The year 2026 marks the beginning of a period where the crypto market is in a correction phase. The current market shows increased short-term volatility but maintains a solid mid-term structure, with various funds reallocating across different sectors.

Regarding Bitcoin, the price is consolidating around $90,500, remaining within a range over the past seven days, with the $95,000 level still serving as a significant resistance. During this stage, two factors require particular attention: firstly, the capital flow into spot ETFs, and secondly, macroeconomic variables. As an important channel for institutional allocation, the increase or decrease in ETF holdings often reflects the true stance of large funds. Additionally, macro variables such as global economic and environmental data, policy expectations, and others are directly influencing market risk appetite. Although short-term fluctuations are present, as long as the mid-term support levels are not effectively broken, the bullish framework remains intact.