Bitcoin Pulls Back to $92K as Gold, Silver Surge; ETFs See Strong Start to 2026

Bitcoin (BTC $91,099.70) pulled back to just above $92,000 on Tuesday after an early push toward $95,000 during U.S. market hours. The decline reversed a short-lived break in the weeks-long trend of falling crypto prices during U.S. trading sessions, leaving Bitcoin down 1.3% over 24 hours.

Altcoins also retraced. XRP, which led Monday’s rally, fell more than 2% in the past two hours, while Solana (SOL $135.59) — buoyed earlier by Morgan Stanley’s plan to offer a spot SOL ETF — saw similar losses.

U.S. equities posted modest gains, with the Nasdaq up 0.4% and the S&P 500 up 0.3%, while metals moved sharply higher. Gold rose 1% to reclaim $4,500 per ounce, silver jumped 5% above $80, and copper topped $6 per pound, up 1.1% for the first time ever.

ETF inflows kick off 2026 strongly
Bitcoin ETFs recorded their largest single-day inflow in nearly three months, totaling roughly $697 million, reflecting renewed institutional interest and the unwinding of year-end tax-loss harvesting. Ether (ETH $3,152.00) saw bullish flows in mid- and long-dated call spreads, signaling strong directional conviction for the second half of 2026, according to crypto trading firm Wintermute.

Options markets suggest cautious optimism. Jake Ostrovskis, Wintermute’s head of OTC, noted BTC skew remains negative due to systematic hedging from entities treating Bitcoin as a treasury asset. This has made risk-reversals — buying calls while selling puts — a cost-efficient way to express bullish views.

Looking ahead, Bitcoin is increasingly viewed as a geopolitical hedge rather than purely an inflation or central bank play, said Matt Mena, crypto strategist at 21Shares. Despite a 6% loss in 2025, Bitcoin has already recouped a significant portion in the first week of 2026. Historically, Bitcoin has never posted back-to-back losing years and often rebounds sharply after prior market slumps, including in 2014, 2018, and 2022. If that pattern continues, 2026 could be a strong year for digital assets.