To The Moon

Bitcoin rose as much as 2.3% on Monday, reaching $93,323, its highest level since December 11; Ethereum and other cryptocurrencies also saw modest gains. This rally occurred against a backdrop of broadly positive performance in Asian markets, where stock indices hit record highs, fueled by bets on technology and artificial intelligence. Meanwhile, following a "decapitation-style" military operation by the United States over the weekend against Venezuela, which led to the forced capture of President Nicolás Maduro, investors flocked to safe-haven precious metals, with gold climbing up to 2% to surpass $4,400 per ounce and silver surging as much as 4.8%. Bitcoin has historically been viewed as a safe-haven asset during turbulent times, though at other stages its price action has more closely mirrored risk assets like equities. According to Sean McNulty, Head of Derivatives Trading for Asia Pacific at FalconX, the current Bitcoin rally is primarily driven by so-called "crypto-native" institutions, meaning enterprises focused on digital assets. Concurrently, significant selling pressure has not emerged from groups including Bitcoin miners, wealthy family offices, and other large investment funds. Bitcoin had been trapped in a narrow trading range for weeks, failing to keep pace with the stock market rally during the Christmas holiday period and ultimately finishing 2025 down 6.5%. Despite clear support for cryptocurrencies from U.S. President Donald Trump and a series of policy advancements, Bitcoin's performance in 2025 still lagged. However, on January 2, investors made a net inflow of $471 million into 12 U.S.-listed spot Bitcoin ETFs, the highest level since November 11, suggesting a potential shift in market sentiment. Sean McNulty noted that traders are now watching to see if Bitcoin can sustain a break above the $94,000 level. Should a pullback occur, the $88,000 mark would be a key support level to monitor closely.