Bitcoin climbed back above $93,000 on Wednesday in a broad crypto-market rebound, recovering part of the steep losses that triggered nearly half a billion dollars in liquidations on Monday.

The move offered some relief after a chaotic start to the week, though the bounce does little to settle nerves following a series of structural shocks across the market.

Bitcoin rose more than 7% over the past day to trade near $93,360 as of Asian morning hours, reversing a portion of the heavy selling that pushed the asset below $84,000 on Monday. Ether gained more than 9% to reclaim the $3,000 level. Solana, Cardano, XRP and several other large-cap tokens posted double-digit advances, with SOL and ADA up more than 12% each.

The recovery followed a washout in derivatives markets, where roughly $457 million in short positions were liquidated in the past 24 hours. Bitcoin accounted for $224 million of that total, while Ether added another $94 million, according to Coinglass data.

The shakeout cleared a large portion of leveraged positioning that had built up during the recent decline.

But sentiment remains cautious despite the rebound. Bitcoin’s selloff earlier in the week coincided with thinning weekend liquidity and spillover from macro jitters, creating a volatile backdrop that amplified price swings.

The broader market is still digesting concerns tied to corporate balance-sheet exposure, including the sharp drawdowns in Strategy-linked ETFs and the pending MSCI methodology review — both of which have weighed on risk appetite in recent sessions.

Tuesday’s uptick was helped by a handful of incremental catalysts.

The market saw renewed optimism following comments from the U.S. Securities and Exchange Commission Chairman Paul Atkins, who said the agency plans to detail the framework behind a proposed “innovation exemption” for digital-asset firms.

It was seen as a step toward regulatory clarity after months of stalled policymaking. Vanguard’s decision this week to allow trading of crypto-focused ETFs and mutual funds on its platform also helped brighten sentiment after a long stretch of outflows.

Still, the structure of the rebound suggests it is primarily a relief move rather than a shift in trend. Market depth remains uneven, and several large tokens are recovering from multi-week lows.

The next test is whether spot demand can sustain the move once derivatives markets settle from the liquidation cycle.