ETFs, Balance Sheets, and Renewed Speculation Shape Crypto’s 2026 Open

Crypto markets opened 2026 with a visible change in intraday behavior. After much of late 2025 was defined by persistent sell pressure during U.S. trading hours, digital assets moved higher alongside American equities in the first official session of the year. Bitcoin reclaimed the $90,000 level, while broader risk assets, commodities, and crypto-linked equities posted coordinated gains.

The shift comes against a backdrop of uneven liquidity and cautious positioning following year-end de-risking. However, renewed ETF inflows, resumed treasury accumulation, and strength across correlated risk markets suggest early positioning may be recalibrating rather than merely bouncing. While it is too early to define a trend, the tone entering 2026 appears structurally different from the defensive posture that dominated the fourth quarter.

Welcome to a new week in crypto.

Bitcoin rises during U.S. trading hours as risk sentiment improves

Bitcoin climbed above $90,000, gaining roughly 2.5% over 24 hours, while Ethereum, Solana, and XRP advanced closer to 4%. The move coincided with strength across U.S. equities, particularly AI-related chipmakers, and a broader bid in commodities such as silver, gold, and copper. This alignment marked a departure from late-2025 sessions, where crypto frequently underperformed during U.S. market hours.

Crypto-linked equities also responded positively. Bitcoin miners that have pivoted toward AI infrastructure posted double-digit gains, while large-cap crypto-native firms such as Coinbase, Strategy, and Galaxy Digital moved higher. The breadth of the rally suggests the move was not isolated to spot crypto markets, but part of a wider re-risking across adjacent asset classes.

While one session does not establish a durable shift, the synchronized performance across equities, commodities, and crypto points to improving short-term sentiment. The key question moving forward is whether this alignment persists once liquidity normalizes and macro data re-enters the market narrative.

Meme tokens surge as traders express speculative risk

Speculative appetite returned quickly in early 2026, with meme tokens leading gains across crypto markets. Dogecoin rose approximately 11% on the day, while PEPE advanced nearly 17%. The rally extended beyond individual tokens, with CoinGecko’s GMCI Meme Index reaching roughly $33.8 billion in market capitalization and nearly $6 billion in daily trading volume.

Broader participation followed. Dog-themed tokens such as Shiba Inu, Bonk, and Floki posted high single-digit to low double-digit gains, while smaller-cap memes outperformed further. In several cases, weekly returns accelerated sharply as traders rotated into higher beta assets amid still-thin liquidity conditions.

Historically, meme rallies tend to emerge when bitcoin trades range-bound and traders seek faster-moving expressions of risk without waiting for a clear macro catalyst. While such moves can become self-reinforcing in the short term, they remain sensitive to leverage, positioning, and any reversal in bitcoin momentum. As such, memes currently function more as a gauge of speculative temperature than a signal of sustained market rotation.

Strategy resumes bitcoin accumulation

Strategy resumed bitcoin purchases after a brief pause, acquiring 1,229 BTC for approximately $108.8 million at an average price near $88,600. The purchases were funded through its at-the-market equity program, following a week in which the firm prioritized building its USD reserve.

With the latest acquisition, Strategy now holds 672,497 BTC at an average cost basis just under $75,000. At current market prices, the firm’s bitcoin treasury is valued at roughly $58.7 billion, translating to more than $8 billion in unrealized gains. No sales were recorded across the firm’s preferred stock programs during the period, leaving additional issuance capacity available.

The resumption of buying reinforces Strategy’s role as a consistent structural buyer rather than a tactical trader. By alternating between equity issuance, reserve management, and spot accumulation, the firm continues to operate as one of the most influential balance-sheet participants in the bitcoin market.

Bitmine Immersion Technologies deepens ETH strategy

Bitmine added more than 44,000 ETH over the past week, bringing its total holdings to over 4.1 million ETH, or roughly 3.4% of circulating supply. The company cited year-end market softness and tax-related selling as opportunities to continue accumulating at scale.

