In this issue of State of the Network, we dive into crypto’s constructive start to 2026, as Bitcoin rallies, institutional inflows resume, and on-chain activity reaches new highs.
Across spot ETFs, derivatives positioning, stablecoin flows, and network usage, the data points to a market regaining momentum with measured optimism and improving fundamentals as the year gets underway.
Key Takeaways
- Digital assets kicked off 2026 with renewed momentum, with BTC rallying to $94K and total market cap approaching $3.3T amid a new layer of geopolitical uncertainty.
- Spot Bitcoin ETFs reversed year-end outflows with ~$400M in net inflows on January 5th; whale distribution is cooling while retail accumulates.
- Derivatives positioning points to cautious bullishness, with options call OI clustered at $100K BTC / $3,500 ETH into late January expiries.
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