Bitcoin climbed above $93,000 on Wednesday, in a broader crypto market rebound, recovering some of the steep losses that triggered nearly half a billion dollars in spending on Monday.
The move offered some relief after a chaotic start to the week, although the bounce is too small to shake nerves after a series of structural shocks in the market.
Bitcoin had risen more than 7 percent over the previous day and was trading near 93,360 by Asian morning hours, reversing part of a heavy sell-off that pushed the asset below 84,000 on Monday. Ether gained more than 9% to reclaim the $3,000 level. Solana, Cardano, XRP and several other large-cap tokens made double-digit gains, with Sol and Ada each gaining more than 12%.
The recovery followed a washout in derivatives markets, where about 45.457 million short positions were liquidated in the past 24 hours. Bitcoin totaled $224 million, while Ether added another $94 million, according to Conglass data.
The shakeout wiped out a large portion of the positioning created during the recent decline.
But despite the rebound, sentiment remains cautious. Bitcoin’s sell-off earlier in the week coincided with weekend liquidity and spillover from macro jitters, creating a volatile backdrop that fueled price gains.
The broader market is digesting concerns related to corporate balance sheet exposure, including a sharp downgrade in strategic ETFs and a pending MSCI methodological review—both of which have weighed on risk appetite in recent sessions.
They were aided by a handful of additional catalysts on Tuesday.
The market saw renewed optimism after comments from U.S. Securities and Exchange Commission Chairman Paul Atkins, who said the agency plans to detail the framework behind a proposed “innovation exemption” for digital asset firms.
It was seen as a step toward regulatory clarity after months of stalled policymaking. Vanguard’s decision this week to allow trading of crypto-based ETFs and mutual funds on its platform also helped lighten sentiment after a long period of volatility.
Still, the structure of the rebound suggests that it is primarily a support move rather than a trend reversal. Market depth is uneven, and several major tokens are recovering from multi-week lows.
The next test is whether spot demand can sustain this move once the derivatives markets settle from the liquidation cycle.