Crypto Markets Trade Mixed as Bitcoin Pulls Back Ahead of Key Macro Data
January 6 2026 – The major crypto assets showed divergent price action on Tuesday, with Bitcoin retreating while Ethereum continued its weekly climb. The broader market’s direction remains tied to forthcoming macro‑economic releases and evolving sentiment in both the derivatives and ETF arenas.
Price Action Snapshot
| Asset | Price (≈) | 24‑hr Change | 7‑day Change |
|---|---|---|---|
| Bitcoin (BTC) | $92,100 | –2.3 % | +4.4 % |
| Ethereum (ETH) | $3,225 | ≈0 % | +8.6 % |
| XRP | $2.25 | –1.0 % | +20 % |
| BNB | $901 | –0.8 % | – |
| Solana (SOL) | $138 | ≈0 % | +11 % |
| Render (RNDR) | $2.43 | +11 % | – |
| Bittensor (TAO) | $282.5 | +5.4 % | – |
| Rain (RAIN) | – | +12.8 % | – |
| Midnight (MID) | $0.076 | –13 % | – |
| Canton (CANT) | $0.14 | –7.5 % | – |
| Bonk (BONK) | – | –4.5 % | – |
The total crypto market capitalization sits around $3.25 trillion, a modest 1.5 % dip over the past day, while on‑chain activity generated roughly $151 billion in trading volume during the same window (CoinGecko).
Derivatives and Liquidations
Leveraged positions were actively pruned on Tuesday, with more than $512 million in liquidations reported by Coinglass. Longs accounted for about $285 million, while shorts absorbed roughly $227 million of the total.
- Bitcoin led the liquidation tally with ≈$147 million.
- Ethereum followed close behind at ≈$127 million.
- Other large‑cap tokens such as Solana and XRP each saw liquidations in the $41 million range.
Aurelie Barthere, Principal Research Analyst at Nansen, highlighted that sustained price stability for Bitcoin over the next few weeks—especially if backed by rising volume—could be interpreted as a robust bullish indicator. She also pointed to the widening of the BTC call‑put spread as a potential sign of growing optimism among options traders.
ETF Inflows
Spot‑ETF products continued to attract capital:
- Bitcoin spot ETFs recorded $697 million of net inflows on Jan 5.
- Ethereum spot ETFs drew $168 million.
- Newer offerings also saw inflows, with XRP spot ETFs pulling $46 million and Solana spot ETFs adding $16 million.
These numbers suggest that institutional and retail investors are still allocating funds to crypto exposure via regulated vehicles, even as price volatility persists.
Macro Context and Precious Metals
Parallel to the crypto market, precious metals extended their rally. Gold edged 1 % higher, trading above $4,480 per ounce, while silver surged nearly 5 %, breaking the $80 threshold. Both moves came as markets brace for a cluster of macro‑economic releases later in the week, including U.S. payrolls and unemployment data.
Barthere noted that futures markets are currently pricing in three 25‑basis‑point rate cuts for 2026, reflecting a relatively dovish outlook. She cautioned that only a significant negative surprise in employment figures would likely boost risk assets—including crypto—substantially. Conversely, a dovish signal tied to the upcoming Federal Reserve chair nomination—potentially Kevin Hassett—could act as a catalyst for renewed buying.
Key Takeaways
- Bitcoin’s short‑term pullback is modest compared with its weekly gain; price stability above $92k could signal renewed bullish momentum if volume holds.
- Ethereum outperforms on a weekly basis, holding steady on the day while posting an 8.6 % gain over seven days.
- Liquidity stress remains in the derivatives market, with over half a billion dollars wiped out in forced liquidations, dominated by BTC and ETH.
- ETF inflows demonstrate continued demand for regulated crypto exposure, especially for Bitcoin and Ethereum.
- Macro data will be pivotal; investors are watching for employment figures and potential Fed leadership signals that could swing risk sentiment.
- Precious metals rally mirrors the cautious optimism in crypto, suggesting a broader risk‑on environment if inflation‑related pressures ease.
As the crypto market navigates the intersection of technical price action, derivatives dynamics, and macro‑economic uncertainty, market participants will be keenly monitoring whether Bitcoin can defend its current level and whether the broader risk‑on narrative sustains.
Source: https://thedefiant.io/news/markets/crypto-markets-trade-mixed-as-bitcoin-pulls-back
