Part of BTC's spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass data shows. In addition, BTC is now trading at a notable premium on crypto exchange Coinbase, indicating renewed stateside demand.

DOGE, meanwhile, has been up nearly 20% since Tuesday, extending 30-day gains to over 65%, making it the best-performing major token. Futures tracking DOGE recorded over $30 million in short liquidations over the past 24 hours, an unusually high figure, suggesting part of its move was driven by covering losing bets. Open interest, or the number of unsettled futures bets, on DOGE is up to 8.30 billion tokens as of Wednesday compared to 7 billion tokens on Monday -- showing brisk demand and expectations of further market movements.