Crypto is worth more than $3 trillion again for the first time since January, capping a run that has added over $740 billion since the U.S. Treasury said last month it would buy back more long-dated bonds, per data gotten from CoinGecko.

Bitcoin has cooled to around $86,000 today after racing almost 8% higher during the U.S. session and touching $87,381, its strongest price since January.

But traders clearly are not backing away from risk. Money tied up in perpetual futures has climbed to almost $160 billion across the market, the highest since late October last year, Coinglass data show.

The sudden spike on Monday took bears by surprise, resulting in the loss of more than $920 million from short bets.

As long as the price continues to rise, further pressure on bearish speculators might force them to cover their losses by buying the currency, sending prices even higher. The most important point is that the exposure through futures continues to increase, despite all these short coverings.

Wall Street is having a much quieter day. The Nasdaq Composite is up 0.2% after setting another intraday record, with Sandisk shares jumping 4% after Rosenblatt issued a bullish call on the company. The S&P 500 is basically flat, while the Dow is down 270 points, or 0.5%.

Iran is also sitting in the background of today’s trading. Speaking at the United Nations General Assembly, President Donald Trump said he is weighing whether to reach an agreement with Tehran or take much more aggressive military action.

TRUMP also said he thinks an agreement could come after the U.S. midterm election, arguing that Iran is waiting to see how he performs politically. Reuters also reported Tuesday that TRUMP raised the possibility of a post-election deal while warning of further action if talks fail.

Oil barely reacted. Brent crude is up less than 1% at roughly $100 a barrel, while U.S. crude is also less than 1% higher at around $96.