Bitcoin’s rally back into the mid-$90,000s is being powered less by retail excitement than by a sharp return of ETF demand: U.S. spot Bitcoin ETFs took in about $697 million of net inflows on Jan. 5, the strongest day since the October 2025 market crash, according to figures cited from SoSoValue.
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Bitcoin traded around $93,800 in the same window and briefly notched a new 2026 high near $94,000 in early-week trading, even as a weak U.S. ISM manufacturing reading pointed to continued contraction. The resilience has revived talk of a run at $100,000, though not all metrics are flashing green.
ETF demand snaps back, led by BlackRock and Fidelity
The Jan. 5 inflow total was driven by BlackRock’s iShares Bitcoin Trust (IBIT), which pulled in roughly $372 million, with Fidelity’s FBTC adding about $191 million. The scale matters because it follows a sluggish stretch: several reports noted that December saw inflows on only a handful of trading days as bitcoin slid as low as roughly $85,000 late in 2025.
The renewed ETF bid has coincided with broader risk appetite returning to crypto, with major assets turning positive at the start of 2026 and open interest rebuilding. Still, spot liquidity has been described as thin, which can amplify short-term swings in either direction.
$95K Resistance In Focus, On-Chain Signs Stay Calm
Bitcoin has been pressing toward the $95,000 area, but one analysis warned that risk-adjusted performance has been weakening even as price rises—an uncomfortable mix if momentum traders pile in too quickly.
On-chain data has looked notably restrained. CryptoQuant commentary pointed to a lack of large exchange inflows—often a proxy for panic selling—despite geopolitical stress tied to events in Venezuela. That absence of “rush-to-sell” behavior suggests holders are cautious, not capitulating.
Meanwhile, Glassnode has described bitcoin as transitioning from a correction into a tighter consolidation band, with unrealized losses easing and forced selling pressures fading.
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Spot Bitcoin ETFs saw $697 million in net inflows on January 5, the largest single-day since October 2025.
BlackRock’s IBIT pulled in $372 million, followed by Fidelity’s FBTC with $191 million.
Over the first two trading days, cumulative inflows exceeded $1.16 billion.