The global cryptocurrency market staged a rebound on Tuesday, with total market capitalization rising 69 basis points to $3.91 trillion, powered by gains in Bitcoin, Ethereum, and several altcoins despite recent selling pressure.
Bitcoin, which had slipped below $112,000 earlier in the week — erasing last week’s one-month high — remained trapped within a narrow trading band of $112,000 to $113,000. As of press time, Bitcoin recovered 0.63% in 24 hours to trade at $113,308. Ethereum also climbed, trading at $4,224, with its market cap reaching $509.104 billion. Trading volume for Ethereum spiked to $39 billion, signaling renewed investor confidence.
Despite the price recovery, spot Bitcoin and Ethereum ETFs recorded no inflows on Monday. Bitcoin ETFs registered a net outflow of $363 million, while Ethereum ETFs shed $75.95 million, according to SoSoValue data.
CoinMarketCap data showed Bitcoin’s market capitalization edging higher to $2.257 trillion as $54 billion worth of the token changed hands in 24 hours. Ethereum’s market value also advanced to $509.104 billion with daily trades surpassing $39 billion. However, Ethereum fell around 7% during what has been described as the year’s largest liquidation event.
Data from CoinGlass revealed that over $1.7 billion in leveraged crypto positions were liquidated in just 24 hours. Ethereum led the wipeout with nearly $500 million in liquidations, followed by Bitcoin at $284 million. This sharp correction dragged Ethereum to the $4,100 support zone, with intraday lows hitting $4,077 — its weakest level since August.
Institutional players continue to double down on Ethereum despite the volatility. BitMine, the world’s second-largest crypto treasury, disclosed that it had expanded its ETH holdings to 2.5 million tokens last week, aiming to control 5% of Ethereum’s total circulating supply. BitMine currently owns 2,416,054 ETH, or just over 2% of supply, cementing its status as the largest Ethereum treasury globally.
The firm’s digital asset portfolio now stands at $11.4 billion, including 2.4 million ETH, 192 Bitcoin, a $175 million equity stake in Eightco Holdings under its “Moonshot” initiative, and $345 million in unencumbered cash.
Meanwhile, Solana, which had surged earlier in the month, has entered a consolidation phase. Buyers are defending key support levels, but sellers are exerting heavy pressure, leading to heightened price swings. Analysts point to a surge in trading activity, with 24-hour Solana volumes exceeding $12 billion, as the trigger for its sharp volatility.
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