Bitcoin Surpasses $94,000… Cryptocurrency Market Cap Surpasses $3 Trillion

As Bitcoin breaks through $94,000, the cryptocurrency market capitalization has exceeded $3 trillion, with institutional demand fueling the upward trend. According to The Block on the 23rd (local time), Bitcoin has surpassed $94,000 with a continued sharp increase, and the total cryptocurrency market capitalization has successfully rebounded, exceeding $3 trillion for the first time in six weeks. Ethereum recovered to $1,800, and Solana broke through the $150 level again. The market rebound was significantly influenced by Donald Trump dismissing rumors of replacing the Federal Reserve chairman and suggesting potential tariff reduction between the US and China. Treasury Secretary Scott Bessent also showed willingness to ease trade tensions with China, helping restore investors' risk asset preference. Bitcoin and Ethereum each rose 12% and 14% over the past week, outperforming the Nasdaq and S&P 500. According to Coinglass, Bitcoin options trading volume exceeded February levels, and total open interest surpassed $124 billion, indicating a recovery in investment sentiment. This rally was also contributed by the liquidation of $554 million in short positions, with approximately 50% occurring in Bitcoin and 25% in Ethereum. Consequently, Bitcoin strongly broke through the technical resistance level of $90,000. Institutional investors are also quickly returning. Bitcoin spot ETFs recorded a one-day inflow of $936 million, the seventh-highest daily net inflow in history. Brandon Rutnik, CEO of Cantor Fitzgerald, announced plans to establish a $3 billion Bitcoin fund called 'Twenty-One Capital' with Tether, SoftBank, and Bitfinex, strengthening corporate BTC holding strategies. However, experts warned against excessive optimism. Valentine Fournier from Bren Research stated that "Bitcoin has entered an overbought technical zone" and predicted a short-term correction. Bitfinex also analyzed that while maintaining the $90,000 level is important, the upside potential is limited considering funding rates and altcoin performance. QCP Capital diagnosed that "macroeconomic variables such as US price instability and ongoing US-China trade negotiations remain risk factors," and Oreli Bader from Nansen also noted that "while there are expectations of Trump defending the stock market, the market may enter a highly volatile phase."