- Sebastjan Bele
- Updated: January 15, 2026
- Reading time: 6 min
BTC Failed Breakout, Zcash Developers Resign and Polymarket Partners With Dow Jones
Markets rallied as geopolitical uncertainty pushed gold and silver to new all time highs, with Bitcoin also catching a bid as a potential safe haven and inflation hedge, raising the question of whether BTC is finally behaving like digital gold. Bitcoin is trading around $97K, alongside record strength in precious metals.
On the regulatory front, the U.S. crypto market structure bill sparked debate after Coinbase withdrew support, while Robinhood CEO Vlad Tenev said the company will actively help the Senate advance the legislation. Bank of America’s CEO warned that up to $6 trillion in deposits could shift to stablecoins if they are allowed to pay interest.
Institutional demand remains strong, with Bitcoin ETF inflows totaling $1.7B over three days, and JPMorgan expecting crypto inflows to rise further in 2026 after a record $130B in 2025. Elsewhere, Sui experienced a six hour outage but is now fully operational, the Zcash Foundation confirmed the SEC closed its investigation with no enforcement action, and YZi Labs, led by CZ, invested in onchain trading terminal Genius Trading.
News
- Coinbase pulls support for Senate crypto market structure bill
- Bitcoin nears $97,000 as shorts unwind and $100K odds rise
- Bitcoin ETF inflows extend to three day streak
- Robinhood CEO says firm will support crypto market structure bill
- JPMorgan expects crypto inflows to rise in 2026 after record $130B in 2025
- Bank of America CEO warns trillions in deposits could shift to yield bearing stablecoins
- YZi Labs invests in Genius Trading onchain trading terminal
- Sui back online after six hour network outage
- Zcash Foundation says SEC ends investigation with no enforcement action
- Galaxy Digital debuts $75M CLO on Avalanche
Table of Contents
Markets
Best Performers
Dash ($DASH), one of the older dino coins, took the crown this week with an impressive +116% weekly move. Monero ($XMR) benefited from renewed privacy demand, gaining ground as Zcash faced fresh uncertainty. Rounding out the list, PumpFun ($PUMP) caught attention and reignited the question of whether meme coins are making a comeback.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is up 5.32% over the past week. The GMCI Mid Cap is up 6.87%, while GMCI Small Cap indices also posted a gain of 5.13%. The rest of the sectors:
- Layer 1: +6.04%
- Layer 2: +9.24%
- DeFi: +2.30%
- AI: +6.02%
- Gaming: +5.12%
- Meme: +0.27%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $126.83 Billion
Weekly Inflows = +$1.57 Billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $18.72 Billion
Weekly Inflows = +$900 Million
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
Crypto once again reminded us how quickly conditions can shift. After last week’s failed breakout, Bitcoin ($BTC) reclaimed and broke above $92K and is now trading around $97K, with the move supported by strengthening RSI momentum.
As it stands, a test of the $100K psychological levellooks likely, with
Bullish case: a clean break and hold above $100K could open the path toward the next resistance around $104K. Bearish case: rejection at $100K would likely send BTC back to retest $92K as key support.
Ethereum
The positive trend from last week continues, with Ethereum ($ETH) price action looking healthy and supported by improving RSI. The first major trouble area remains $3,400, which marks key monthly resistance.
For now, ETH is trading within a clear $3,000–$3,400 range. A clean break and hold above $3,400 would likely open the door for a rally toward $3,900, while rejection at resistance would keep ETH range bound
Bitcoin dominance increased to 59.0 (+0.6% weekly).
In traditional markets:
- S&P 500 unchanged
- NASDAQ down 0.18%
- Gold up 2.63%
The total crypto market cap stands at $3.28 trillion (up 6.15% weekly from $3.09 trillion). The Fear & Greed Index is at 61 (Greed), huge increase last week’s 28(Fear).
What's Next?
BTC started the year strong, pushing toward $100K, supported by consistently positive ETF flows. New survey data shows financial advisors allocating to crypto at the highest levels on record, reinforcing the structural bid beneath the market.
At the same time, long term holders are realizing around 12.8K BTC per week in net profit, a sharp slowdown compared to prior cycle peaks above 100K BTC per week. This suggests profit taking is still present, but far less aggressive, and may indicate a growing preference to hold rather than distribute.
From a macro perspective, quantitative expansion is underway. The U.S. dollar continues to weaken, and capital is increasingly seeking inflation hedges. Political pressure around the Fed leadership is adding noise, but the bigger picture points to a supportive liquidity backdrop, with the Fed balance sheet stabilizing, bank lending improving, and mortgage rates easing, all factors that can support risk assets including crypto.
For now, broader market direction depends heavily on liquidity conditions and derivatives positioning. Until persistent spot accumulation fully reasserts itself, price action is likely to remain sensitive to flows and leverage rather than fundamentals alone.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on LinkedIn and X (Twitter) for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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