Bitcoin Pulls Back to $92K as Gold and Silver Surge; ETFs See Strong Inflows
Bitcoin (BTC $91,099.70) retreated to just above $92,000 on Tuesday, reversing an early attempt to reach $95,000 as U.S. markets opened. The pullback comes after a brief break in a weeks-long pattern of declining crypto prices during U.S. trading sessions, leaving BTC down 1.3% over the past 24 hours.
Altcoins also retreated. XRP, which led Monday’s rally, fell more than 2% in the past two hours, while Solana (SOL $135.59) — boosted earlier by Morgan Stanley’s move to offer a spot SOL ETF — gave up similar gains.
U.S. stocks posted modest gains, with the Nasdaq up 0.4% and the S&P 500 up 0.3%, while precious metals surged. Gold rose 1% to reclaim $4,500 per ounce, and silver jumped 5% back above $80 per ounce. Copper gained 1.1%, topping $6 per pound for the first time ever.
ETF inflows kick off 2026 strongly
Bitcoin ETFs recorded their largest single-day inflow in nearly three months on Monday, totaling roughly $697 million, signaling renewed institutional allocations and the unwinding of year-end tax-loss harvesting. Ether (ETH $3,152.00) saw bullish flows, with large block trades targeting mid- and long-dated upside via call spreads, according to Wintermute, reflecting directional conviction into the second half of 2026.
Option markets suggest cautious optimism. Jake Ostrovskis, Wintermute’s head of OTC, said traders are positioning for upside in BTC and ETH while monitoring structural dynamics. BTC skew remains negative, influenced by systematic hedging from entities treating Bitcoin as a treasury asset, making risk-reversals — buying calls while selling puts — a cost-efficient way to express bullish views.
Looking ahead, Bitcoin is increasingly seen as a geopolitical hedge rather than purely an inflation or central bank play, said Matt Mena, crypto research strategist at 21Shares. Despite a 6% loss in 2025, Bitcoin has already recovered a significant portion in the first week of 2026. Historically, Bitcoin has never posted back-to-back losing years and often rebounds sharply after prior slumps, such as in 2014, 2018, and 2022. If that pattern holds, 2026 could be shaping up as a strong year for digital assets.
