cryptocurrency market It started 2026 on firmer footing, supported by institutional inflows that refocused on spot ETFs. Bitcoin’s sideways trend just below the $92,000 threshold in the final days of 2025 showed that prices were largely kept in balance by institutional flows in an environment of low holiday liquidity. According to analysts, the picture at the beginning of the year is clearly different from the ETF outflows that suppressed the market in December. But internal blockchain data points to a different story beneath the surface optimism.
Pricing Remains Cautious While ETF Entries Are Strengthening
In the period from late December to early January spot Bitcoin ETFA net inflow of approximately 459 million dollars was recorded. During the same time period, Ethereum ETFs attracted $161 million and XRP ETFs attracted $43 million. The fact that the total transaction volume approached 14 billion dollars revealed that institutional investors, who reset their balance sheets for the new year, started to return to the market. Analyst notes that flows into ETFs act as a buffer that protects prices from sharp downward movements.
On the price front, a calmer picture prevails. Bitcoin started the week around $93,000, oscillating between the $87,000 band and just above $90,000. Ethereum While holding at the $ 3,200 level, selective and cautious positioning came to the fore instead of a general risk appetite in altcoins. Experts state that the demand from ETFs is not yet sufficient to start a strong rally, and the wait-and-see atmosphere continues in the market.
The current outlook is that transactions in the first days of 2026 are shaped more by the search for stability. Although corporate flows support prices, investor behavior still remains limited optimistic.
In-Blockchain Data Points to Fatigue
Despite the recovery on the surface In-blockchain data It gives signs of weakening. The 30-day change in Bitcoin’s realized market value turned negative at the end of December, ending one of the longest uninterrupted periods of capital inflows in the history of the network. It was also noteworthy that long-term investors started to sell at greater losses even though prices remained largely stable.
Research organizations describe this divergence as a common structure in late cycle phases. Price compression and falling volatility make the time factor a major stressor for investors. Most of the time, the reason for exits is not panic but exhaustion caused by long waiting.
A more constructive tone is observed in the options markets. The decrease in put demand and the increase in interest in long-term bullish expectations point to a more balanced expectation in the medium term. On the other hand, while liquidity is expected to return to normal rapidly after the holiday, the fact that increases in the US trading sessions are still met with sales reveals that risk appetite remains fragile. According to analysts, a permanent upward movement is only possible ETF It will be possible not with inflows, but with the regaining strength of intra-Blockchain capital formation.
