Crypto Market Tops $3 Trillion for First Time in Six Weeks as ETF Inflows Pick Up

Hifi Tech India

The cryptocurrency market maintained its bullish momentum on Wednesday, April 23, boosted by dovish signals from both President Donald Trump and the Federal Reserve, which helped renew investor confidence and fuel gains throughout the week.

Bitcoin (BTC) increased 3% over the past 24 hours, trading at $93,800, while Ethereum (ETH) surged almost 6%, trading near $1,800. XRP increased almost 4% to $2.24 and SOL spiked nearly 35% to $151, according to CoinGecko.

The total cryptocurrency market capitalization rose by 1.8% on the day, surpassing the $3 trillion mark for the first time in six weeks.

Leveraged liquidations over the past 24 hours have amounted to $600 million, nearly double the liquidations on Tuesday, according to CoinGlass. Bitcoin accounted for around $266 million, Ethereum for roughly $125 million.

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $936 million in inflows on Tuesday, the highest since January. Meanwhile, spot Ethereum ETFs recorded $38.74 million in inflows, by far the highest daily inflows since February, according to SoSoValue data.

TRUMP and SUI are top performers
Both Official Trump (TRUMP) and Sui (SUI) are up double digits over the past 24 hours. The official memecoin from President Trump surged nearly 60% on the day, making it the biggest gainer among the top 100 crypto assets by market cap, per CoinGecko.

TRUMP is seeing a massive rally after news broke earlier today that the top 220 holders of the memecoin will be invited to an in-person dinner with the U.S. president in May.

Despite the sharp rally, the token is still down over 80% from its all-time high right after its launch in January.

SUI, the second best 24-hour performer in the top 100 crypto, has seen strong growth over the past few days especially, up over 20% on the day and more than 40% on the week. SUI’s price growth may be driven by increased interest in Sui-based memecoins, the combined market cap of which is up over 23% over the past 24 hours, according to CoinGecko data.

‘Post holiday lift’
Experts attribute the three-day long broader market rally to a combination of post-holiday market activity, dovish signals from the Federal Reserve, and renewed institutional interest driven by massive inflows into U.S. spot Bitcoin ETFs.

“A post-holiday lift in trading activity and prices for leading cryptocurrencies is being driven by encouraging commentary from the Federal Reserve and rising anticipation that quantitative easing could return to the policy toolkit,” said Paul Howard, Senior Director at Wincent in comments to The Defiant.

Yesterday, President Trump made comments that indicate he would not oust Federal Reserve Chair Jerome Powell after days of attacking him and stating that his termination “can’t come soon enough.”

Howard added that alongside this, a softening U.S. dollar and talk around a potential Bitcoin accumulation strategy – reportedly tied to the Trump camp and similar to Michael Saylor’s playbook – “have sparked a fresh wave of enthusiasm for Bitcoin ETFs.”

Earlier this week, Michael Saylor’s Strategy announced it purchased more than half a billion dollars worth of Bitcoin, fueling investor sentiment.