Asia Morning Briefing: Bitcoin hovers above $90K as renewed inflows support crypto

Bitcoin Stays Above $90K as New-Year Rebalancing Keeps Crypto Steady

Crypto markets have begun the year in recalibration rather than retreat, with bitcoin holding above $90,000 and ether regaining relative strength as institutional positioning resets.

During early Asian trading on Wednesday, bitcoin slipped slightly on short time frames but remained range-bound after clearing the psychologically important $90,000 mark.

“With equities, gold and other precious metals at record highs, the market is torn between prices moving higher to stay aligned with other assets and a pullback to respect the four-year cycle,” said George Mandres, a crypto analyst at XBTO. He warned that bearish narratives “can quickly become self-fulfilling.”

So far, neither force has taken control. Instead of a sharp correction, bitcoin has moved sideways, suggesting consolidation rather than distribution. Mandres pointed to the calendar shift as a key difference from late 2025.

“Beyond the move above $90,000, what’s changed is the start of a new year,” he said. “Profit and loss resets, and investors are redeploying capital into attractive risk-reward opportunities.”

Ether presents a slightly different picture. While ETH has outperformed bitcoin over weekly and monthly horizons, derivatives data shows that positioning has cooled.

Bradley Park, founder of DNTV Research, said CME ether futures open interest offers insight beyond spot price action. Rising open interest has increasingly reflected institutional activity through ETF arbitrage and DAT-style trades, while declines typically signal an unwind.

“That unwind now appears largely complete,” Park said, adding that the recent pullback looks more like fading momentum than a structural break, with positioning back near mid-2025 levels. Importantly, the reset has not been accompanied by heavy spot selling.

Glassnode data supports the same narrative across crypto markets. Options traders have de-risked aggressively, with open interest shrinking and volatility expectations rising, while U.S. spot bitcoin ETF flows have returned to net inflows. This points to renewed institutional demand alongside greater sensitivity to short-term profit-taking.

Overall, the signals suggest consolidation and rotation rather than a broad risk-off move. Bitcoin continues to digest competing macro narratives without breaking trend, while ethereum appears less crowded and better positioned if institutional flows pick up again.

Market Movement

• BTC: Trading sideways above $90,000, reflecting consolidation after recent gains as macro support and cycle caution balance each other.
• ETH: Near $3,247, edging lower intraday but remaining strongly higher on weekly and monthly views despite cooler futures positioning.
• Gold: After a nearly 65% rally in 2025, banks see gold reaching new records in 2026 on lower rates, central-bank buying and geopolitical risk.
• Nikkei 225: Japan’s Nikkei slipped 0.45% on Wednesday as Asia-Pacific markets traded mixed, while Australia’s ASX 200 rose 0.38% after softer inflation data.

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