A break in early 2026 in what had been a weeks-long downward trend in cryptocurrency prices during U.S. trading sessions proved short-lived. Racing for $95,000 as US stocks opened the day, Bitcoin returned to just above the $92,000 zone just after noon on the East Coast, now down 1.3% in the past 24 hours.
XRP, which led Monday’s crypto rally, fell more than 2% in the past two hours. Solana – which received an early boost when Morgan Stanley decided to offer a SOL spot ETF – has similarly backed off.
Read more: Bitcoin aims for $94,000 as crypto prices manage early US gains for second straight session
These declines came as U.S. stocks posted modest gains – with the Nasdaq up 0.4% and the S&P 500 up 0.3%. The fastest action occurred in the metals sector, with gold up 1% and retaking $4,500 an ounce, and silver up 5% and back above $80 an ounce. Copper was ahead by 1.1% and surpassed $6 an ounce for the first time ever.
ETF inflows start strong in 2026
Bitcoin ETFs recorded their largest daily inflow in nearly three months on Monday – about $697 million – indicating new institutional allocations and the end of year-end tax-loss harvesting. Ether has seen an even more bullish flow bias, with large block trades targeting mid- to long-term upside via call spreads, suggesting directional conviction in the second half of 2026, according to crypto trading firm Wintermute.
Options markets continue to reflect cautious optimism, according to Jake Ostrovskis, head of OTC at Wintermute. Traders are positioning for BTC and ETH to rise, he said, but with an eye on structural dynamics. BTC skewness remains negative, a trend driven by systematic crushing and hedging by entities treating bitcoin as a treasury asset, Ostrovskis added.
This makes risk reversal – buying calls while selling puts – a cost-effective way to express positive opinions, Ostroviskis said.
Looking ahead, Bitcoin’s price action suggests it is increasingly seen as a geopolitical hedge, less tied to inflation or central banks and more tied to statecraft and long-term strategic positioning, said Matt Mena, crypto research strategist at 21shares.
Mena highlighted Bitcoin’s loss of 6% in 2025 and that it has already recovered a significant portion of it in the first week of 2026. Bitcoin, he reminded, has never recorded consecutive years of loss.
In fact, after years of cryptocurrencies being among the worst-performing asset classes, they have often rebounded strongly, as was the case after market crashes in 2014, 2018, and 2022. If this trend continues, 2026 could prove to be a strong year for digital assets.
