TL;DR
- Bitcoin surpassed $93,000 for the first time in seven weeks, triggering a rally that wiped out over $650 million from the crypto market.
- Most of the liquidations were short positions, revealing a sudden shift in market sentiment.
- Meanwhile, U.S.-based Bitcoin ETFs recorded their highest capital inflow since Trump took office.
Bitcoin’s price soared to $93,069 in the last 24 hours, marking its highest level in nearly two months. This sudden move sparked a true frenzy in the market: over $657 million in liquidations were recorded, affecting 174,043 traders, most of whom held short positions. The largest single liquidation was an Ethereum (ETHUSDT) position on Binance worth $4.33 million. These kinds of events shake the market, but they also reinforce Bitcoin’s resilience as the leading asset during periods of high volatility. In total, 86.74% of the liquidations were shorts, a clear sign that the bearish narrative has been crushed.
Beyond the direct impact on traders, open interest data reflects a surge in activity: open interest in the crypto market rose by 14%, reaching $121.6 billion, a level not seen since early February. This is typically interpreted as a bullish indicator, as it reflects growing capital commitment from investors.
Whales Accumulate as ETFs Make a Bold Return
Meanwhile, whales are still accumulating. Data from CryptoQuant shows that large holders’ balances have increased from 3.38 million to 3.50 million BTC since January. Although the pace of accumulation has slowed slightly in recent days, the overall trend suggests long-term confidence remains intact.
On another front, U.S. Bitcoin ETFs posted their third consecutive day of positive inflows. On April 22 alone, $936 million in new capital poured in, the highest daily inflow since Donald Trump took office this year. This wave of institutional enthusiasm is playing a crucial role in fueling the current rally and could indicate even stronger momentum ahead.
Geopolitical Sentiment Fuels Crypto Rally
On the macro front, the perception of a possible truce between the U.S. and China is also boosting markets. In a press conference on April 22, President Trump stated that tariffs on Chinese imports “will drop substantially,” although they won’t be completely eliminated. He also confirmed he has no intention of removing Jerome Powell from his position as chairman of the Federal Reserve, despite his previous criticisms.
Treasury Secretary Scott Bessent called the current tariffs unsustainable, sparking hope for a de-escalation in trade tensions. As a result, Wall Street responded with enthusiasm: the S&P 500 rose by 2.51%, the Nasdaq by 2.87%, and the Dow Jones by 2.66%. Even gold reacted strongly, briefly touching $3,500 before correcting.
