Emre Yumlu 
Bitcoin has moved through a period of notable volatility in recent months, but according to industry experts, this turbulence has little to do with issues specific to the crypto sector. Instead, broader market uncertainty and a general decline in risk appetite appear to be the primary drivers. Ophelia Snyder, co-founder of 21Shares, believes these conditions may prevent Bitcoin from repeating the strong upward momentum it achieved at the start of 2025. Even so, she maintains a constructive outlook for the long term.
The January Effect and ETF Inflows
Snyder highlights that January has historically been a favorable month for Bitcoin, often marked by renewed investor activity. Many market participants rebalance their portfolios at the beginning of the year, which typically results in fresh inflows into Bitcoin exchange-traded funds. This pattern contributed to the asset’s powerful rally in early 2025. Yet the currently subdued sentiment raises questions about whether the same dynamic will unfold in early 2026.
Bitcoin climbed to 109,000 dollars in early 2025, driven in part by geopolitical expectations. It later set a new high of 125,100 dollars in October. However, the substantial 19 billion dollar liquidation event on October 10 triggered a sharp downturn and shifted short-term expectations considerably. At the moment, Bitcoin is trading near 92,150 dollars.
A Correction Driven by Global Market Stress
Snyder emphasizes that the recent pullback should not be viewed as a crypto-specific setback. She describes it as a reaction to a broader risk-off environment affecting global financial markets. For that reason, she sees the correction as part of a larger macro adjustment rather than a sign of structural weakness within the crypto ecosystem. This perspective informs her increasingly optimistic long-term stance.
Factors That Could Shape Bitcoin’s Next Move
Several elements could support another period of outperformance. Snyder points to the expansion of crypto ETFs, growing interest from governments and institutions, and a rising demand for alternative stores of value beyond gold. Conversely, persistent risk aversion in traditional markets or continued strength in gold could limit Bitcoin’s upward potential.
Still, not all industry voices share the same caution. BitMine chairman Tom Lee recently suggested that Bitcoin could set a new all-time high before January 2026 comes to a close. Historical data also offers some encouragement, with Bitcoin averaging a 3.81% return in January since 2013.
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