While retail investors sell off, giant whales increase their holdings by 50,000 Bitcoins. Who is right and who is wrong?Written by: Blockchain Knight
At the beginning of 2026, Bitcoin broke through $94,000, reaching a new high in over a month, marking the end of the market stagnation that persisted at the end of 2025.
Compared to the dull performance of the same period last year, this rebound has achieved a decisive reversal in market sentiment. The core driving forces are favorable macroeconomic conditions, recovering institutional demand, and healthy market mechanisms.
On the macro level, the shift in the US economic landscape provides support for Bitcoin.
First, the US Treasury yield curve has moved away from the inversion seen in 2022-2024, with short-term easing expectations coexisting with long-term high yields, prompting re-pricing of duration risk and credit risk.
Second, the structural weakening of the US dollar, although still solid, is controlled in its depreciation. Policy directions are enhancing trade competitiveness, and this combination benefits assets with defensive characteristics.
Meanwhile, at the end of 2025, ETF
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