This rebound has achieved a decisive reversal in market sentiment, driven primarily by a favorable macro environment, recovering institutional demand, and a healthy market mechanism.

Written by: Blockchain Knight

At the beginning of 2026, Bitcoin broke through $94,000, reaching a new high in over a month, marking the end of the market stagnation that began in late 2025.

Compared to the lackluster performance of the same period last year, this rebound has achieved a decisive reversal in market sentiment, with the core driving forces stemming from a favorable macro environment, recovering institutional demand, and a healthy market mechanism.

On a macro level, the shift in the U.S. economic landscape provides support for Bitcoin.

Firstly, the yield curve of U.S. Treasury bonds has escaped the inverted state of 2022-2024, with short-term easing expectations coexisting with long-term high yields, prompting a repricing of duration risk and credit risk.

Secondly, the structural weakening of the dollar, while fundamentally stable, is experiencing controlled depreciation, and policy direction is enhancing trade competitiveness. This combination benefits assets with defensive characteristics.

At the same time, the wave of ETF sell-offs that began at the end of 2025 has slowed, with over $1 billion in net inflows into Bitcoin ETFs in the first two trading days of 2026, indicating that institutional capital is returning to the market.

After a significant deleveraging in the derivatives market, Bitcoin futures open interest has dropped from a peak of $98 billion in October to $58 billion, with an annualized financing rate of 5.8% returning to the long-term median, as the market shifts back to a spot-driven model.

Whales holding 10-10,000 Bitcoins have cumulatively increased their holdings by 56,227 since December 17, while retail wallets have taken profits, shifting from weak investors to long-term holders.

Market bullish expectations are also heating up, with a surge in demand for $100,000 call options expiring in January on the Deribit platform, while the premium for put options has declined.

Notably, recently, Bank of America’s wealth management platform, including Merrill, Bank of America Private Bank, and Merrill Securities, will allow advisors to recommend cryptocurrency exchange-traded products.

The institution believes that for clients who can withstand price volatility, a moderate allocation of 1% to 4% of funds is reasonable, which may further boost capital inflows.

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