#数字资产动态追踪 The recent market has indeed been intense. Bitcoin surged straight past $92,000, and Ethereum also hit $3,100. The upward momentum during the Asian session was quite strong.

From a news perspective, several logical points are worth sorting out. The US actions toward Venezuela are stirring macro expectations, and the pressure on oil prices may help ease inflation, which is relatively friendly to Bitcoin in the short term. The year-end tax-loss selling pressure is gradually diminishing, and discussions around new legislation in the crypto industry are heating up, indicating that capital is indeed flowing back. There’s also a circulating rumor in the community — Venezuela might be hiding a "shadow Bitcoin reserve." If that’s true, this country would become a sovereign-level major holder of cryptocurrencies, which opens up interesting possibilities.

On-chain data provides a more intuitive picture. Over the past two days, net outflows from exchanges have increased, especially for Bitcoin, and large holdings are steadily growing. What does this indicate? It’s not short-term speculation but genuine accumulation of real assets. The options market is even more interesting — bullish call options are appearing frequently. For example, on the January 2026 expiry with a strike price of $100,000, a single transaction exceeded 3,000 contracts, clearly showing smart money hedging for future gains. Gamma risk is also building up; if spot prices continue to rise, market makers’ hedging could accelerate the upward movement.

However, to be honest, profit-taking habits during the US trading session have always been present, so chasing short-term highs should be done cautiously. But from the fundamentals, capital flow, and market sentiment, the bulls hold a dominant position. A pullback might actually be a good opportunity to buy in. Currently, on-chain data and news are pointing in the same direction — the medium-term bullish logic remains valid.

Hold your chips well and don’t be scared by volatility. The previous highs for Bitcoin are not impossible, and Ethereum’s correlation also makes sense. $ETH