Crypto ETFs have surged over the past week. Bitcoin neared $87,000 for the first time since January and has nearly erased its losses for the year after bottoming below $59,000 in June. Ether has staged a comeback of its own, climbing to around $2,800 from a low of $1,550 earlier this year.

There isn’t an obvious catalyst behind the move. If anything, crypto faced a headwind recently when the CLARITY Act, which would have set up a regulatory framework for the industry, failed to advance in the Senate.

But that is more of a setback for the industry’s ability to build than a driver of prices, and the market quickly shrugged it off and rallied in spite of it.

The likelier explanation for the recent jump is plain…