Bitcoin (BTC) surged past $97,000 on January 15, 2026, bolstered by massive inflows into U.S. spot Bitcoin ETFs and significant on-chain accumulation by large holders. Data from market intelligence firm Santiment indicates that addresses holding between 100 and 10,000 BTC have added approximately 32,700 BTC since January 10, a pattern of whale buying that is outpacing selling from retail-sized wallets. Santiment described this as an "ideal setup for the start of a bull market."
The ETF landscape saw a dramatic reversal, with spot Bitcoin ETFs absorbing a net $1.7 billion over just three days (January 13-15). This follows a shaky start to the year that saw $681 million in outflows in the first week. The single-day inflow on January 15 alone was $843.6 million, led by BlackRock's IBIT with an estimated $648 million. Other major contributors included Fidelity's FBTC ($125.4M), ARK 21Shares' ARKB ($27M), and Bitwise's BITB ($10.6M). Grayscale's GBTC also saw a positive inflow of $15.3 million.
Analysts from Bitfinex noted that flows and access are moving in Bitcoin's favor, citing the ETF inflows alongside institutional developments like Morgan Stanley filing for a BTC trust and MSCI maintaining crypto-treasury names in its indexes. They highlighted a supportive macro backdrop with the S&P 500 at new highs and easing headline inflation pressure.
The report also touched on potential long-term implications from the geopolitical shock of the reported U.S. capture of Venezuelan leader Nicolás Maduro. Bitfinex analysts suggested that a potential reintegration of Venezuelan oil could, over years, lower global energy costs and improve Bitcoin mining margins, though near-term crypto impact would be driven more by shifts in macro risk appetite.
Despite the rally, the Crypto Fear and Greed Index registered a "greed" level of 61. Ethereum (ETH) traded largely flat above $3,300 during this period, while the broader AI token sector showed weakness.
