Why Bitcoin pumped today: How US liquidity lifted BTC above $90,000 and ETH over $3,000

Why the rally blew up (and no, it wasn’t a miracle)

Markets woke up on Nov. 27 like someone finally remembered crypto exists: Bitcoin jumped roughly 5% to clear the $90,000 mark and Ethereum popped back above $3,000. That sudden pep in prices wasn’t some isolated token drama — it looks a lot like fresh money finding its way back into risk assets.

Behind the scenes the story is boringly macro: U.S. liquidity. A recent pause in government operations had sucked a ton of cash out of the system — hundreds of billions — and with those operations resuming a chunk of that money has started to trickle back. That’s the kind of plumbing change that historically gives a lift to stocks, bonds and crypto alike.

On the retail side, investors had been nursing losses for weeks. Average wallets in several major coins were in the red: some smaller-cap holders were down sharply, and even Bitcoin and Ethereum wallets were showing mid-single-digit losses. So when extra capital re-entered, it arrived into a market that had already washed out some weak hands — perfect ingredients for a bounce.

Liquidity, flows and the practical bits traders care about

Here’s the meat: the Treasury’s cash account had swelled well above typical levels, meaning there’s a lot of excess cash that will, by design, funnel back into banks and the broader financial system as the Treasury spends it down. Couple that with a shift in central bank messaging — more Fed speakers hinting at easing the “higher-for-longer” rate story — and you get a one-two punch that loosens financial conditions.

That timeline lines up with another notable event: the end of the Fed’s balance-sheet runoff. When that QT stops, there’s one less automatic drag on liquidity. So cash injections from the Treasury, plus a pause in QT, plus softer Fed tone = easier environment for beta assets like crypto.

Institutional flows added a bit of color. Over the recent sessions, Ethereum-focused products saw the fattest inflows, followed by Bitcoin and a few other tokens; some alt products faced modest outflows. The way money moved felt more like portfolio repair and tactical reallocation than a speculative blow-off — low to normal volumes, open interest steady, and funding rates nudging positive rather than exploding into mania.

That quiet, steady accumulation is actually constructive: it suggests buyers are picking up coins without piling on risky leverage, which reduces the chance of a lightning-fast unwind. In plain English: the market isn’t frothy, it’s fixing.

Still, risks are real. A hotter-than-expected inflation print could make the Fed rethink its friendlier tone, which would yank liquidity away fast. Holiday season liquidity tends to thin out, making moves choppier. And if you suddenly see large deposit inflows to exchanges, that could be whales using the bounce as a perfect exit ramp.

Short-term technical points traders like: if Bitcoin can hold the $90,000 line, the next obvious upside target is around $95,000. Fail to hold it and the market could slide back toward the mid-$80,000s as the next support zone.

Bottom line: this pop feels driven by structural cash flows and shifting expectations about rates, not by feverish retail FOMO. That makes it healthier — but not bulletproof. Buckle up and watch the macro prints and exchange flows; they’re the spoilers or confirmations of whether this little rally turns into something bigger.

And yes — it’s still crypto, which means expect surprises. Enjoy the ride, keep risk sensible, and don’t trade like you’re invincible at 3 a.m.