TL;DR
- Bitcoin moved back below $90,000 after reaching the $95,000 area, as flows into spot ETFs reversed.
- BTC is trading just below $90,000, down 2.4% over the past 24 hours, with volume above $43 billion.
- Glassnode identified a concentration of supply in the lower and mid-$90,000 range and placed the average cost basis of short-term holders near $99,000.
Bitcoin fell back below $90,000 after losing the momentum built during the first days of 2026. Its price had reached levels close to $95,000 following strong inflows into U.S. spot Bitcoin ETFs, but the trend reversed quickly.
During the first two trading sessions of the year, spot BTC ETFs recorded inflows of around $1.2 billion, according to market data. That demand drove the initial price increase. However, flows turned negative again for a second consecutive session, and BTC slipped back below the $90,000 threshold.
According to the latest data from CoinMarketCap, Bitcoin (BTC) is trading just below $90,000 and is down 2.4% over the past 24 hours. Trading volume dropped 22% and stands above $43 billion.
Paul Howard, senior director at Wincent, said that Bitcoin and Ethereum could extend their pullback in the short term to fill an outstanding gap in CME futures. Howard noted that current market conditions favor short-term trading rather than extended directional positioning. He also pointed out that January typically sees more contained price movements in the crypto market.
Bitcoin Closed 2025 With a 6.3% Loss
The market continues to digest the close of 2025. According to K33, Bitcoin ended last year with a decline of around 6.3%, the worst performance among major global assets. It marked the first time in its four-year cycle that Bitcoin failed to outperform other markets and the second recorded instance in which it fell while the S&P 500 posted a strong gain.
K33 analysts explained that ETF inflows at the start of 2026 were driven by a rebalancing process. Funds with fixed allocations to Bitcoin increased their exposure after lagging behind other assets throughout 2025. That adjustment provided short-term support without altering structural positioning.
Key Levels for BTC
On-chain data from Glassnode shows that selling pressure eased toward the end of the year, allowing for a rebound from the upper $80,000 range. However, a significant concentration of supply from investors who bought near the highs remains active in the lower and mid-$90,000 range. Glassnode places the average cost basis of short-term holders near $99,000, a level BTC has yet to reclaim.
On the derivatives side, futures open interest has started to recover following year-end deleveraging, although it remains below previous peaks. Funding rates are still low, and the options market shows a gradual normalization of positioning, with no buildup of aggressive bullish bets.
