As of January 8th, Bitcoin, after facing resistance at $94,420 during Tuesday's surge, is currently oscillating between $91,000 and $93,000. Although approximately $440 million in short-term liquidations have occurred, the continuous influx of institutional funds is filling every dip. This is not just a technical pullback but more like a final deep breath before the January push towards $100,000.

**Policy and Institutions: The 2026 "ETF Carnival" Has Begun**

In the past week, the fundamentals have sent the strongest signals since the approval of spot ETFs.

Data speaks: On January 5th, the US spot Bitcoin ETF saw a single-day net inflow of $697 million, the highest in nearly three months. The aggressive buying from BlackRock and Fidelity indicates that traditional finance still has a strong appetite for BTC above $90,000.

Even more exciting, Morgan Stanley officially submitted ETF applications for Bitcoin and Solana to the SEC on January 6th. Top Wall Street investment banks are collectively changing their stance, and you can feel how strong this signal is.

There are also legislative moves. The US Congress is scheduled to hold a key vote on the Digital Asset Market Clarity Act on January 15th. Once the regulatory framework is finalized, long-term funds like pensions will have no reason to continue waiting on the sidelines.

**From Sentiment to Structural Shift**

The logic behind this rally is quietly shifting. Institutions are beginning to use hard data rather than sentiment to price assets, which is a sign of market maturity. The formation of the bottom in November last year has been increasingly confirmed by more and more institutions. The high-level chip exchange has been completed, and the bullish pattern remains unchanged.

Every market correction is not bad news; rather, it’s an opportunity for institutions to add positions. That’s why the $440 million in liquidations at this stage seem insignificant — large buy orders from big funds can easily absorb these short-term panic sales.

Simply put, Bitcoin is not falling but waiting for more institutional funds to join.