Bitcoin surged past the $93,000 mark in early trading today, even reaching as high as $93,500, with an intraday increase of nearly 2%, breaking free from last week's lows. The current quote is around $92,000.

In terms of liquidations, over 100,000 traders were forced to close positions in the past 24 hours, with a total liquidation amount of approximately $121 million. Short sellers were compelled to exit their positions, and the market’s panic sentiment has indeed eased quite a bit.

On the policy front, there is some interesting development. The on-chain holdings of the US spot Bitcoin ETF have surpassed $150 billion, indicating significant institutional involvement. Tether’s CEO also emphasized that their US debt holdings generate about $500 million in monthly income, demonstrating that the scale of on-chain fiatization continues to expand.

However, some traders are complaining that the current liquidation scale is a bit small. Compared to the over $1.2 billion in long positions liquidated on October 11th, the current $200 million in short liquidations indeed seem somewhat disproportionate.