Bitcoin surged past $97,000 on Tuesday, driven by major traders returning to the spot market after weeks of ETF-induced selling. This rally revives the $100,000 threshold and highlights a shift in market dynamics, with on-chain and derivatives data indicating it's not powered by retail leverage. Instead, whales are accumulating on the spot market, while smaller traders chase via futures— a pattern suggesting longer-lasting gains.

CryptoQuant's futures order size chart shows large orders, linked to whales and funds, rising as Bitcoin climbed from $80,000 to over $95,000. Small trades surged in futures, confirming retail's leveraged entry. Unlike past market tops where retail led and whales sold, whales are now buying first, with retail following—signaling an early trend phase rather than a late-cycle burst.

Another CryptoQuant chart reveals Bitcoin's daily percentage changes shifting from November's red peaks to January's green clusters, reflecting genuine buying pressure over short squeezes. The price rose stepwise from ~$84,400 to over $96,000, with mild retracements as spot demand absorbed supply. November's selling waned; early-month US spot Bitcoin ETFs lost over $6 billion from late entrants post-October peak, who exited at losses. Bitcoin stabilized near the ETFs' ~$86,000 average as support, weeding out weak hands and allowing whales to rebuild at lower levels.

Bitcoin surged past $97,000 on Jan. 14, reaching a peak of $97,797 after breaking the $95,000 resistance, driven by the U.S. Supreme Court’s second deferment in a week of ruling on President Donald Trump’s reciprocal tariffs. This judicial delay fueled speculation of court support for the administration’s trade policies, with Polymarket odds of a favorable ruling for Trump rising 12 percentage points since Jan. 7, including a 6-point jump post-postponement. The cryptocurrency’s seven-day gains hit nearly 7%, boosting its market capitalization to $1.95 trillion and bringing it within reach of the $100,000 milestone.

Record institutional demand amplified the rally, with spot Bitcoin ETFs recording $753.8 million in net inflows on Jan. 13—the largest single-day amount since launch. Fidelity’s FBTC led with $351.4 million, followed by Blackrock’s IBIT at $126.3 million, reversing lackluster interest from late 2026. Macroeconomic tensions, including Trump’s attacks on Federal Reserve Chairman Jerome Powell during a third-quarter GDP speech and a U.S. Department of Justice investigation into the Fed, strengthened Bitcoin’s “digital gold” narrative.

The surge triggered $850 million in leveraged position liquidations over 24 hours, with $372 million in shorts versus $28 million in longs. Broader crypto markets rose 4% to $3.4 trillion, with major altcoins gaining 3-6%. Analysts predict Bitcoin’s first double-digit weekly gain of 2026 and a reclaim of $100,000 amid this “perfect storm.”

On the latest episode of CNBC Crypto World, Bitcoin surged past the $97,000 level for the first time since November, marking a significant milestone in the cryptocurrency market.

New data from Chainalysis reveals that crypto scams and fraud resulted in at least $17 billion in losses in 2025, the highest amount ever recorded, highlighting ongoing risks in the sector.

Additionally, Faryar Shirzad, Chief Policy Officer at Coinbase, discussed the Senate Banking Committee’s crypto market structure bill ahead of its markup on Capitol Hill, offering insights into potential regulatory developments.

Bhutan has quietly amassed significant Bitcoin holdings by mining with excess hydroelectric power that would otherwise go to waste, achieving zero-cost energy production. This strategy, pursued for national sovereignty rather than price speculation, has resulted in Bitcoin reserves equivalent to 40% of the country's GDP—surpassing the value of all other government assets combined. Bhutan avoided public announcements to evade concerns from the IMF.

In a major development, Pakistan announced plans to utilize 2,000 megawatts of stranded energy for Bitcoin mining, representing 10% of the entire Bitcoin network's power capacity. This move highlights growing national interest in leveraging underused energy resources to participate in the Bitcoin ecosystem.