Why did Bitcoin have a big surge last night?

Actually, it's still a liquidity issue. It was previously mentioned that the driver behind this surge to 85,000 is the influx of hot money from web2. Although the amount isn't large, the caution of web3 makes this liquidity appear scarce.

Last night, US Treasury yields rose, and the three major US stock indices also increased, attracting some hot money back. After 4:00, there was a wave of stock sell-offs, but after 7:00, the losses started to be recouped. The US economic data is looking poor, and there’s no solid reason for US stocks to remain strong. The scale of this hot money is too small to have a substantial impact on Bitcoin.