At the start of 2026, the crypto market continues to move amid bull-bear contests. Bitcoin has surged past $93,300, creating a new phase high, with the resistance level at $94,000 and support at $88,000 becoming key focus points for traders. Perpetual futures funding rates have spiked to phase highs, and market sentiment has shifted from prior "fear" to "neutral," but undercurrents swirl beneath this calm surface.

Whale movements tell the most compelling story. On one side, approximately $2.4 billion in BTC and ETH flowed into a leading exchange last week, with average deposit sizes per transaction surging significantly—clear preparation for selling pressure. On the other side, three new wallets withdrew 752 BTC from exchanges, worth $70.3 million, appearing to position for long-term holding. Meanwhile, 33,800 SOL (approximately $4.66 million) quietly transferred out. This opposing dynamic of ups and downs perfectly reflects the market's genuine divergence.

Stablecoin inflows reached only $42 million, far below expectations, with new purchasing power obviously insufficient. While funds clash here, major sectors rotate rapidly elsewhere. Meme coins' heat is fading, while AI concepts, RENDER, SUI, and XRP take the relay, with 24-hour gains reaching 20%, 15%, and 10% respectively. Some analysts point out that behind this rally is the push from crypto institutions, and sustainability depends on capital flows from Bitcoin spot ETFs.

The current market structure is evident: prices are rising, expectations stabilizing, but divergence in capital flows remains significant. Sellers and buyers face off, with Bitcoin shining alone while sector rotation accelerates simultaneously. The ultimate outcome depends on whether new capital—especially stablecoins—can enter on a large scale to take over the position.