Crypto markets have staged a powerful rebound, adding roughly 150 billion dollars in total market value in just over 24 hours. The surge follows a sharp sell off that pushed Bitcoin down to 62,500 dollars amid renewed uncertainty surrounding US tariff policy.
Bitcoin has since jumped more than 5,000 dollars from that local low, briefly touching 68,000 dollars for the first time since the weekend. The asset is now up more than 6 percent on the day.
On chain data suggests the move is being driven primarily by large holders. According to analyst CW, the Bitcoin CVD indicator points to explosive buying from whales, while retail participation remains muted. At the same time, the previously visible selling wall near 70,000 dollars has faded, indicating reduced resistance as buying pressure builds.
Altcoins are posting even stronger gains. Ethereum has surged over 10 percent, climbing back above 2,000 dollars after retesting support near 1,800 dollars. Analyst Ali Martinez recently suggested that ETH may have already formed a bottom or is very close to one.
XRP has advanced about 7 percent and is trading above 1.45 dollars, reclaiming the key 1.36 dollar support level that many analysts view as critical for sustaining upside momentum. Solana is leading among large cap altcoins with a gain exceeding 12 percent, while Dogecoin has jumped 10 percent to trade above 0.10 dollars. FIL, DOT, MORPHO, APT, and UNI have each recorded daily gains of more than 20 percent.
The rapid move higher has triggered significant liquidations in derivatives markets. Nearly 400 million dollars in positions were wiped out over the past day, with short traders accounting for the majority. Bitcoin and Ethereum shorts alone represent close to 300 million dollars of that total. More than 100,000 traders were liquidated, and the largest single order, valued at 11.32 million dollars, occurred on Hyperliquid.