At current prices, Bitmine’s ETH holdings are valued at over $12 billion, with total crypto and cash assets exceeding $13 billion. The firm has also begun staking a portion of its holdings, with more than 400,000 ETH already deployed, signaling a longer-term infrastructure-oriented approach rather than pure treasury exposure.

While Bitmine’s equity has experienced short-term volatility, its accumulation strategy highlights growing institutional confidence in Ethereum’s role as financial infrastructure. The combination of scale, staking, and validator development positions the firm as a long-duration participant rather than a cyclical buyer.

Metaplanet expands BTC holdings amid volatility

Metaplanet disclosed the acquisition of 4,279 BTC during the fourth quarter, spending approximately $451 million at an average price above $105,000. The purchases were executed during a period of sharp market volatility, as bitcoin retraced from its October highs to below $85,000.

At current prices, the company’s Q4 purchases sit at a marked unrealized loss. However, Metaplanet maintains that its capital structure and collateral policies provide sufficient buffers, even under adverse price scenarios. The firm continues to fund purchases through a combination of credit facilities and overseas equity issuance.

Metaplanet’s reported mNAV remains close to parity, suggesting investors continue to value the firm primarily as a bitcoin exposure vehicle rather than as an operating business. The strategy underscores the persistence of treasury-style accumulation beyond North America, even during drawdowns.

Grayscale files for first Bittensor ETF

Grayscale filed to convert its Bittensor Trust into a spot ETF, marking the first attempt to offer U.S. ETF exposure to TAO. The filing follows Bittensor’s recent halving event and reflects Grayscale’s broader push to expand beyond bitcoin and ethereum-focused products.

The proposed ETF would trade on NYSE Arca under the ticker GTAO, with Coinbase Custody and BitGo serving as custodians. If approved, the product would extend regulated access to AI-linked crypto infrastructure, an area that has seen rising institutional interest.

The filing signals issuer confidence that regulatory pathways for more complex crypto assets are gradually opening. As Grayscale continues converting trusts into ETFs, the market is beginning to test how far product expansion can extend beyond core assets.

Bitwise accelerates altcoin ETF filings

Bitwise submitted applications for 11 new strategy-based crypto ETFs, spanning assets across DeFi, Layer 1 networks, AI-linked tokens, and privacy-focused protocols. Each fund would combine direct token exposure with ETF-linked instruments and derivatives.

The filings build on Bitwise’s earlier launches of Solana, XRP, and Dogecoin ETFs, and follow recent applications for Sui and Hyperliquid products. The strategy approach allows issuers to broaden exposure while managing liquidity and structural constraints.

The volume and breadth of filings suggest issuers expect investor demand to extend beyond bitcoin and ethereum in 2026. At the same time, regulators will likely scrutinize these hybrid structures closely, making approvals a key signal for how far ETF expansion can progress.

Spot Bitcoin ETFs record renewed inflows

U.S. spot bitcoin ETFs recorded $355 million in net inflows, ending a seven-day streak of outflows driven by tax-loss harvesting and year-end de-risking. BlackRock’s IBIT led the day, followed by ARKB and Fidelity’s FBTC, while smaller issuers also posted positive flows.

Spot Ethereum ETFs also returned to net inflows, alongside positive flows into newly launched XRP, Solana, and Dogecoin ETFs. The rebound suggests institutional demand remains intact, even as broader markets digest macro uncertainty and recalibrate early-year positioning.

Looking ahead, market participants widely expect further ETF expansion in 2026, particularly if regulatory clarity continues to improve. Flows into existing products will remain a key barometer of institutional conviction as new vehicles come to market.

At Finery Markets, we continue to monitor how evolving regulatory frameworks, monetary policy shifts, and new market infrastructure are shaping digital asset adoption globally. Follow us for deeper insights into institutional flows, stablecoin strategies, and trading technology innovation. This newsletter is provided for informational purposes only and does not constitute investment, financial, or other professional advice.