Overview
- Bitcoin retraced to just above $92,000 on Tuesday after reaching roughly $94,800 on Monday, its highest level since mid-December.
- U.S.-listed spot Bitcoin ETFs logged a strong restart to 2026, with more than $1 billion of net inflows in the first two trading days and roughly $697 million on Monday alone.
- Options markets show concentrated interest in January $100,000 calls on Deribit, with dealers short gamma and hedging flows heightening upside and volatility risk.
- CoinGlass reported $400 million-plus in mostly short liquidations over 24 hours during the surge, reinforcing the move through resistance before the latest pullback.
- Risk signals remain mixed as retail activity and memecoin volumes hit records and XRP outperformed, while overbought readings, a weakening Sharpe ratio and thin liquidity flag vulnerability to reversals.