According to Bloomberg, on Wednesday, Bitcoin (BTC) continued its rebound momentum, reaching a two-week high. It rose as much as 2.6% intraday to around $93,965, marking its highest level since November 17, before retreating to about $93,300. Ethereum and other major tokens also saw slight increases as the cryptocurrency market attempted to regain momentum after weeks of sell-offs. However, market sentiment remains fragile, with investors staying cautious.
Since Bitcoin broke its all-time high of $126,000 in early October, the market has experienced a sharp correction, with the total market value of digital assets evaporating by more than $1 trillion. Sean McNulty, Head of APAC Derivatives Trading at FalconX, noted, “We haven’t seen much buying interest above current levels, and market sentiment remains fragile.” Capital inflows have also been limited. Bloomberg data shows that the 12 US Bitcoin ETFs attracted only about $59 million in inflows on Tuesday, which is considered “modest.”