#2026年比特币行情展望 $91,000 — Bitcoin's Three-Week Defense and Offense

The recent performance of BTC has indeed been a bit different over the past week. The price surged to $91,000, but the driving force mainly came from genuine spot market buying rather than high-leverage speculative funds in futures. From a market structure perspective, this kind of movement is much more stable.

The data clearly shows: US spot ETFs resumed large-scale net inflows at the beginning of the year, with $471 million coming in on a single day. What does this mean? Institutional investors are starting to return in an orderly fashion, with long-term allocation funds pouring in. This is completely different from retail investors chasing highs.

But there's a detail here. The whale long-short ratio has turned bullish for the first time, reaching 1.45. On the surface, this is a positive signal. However, digging deeper — the holding costs of these large funds are generally still above the current price. In other words, while they are bullish, most of them did not buy the bottom. This indicates that the current market state is: sentiment has just emerged from a low point, the trend is initially stabilizing, but it’s far from being overheated.

Reflect on a question: Are we too obsessed with tracking price fluctuations? The true value of crypto assets may not lie in the ups and downs of the numbers themselves, but in whether we can use transparent on-chain mechanisms to solve real-world problems. Making every participation and contribution verifiable and visible — this is where the true warmth of the ecosystem resides.