The cryptocurrency market’s growth faced a setback on Wednesday as U.S. Treasury Secretary Scott Bessent expressed that reaching a trade agreement with China might take several years.

Bitcoin (BTC) experienced a 2.6% increase over the last day, setting its price at $93,600, the highest it’s been since early March. During this timeframe, it wasn’t the top performer in the market; the CoinDesk 20 index, which tracks the top currencies excluding stablecoins and tokens, saw a 4.2% uptick. Notably, Sui (SUI) surged by 24%, while Cardano’s (ADA) and Chainlink’s (LINK) both gained 7%.

In a sign of growing institutional interest amidst market instability, nearly $1.3 billion has flowed into U.S.-listed spot BTC ETFs over the last few days.

As President Donald Trump appeared to ease the pressure on China recently by indicating possible reductions in tariffs, Bessent noted that no unilateral tariff cuts had been proposed, complicating the future of trade relations.

Paul Howard, from crypto trading firm Wincent, commented: “A meaningful thaw in relations may not materialize until substantive news emerges from the upcoming Xi-Trump meeting.”

Matt Mena, from 21Shares, pointed out that this current rally is driven not by retail enthusiasm but by institutional investors looking for a safe haven amid rising traditional market uncertainties. He stated,
“More investors are turning to it not just as a speculative asset, but as a flight to safety.”

Meanwhile, Gold faced a 2.5% drop today, reflecting market shifts, as it trades at $3,290 per ounce after a significant rise.

Charles Edwards of Capriole remarked, “Bitcoin is showing significant strength.” He emphasized that BTC’s recent behaviors mirror that of Gold, suggesting they follow similar trends with time discrepancies.

This environment presents opportunities for crypto as market dynamics evolve.