Bitcoin rallied strongly at the start of 2026 despite a continued lull in flows to crypto ETFs. While spot ETF inflows have picked up slightly, they remain largely stagnant. Meanwhile, Bitcoin has already breached $93,000, and Ether has returned to the $3,200 level.

During last Friday's trading session, January 2, inflows into BTC ETFs totaled $471 million and into ETH ETFs $174.5 million. According to recent Santiment data, whales began actively accumulating ETH as early as December 28. That behavior suggests that large market participants anticipated Ether's upside and were building positions in advance. Whale activity typically exerts significant influence on price dynamics because large trades can set trends and draw in smaller investors.

A Checkonchain report also noted that, for the first time since July 2025, long-term holders have stopped selling BTC and moved to net buying. A shift in behavior by long-term holders — the cohort usually most resistant to market swings — is an important indicator of changing sentiment. The end of disposals by this group signals confidence in Bitcoin's long-term prospects and a willingness to hold through potential further gains.

Taken together, ETF inflows, whale activity, and the purchase behavior of long-term holders paint a picture of growing interest in cryptocurrencies and the potential continuation of a medium-term uptrend. However, markets remain volatile, and traders should weigh multiple factors before making investment decisions.

Trading recommendations:

Buyers of BTC are targeting a return to $93,200, which would open a direct path to $95,000 and then toward $97,300. The farther target is the peak near $99,000. Clearing that level would signal attempts to restore a bullish market. On a decline, buyers are expected around $91,300. A drop below that area could quickly push BTC toward $89,600, with a farther target near $87,400.

As for Ethereum, clear consolidation above $3,233 would open a direct route to $3,349, with a farther target around $3,474. Surpassing that level would strengthen bullish sentiment and renew buyer interest. If ETH falls, buyers are anticipated at $3,105. A move below that area could quickly send ETH toward $2,997, with the farther target near $2,887.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

Typically, a crossover or price test of these moving averages either halts market momentum or sets a new directional impulse.