#比特币ETF资金流动 Bitcoin has rebuilt a strong support at $88,000 and has broken through the $90,000 threshold again. This rebound logic is worth reviewing. Maintaining support in a low liquidity environment during the holiday indicates that institutional funds are not panicking and fleeing; instead, spot ETF funds are continuing to flow back—this is a structural signal.

From an on-chain perspective, the expansion of stablecoins combined with the U.S. debt linkage mechanism is becoming an important channel for international capital inflows. After the 2025 halving did not materialize as expected, the market center has shifted to being driven by institutions, and emotional volatility has significantly subsided.

The short-term key support level is $91,500; holding this level is crucial. A breakdown could lead to a retest of $88,000. Resistance above points to $95,000. Based on the bullish structure of the 100-hour moving average, there is still a possibility of reaching a new all-time high in Q1, provided that capital inflows remain stable.

It is recommended to focus on the weekly net inflow data of spot ETFs and the whale wallet accumulation movements at key price levels, as these two indicators can reflect capital intentions earlier. In the short term, there may still be some volatility and consolidation, but the overall trend should not be pessimistic.