The latest rally has seen liquidations of around $400 million in bearish bets across all tokens in the past 24 hours, Coinglass data shows.
The native cryptocurrency rose as much as 2.5 percent to around $93,900, its highest intraday level since November 17. Ether and other major tokens also moved higher.
The digital asset market remains on shaky ground after a massive sell-off that began in early October, just days after Bitcoin hit a record high above $126,000. Since then, more than $1 trillion in crypto market value has been wiped out.
“We don’t see many buyers at the top,” said Sean McNulty, APAC derivatives trading leader at FalconX. “Sentiment is still fragile.”
A barometer of investor confidence is the group of 12 U.S.-listed exchange-traded funds investing in Bitcoin, which McNulty said recorded “weak” inflows of $59 million on Tuesday, according to data compiled by Bloomberg.
Traders have endured a bumpy ride this week. Token prices fell on Monday following comments from Strategy Inc Chief Executive Officer Phong Le that the Bitcoin accumulator could resort to selling the cryptocurrency if needed to pay off debt. Strategy, formerly known as MicroStrategy, later said it was setting up a $1.4 billion reserve to have cash readily available.
Bitcoin then regained ground on Tuesday, with traders pointing to Securities and Exchange Commission Chairman Paul Atkins’ plan to unveil the measures behind an “innovation exemption” for digital asset companies, and Vanguard Group’s decision to allow ETFs and mutual funds containing mainly cryptocurrencies to trade on its platform.
The latest rally has seen liquidations of around $400 million in bearish bets across all tokens in the past 24 hours, Coinglass data shows.
“This rebound is really just a relief rally,” said Melvin Deng, CEO of QCP Group, in an interview on Bloomberg TV. But Bitcoin could “gain back some momentum” from here, he added. “This is a great point for those who are underemployed to look at some entry level.”
More stories like this are available at bloomberg.com
Published on December 3, 2025
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