Around $93,000, bulls and bears are repeatedly tugging on this line. After a rollercoaster ride for Bitcoin and Ethereum, where exactly is the market? Which direction is it heading?

Fear and greed are dancing on the edge of a knife, which is a true reflection of the current situation. Whales have changed their stance, while retail investors are screaming amidst margin call alarms. A battle that will set the tone for this year has already begun.

From the market data, the price is currently showing a slight upward trend, with a higher probability of continuing a moderate rally in the short term. Our recent strategy is primarily short-term long positions, and we will consider shorting only when a real opportunity appears.

**Key information from the data:**

Bitcoin's current price hovers around $92,820, while Ethereum is around $3,180. How fierce was this wave of volatility at the beginning of the year? Look at this data — over the past 24 hours, more than 110,000 global investors' contracts have been forcibly liquidated. This is a very straightforward signal from the market.

But here’s the interesting part. The behavior of whales has quietly shifted from selling to accumulation. Meanwhile, the US spot crypto ETF saw a net inflow of $646 million on its first trading day in 2026 — a true vote of confidence from institutions with real money. The Bitcoin ETF alone brought in $471.3 million in a single day, setting the largest single-day record in the past 35 trading days.

**Key driving forces: capital shift and macro resonance**

The current situation is dominated by two forces — one is the change in capital flow, and the other is the overlay of macro events.

From a capital perspective, there are clear signs of "replenishment" at the beginning of the year. Institutional stance is quietly adjusting, but this adjustment has not yet fully translated into optimistic market sentiment. An interesting divergence can be observed: prices are rebounding, but the Fear & Greed Index has slipped into the "fear" zone. The market is fighting, but the mentality hasn't caught up.

Macro-level disturbances still exist, including geopolitical events and policy expectations, which add a layer of caution to the market. The attitudes of institutions and retail investors are not fully aligned, which also explains why margin calls have reached a scale of 110,000 people.