Risk appetite is improving across crypto as spot Bitcoin ETFs see their largest daily inflows in three months and traders weigh macro risks tied to U.S. tariff rulings.
Crypto markets extended gains on Wednesday, Jan. 14, marking the second straight day of positive momentum after a fairly flat holiday season.
As of press time, Bitcoin (BTC) traded around $96,880, up about 4.4% over the past 24 hours, and marking a multi-month high. Total crypto market capitalization climbed to roughly $3.38 trillion, a 3.4% increase today.
All of the top-10 cryptocurrencies by market capitalization are trading higher today, with most posting 3%-6% gains. Ethereum (ETH) is leading large-cap gains, rising 7% to around $3,353, while TRON (TRX) is the only flat asset among the top-10 today.
Overhead Supply Zone
Glassnode analysts flagged in an X post on Tuesday, Jan. 13, that a key technical zone is forming overhead for Bitcoin, noting that the cryptocurrency’s long-term holder supply distribution heatmap shows a dense cost-basis cluster between $93,000 and $109,000.
According to the analysts, that cluster has formed a “substantial overhead supply zone,” adding that any sustained move higher would need to absorb that supply first.
Analysts at QCP Capital suggested in today’s research note that Bitcoin is finally starting to catch up after pushing past the $95,000 level that had capped gains since November. As of Wednesday morning, the Crypto Fear & Greed Index has transitioned toward the “neutral” zone for the first time in weeks, after it spent much of December in “extreme fear.”
Big Movers and Liquidations
Looking at the top-100 assets by market cap, privacy-focused crypto Dash (DASH) is leading gains today, up over 40%, while Internet Computer (ICP) followed with 12% jump.
On the downside, losses were relatively contained as Bitfinex’s Leo Token (LEO) fell 7%, and the relatively new TradFi darling Canton (CC) slipped 5.1%.
Crypto derivatives markets saw heavy activity over the past 24 hours. Total liquidations reached over $820 million, according to Coinglass data. Short positions accounted for the bulk of the damage at nearly $722 million as markets rallied, compared with about $105 million in long liquidations.
Bitcoin liquidations totaled roughly $398 million, followed by Ethereum at $250 million and Solana at $32 million. As glassnode analysts noted in an X post today, the latest move triggered the largest liquidated short event across the top-500 crypto assets since the Oct. 10 crash, which wiped out a daily record of nearly $20 billion in crypto leverage.
ETFs and Macro Conditions
Spot Bitcoin ETFs recorded their largest daily net inflows in nearly three months on Tuesday, Jan. 13, pulling in $753.7 million, according to Coinglass. Spot Ethereum ETFs also saw a sharp pickup, posting net inflows of about $130 million on the day.
On the macro front, attention is now turned to Washington, where the U.S. Supreme Court is expected to issue rulings later today in cases already argued before the justices.
One of the pending cases challenges the legality of President Donald Trump’s global tariffs. The court was set to issue rulings around 10 a.m. ET, but it doesn’t say ahead of time which cases it will decide, Reuters notes.
