The beginning of the year has started off well. US spot Bitcoin ETF products experienced significant net inflows in the first two trading days of the new year, which is a positive signal. At the same time, the BTC premium index of a compliant platform has shifted from negative to positive, indicating that buying demand is reassembling.

What’s more noteworthy is the shift in market sentiment—the panic and greed indices across multiple platforms have rebounded from extreme panic levels at the start of the year to the neutral zone. What does this reflect? The purchasing power on the US side is strengthening, and institutional funds are re-evaluating the timing of their allocations. While it cannot be said that a bull market has arrived, at least this dual recovery in liquidity and sentiment lays a more solid foundation for subsequent market movements.