2026-01-01 19:21:49

Amidst the tug-of-war between bulls and bears, a major market move is gathering energy.

The crypto market appears calm on the surface, but undercurrents are surging. Bitcoin has been pushing towards $90,000 for two consecutive days but has yet to stabilize. Can you feel that suppressed sensation? This is the most authentic portrayal of the current market—typical "garbage time." But I believe that real opportunities are brewing.

**Prices are trapped, bulls are willing but powerless**

Last night, Bitcoin attempted again near $89,400 but was pushed back. This is the second consecutive failure. Now, the price is confined within a narrow range of 86,500-89,500, like a compressed spring, with volatility decreasing day by day.

Year-end liquidity exhaustion is the main culprit. Institutional traders are on vacation, and market depth is severely lacking. In this environment, any large order can cause waves.

Ethereum's situation is much more interesting. Although its price is also oscillating between $2,900 and $3,000, on-chain activity is quietly heating up. Surprisingly, a major institution spent about $1.4 billion this month directly buying and staking ETH. This is no small matter.

**Strange dislocation between fundamentals and price**

The most noteworthy phenomenon right now is the divergence between fundamentals and price. Bitcoin ETF net outflows have continued for six days, but on-chain activity for Ethereum has hit a new all-time high. This contrast is too obvious.

This situation cannot be changed. Either prices recover upward, or fundamentals are dragged down. Logically, the former is more likely. Although the Federal Reserve has started to cut interest rates, their stance remains cautious—which also leaves room for market imagination.

BTC1.17%

ETH0.7%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
5
Repost
Share

Comment

0/400

DefiEngineerJack

· 5h ago

well, *actually* if you look at the on-chain data more carefully, that 1.4B ETH stake deployment is just institutions hedging their macro exposure. not exactly bullish signal you think it is ngl

Reply0

MetaverseLandlord

· 5h ago

Pushing the spring again, so annoying. Wait, institutions are throwing 1.4 billion USD into ETH? What does this imply? The most feared thing during garbage time is a sudden wave. I choose to keep lying low. The $90,000 mark feels like it's not that easy to pass. Fundamentals are playing a divorce game with the price, interesting. Either go up or down, there has to be an explanation. Liquidity exhaustion is like this; a large order comes in and the market changes color.

View OriginalReply0

BearMarketLightning

· 5h ago

No matter how tightly the spring is compressed, it will bounce back. It all depends on who can't hold on first. --- I really feel this time is different. Institutions quietly spent 1.4 billion to buy ETH, while we're still debating whether 90K can be broken. --- During garbage time, you realize who is truly stockpiling. Let's see who is really accumulating. --- Liquidity drying up is just liquidity drying up. Anyway, big orders still cause explosions. Those who entered early are already numb. --- On-chain activity for ETH hits a new high, but the price is still stubbornly holding. Something feels off. --- Bitcoin ETF is still coming out, Ethereum institutions are stockpiling. The difference... don’t you have some sense of what's going on? --- Being suppressed is just being suppressed. It’s not the first time it’s failed. Just wait, and it will be over. --- I've heard many times that the real opportunity is brewing, but this time, with on-chain data laid out, it’s actually a bit interesting. --- The Federal Reserve’s cautious attitude actually becomes a positive. It’s hilarious—this market always moves opposite. --- I'm optimistic about ETH this round. Institutions wouldn’t dump so much without a reason. They must know something.

View OriginalReply0

GateUser-cff9c776

· 5h ago

Schrödinger's bull market: one hand sees Bitcoin ETF net outflows, while the other hits a new on-chain high for ETH... This supply and demand curve is truly an abstract art level.

View OriginalReply0

SorryRugPulled

· 5h ago

No matter how tightly the spring is compressed, there will always be a moment of snapping. Now, just waiting for that moment. That $1.4 billion order in ETH is really solid; institutions won't throw money around without reason. This signal is more honest than candlestick charts. It's the same old story again, I heard this story last year. During garbage time, it's easiest to hide the true intentions of big institutions; retail investors can't see through it. How many times has the 89,400 level been broken? It feels like someone is deliberately suppressing the price. The fundamentals and price have been diverging for so long; when it explodes, it should at least double. Liquidity exhaustion is the best opportunity for institutions to enter; smart money is already lurking. It's not the continuous outflow of Bitcoin ETFs that worries me, but the sudden reverse inflow at any moment. This kind of range-bound oscillation is the most annoying; you can't catch profits and must always be prepared for liquidation.

View OriginalReply0