Crypto Market Surges Past $2.4 Trillion Amid Institutional Buying

The crypto market has bounced back above $2.4 trillion after months of consolidation, driven by a fresh wave of demand and institutional positioning.

According to CoinMarketCap, the total crypto market cap surged from $2.19 trillion on Wednesday to as high as $2.42 trillion at the time of observation, representing a 10.7% gain in the last 24 hours.

The top 20 coins by market cap pulled off a 12% plus gain during the same period, with Bitcoin ETFs acquiring $517.2 million in spot inflows on Wednesday and Ethereum ETFs seeing robust inflows at $186.8 million.

However, the bullish momentum has also triggered over $2.73 billion in midweek short liquidations across the crypto market, with $248 million in long liquidations observed during the same session.