Bitcoin steadies near $105,000 amid easing global risk, policy tailwinds

Bitcoin held above $105,000 on Tuesday morning as crypto markets steadied under a calmer macro backdrop, improved liquidity, and a slow revival in institutional inflows.

The largest cryptocurrency traded near $105,200, consolidating after Monday’s continued rebound from the $100,000 level, which multiple analysts argue had formed a structural base from recent drawdowns. Ethereum hovered around $3,550, while Solana and BNB posted modest declines, according to The Block’s prices page.

Meanwhile, the total crypto market capitalization hovered around $3.6 trillion, as risk appetite returned following the potential U.S. government reopening and positive regulatory signals for the industry.

According to BRN Head of Research Timothy Misir, this week’s price action could signal the first genuine consolidation since the deleveraging wave from October and early November.

“The market’s tone has shifted from fear to caution — and that often precedes resilience,” Misir said. “Spot volumes are rising, leverage is being flushed out, and the structure looks cleaner. We’re seeing quiet rebuilding beneath the surface.”

Institutional flows signal quiet accumulation

While ETF demand remains uneven, underlying institutional crypto accumulation has picked up. BRN’s analysts noted that Strive added $162 million in bitcoin, Strategy acquired another $50 million, and Bitmine increased its ETH holdings by 34%. These additions, combined with falling open interest — down 2.6% — indicate rotation from speculative leverage into spot accumulation, they said.

Such positioning typically sets the stage for sustained recoveries, with the $100,000 to $108,000 zone now likely emerging as the mid-term base, Misir said. “Momentum is building, but upside remains capped near $108,500 to $111,000 unless inflows accelerate,” he noted.

Options data support that narrative of patient accumulation rather than euphoria. According to QCP Capital, traders are split on bitcoin’s ability to retest all-time highs this year, with call buyers positioned near $120,000 to $150,000, and others selling upside spreads around $135,000 to $140,000. In a Nov. 10 note, the firm said that BTC markets continue to absorb legacy supply shocks from older wallets and remain structurally range-bound unless fresh inflows resume.

Rebound builds on policy clarity and macro calm

Crypto’s stabilization has also coincided with a shift in global sentiment. The U.S. Senate’s bill to reopen the government may soon restore fiscal operations after nearly seven weeks of shutdown, while progress on new trade frameworks with India and China cushioned risk appetite. Odds on decentralized prediction platform Polymarket show a 96% chance that the U.S. government shutdown could end this week as policymakers reached a tentative deal that now heads to the House.

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Polymarket users bet on U.S. government reopening this week. Image: Polymarket.

In a parallel boost to market confidence, the U.S. Treasury and IRS issued long-awaited guidance permitting crypto exchange-traded products to stake assets and distribute rewards.

Experts said the move could accelerate institutional adoption across proof-of-stake networks like Ethereum and Solana. “This policy clarity helps legitimize staking within regulated vehicles,” Misir added. “It’s a structural milestone for the next wave of ETF products. ETF flows, policy support, and cleaner positioning all point to stabilization, but not breakout conditions yet.”