Bitcoin (BTC) rose 0.72% to $93,741.13 on the day, while Ethereum (ETH) climbed back toward the $3,200 level, up roughly 9% year-to-date. XRP surged more than 11% in a single session, with weekly gains exceeding 20%. Solana (SOL) and Dogecoin (DOGE), among others, rose more than 2% from the prior day, delivering double-digit gains over the past week.
The rebound followed a period of weakness into December tied to year-end tax-related selling and profit-taking, with selling pressure most evident during U.S. trading hours. Geopolitical uncertainty weighed on sentiment, with some analysts noting that gold and Bitcoin saw inflows as safe-haven assets. ETF inflows into major spot BTC and ETH funds surged at the start of the year, helping shift market sentiment. Data show that the top BTC and ETH spot ETFs recorded net inflows of more than $1 billion in the first two trading days of the year.
In the options market, traders are positioning for further upside, with some buying call options targeting $100,000 for Bitcoin, though overall activity remains modest, suggesting position-building rather than conviction. Liquidity remains a concern: spot volumes are at multi-year lows and the order book is thin, implying that even small asset moves could trigger outsized moves. Analysts say whether the rally sustains will hinge on continued ETF inflows and a gradual normalization of liquidity.
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