The cryptocurrency market staged a strong rebound on Wednesday, with meme coins once again emerging as the day’s biggest winners.
Fresh data from SoSoValue showed the meme token sector jumping 4.28 percent, helping to lift overall market sentiment after several days of choppy trading.
Among the standout performers, PUMP surged 7.97 percent, while SPX6900 delivered one of its strongest showings in weeks with a remarkable 16.65 percent rally.
The renewed momentum around meme tokens reflects growing risk appetite among retail traders as broader market conditions stabilise.
Blue-chip assets also saw modest gains. Bitcoin edged up 0.43 percent, reclaiming the $92,000 level after briefly slipping below the psychological threshold.
Ethereum rose 2.36 percent to climb back above $3,100, buoyed by strong activity in decentralised finance (DeFi) and renewed optimism in tokenised asset markets.
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The upbeat mood was not limited to meme coins. Multiple sectors recorded solid increases, signalling a broad-based recovery. The CeFi (centralised finance) sector climbed 4.02 percent, led by WhiteBIT Token, which soared more than 21 percent.
AI-related tokens gained 3.90 percent, driven by double-digit advances from GLM and KITE, while Layer-2 networks recorded a 3.78 percrnt rally powered by Starknet’s impressive 27 pecent surge.
Sector indices reflected the same trend of renewed optimism. The ssiMeme, ssiAI, and ssiCeFi indices rose 4.38 percent, 2.60 percent, and 2.29 percent respectively, underlining a widespread risk-on sentiment across decentralised sectors.
Despite the market-wide rebound, not all indicators pointed in the same direction. In the United States, listed Bitcoin spot exchange-traded funds (ETFs) recorded significant withdrawals.
According to Farside data shared by Mars Finance, Bitcoin spot ETFs saw $372.8 million in net outflows on November 19.
BlackRock’s IBIT accounted for the bulk of the decline, shedding $523.2 million in a single day. Ethereum ETFs also faced heavy pressure, recording $74.2 million in net outflows, led by BlackRock’s ETHA, which alone saw $165.1 million withdrawn.
Market watchers say the divergence reflects a complex investor landscape and while crypto-native traders are returning to riskier assets such as meme coins and Layer-2 tokens, institutional investors appear more cautious, opting to reduce exposure via ETFs amid ongoing volatility.
Still, analysts note that Tuesday’s rally suggests improving confidence within the crypto ecosystem, even as broader macroeconomic uncertainties continue to shape trading behaviour.
