution of the U.S. government shutdown underscores the sensitivity of digital assets to macroeconomic and political developments. While major cryptocurrencies rebounded, the varied performance of specific investment products like the Bitwise Solana ETF highlights evolving investor interest across the digital asset landscape.