Key Insights
- Bitcoin has been on the rise for four straight sessions and is nearinga fifth win.
- While this happened, ETF inflows jumped as year-end selling faded.
- Geopolitical stress has added support to the crypto space as other markets flashed mixed signals.
Bitcoin is now eyeing its longest daily winning streak in three months as prices push higher.
The move comes after a slow December and traders are pointing to easing tax selling, steady demand and strong ETF flows as reasons for this development.
Bitcoin eyes longest daily winning streak as prices climb
Bitcoin gained more than 1% during Monday’s Asian session, and this move put the asset on track for five days of straight gains. That would also mark the longest run since early October.
Prices rose from near $91,480 to above $92,500 during this time, and at one point, Bitcoin traded over $93,000. TradingView data even showed steady buying through the session.
The crypto market overview shows health across most of the market | source: CoinMarketCap
Other large coins also moved higher as this happened, including XRP, solana and Ether, which posted gains between 0.7% and 1%. Moreover, the CoinDesk 20 and CoinDesk 80 indexes climbed about 1.5%, which means that the market is indeed gaining strength.
Tax selling fades and trading desks return
Bitcoin spent much of December under pressure as many US holders sold assets at a loss before year-end (likely due to the festivities, or reducing tax bills from their earlier gains).
This behaviour tends to happen at the end of the year and often weighs on prices during the final weeksa.
That selling wave now appears to have passed, and historically speaking, fresh calendar months often bring new positioning. Early January also allows traders to rebuild exposure.
Data shows that Bitcoin lagged other assets over most of last year, including the Nasdaq, gold and silver. Bitcoin closed the year down about 6% and the weakness showed up most during North American hours.
This underperformance set the stage for rebalancing and funds that trimmed Bitcoin late last year now look to restore target weights. That process helped support prices during the recent climb.
ETF inflows add steady support
Spot Bitcoin ETFs saw strong inflows at the end of last week. Particularly, The group of 11 funds pulled in more than $471 million on Friday. That marked the biggest daily total since mid-November.
BlackRock’s iShares Bitcoin Trust led the move and recorded $287.4 million in inflows. That was its largest one-day haul since early October, according to data from Farside Investors.
Other funds also drew interest, like Fidelity’s FBTC which added $88.1 million and Bitwise’s BITB which gained $41.5 million. Grayscale’s GBTC also attracted around $15.4 million.
Geopolitical stress lifts haven demand
Other factors have shaped recent price action, including tensions that rose after the US captured Venezuelan President Nicolás Maduro.
Gold and silver rallied as traders priced in higher risk, and oil prices slid to four-year lows.
In all, Bitcoin now trades at around $92,670, according to CoinGecko data, after rising by about 1.4% over the last 24 hours.
The altcoins are copying this move as well, with Ethereum trading near $3,169, Solana around $135 and XRP above $2.14.
Market players are now eatching the rest of January to see whether Bitcoin can secure the five-day streak.
Meta description:
Bitcoin is now eyeing its longest daily winning streak in three months as ETF inflows rise, tax selling fades, and stress from geopolitics supports prices.
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Bitcoin, Bitcoin price, Bitcoin ETF, crypto market, digital assets, market news
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
