Geographic risk ignites risk aversion + Asian stock market surges, Bitcoin hits three-week high

The Zhitong Finance App learned that Bitcoin once rose 2.3% to $93,323 on Monday, the highest level since December 11; Ethereum and other cryptocurrencies also rose slightly. The rise occurred against the backdrop of the overall positive performance of the Asian market — Asian stock markets have reached new all-time highs, driven by bets related to technology and artificial intelligence. Meanwhile, after the US launched a “beheading” military operation against Venezuela over the weekend and forcibly arrested Venezuelan President Nicolas Maduro, investors flocked to precious metals to take refuge. Gold rose 2% on Monday, breaking through 4,400 US dollars per ounce, and silver rose as high as 4.8%.

Bitcoin used to be seen as a safe-haven asset during turbulent times, but at other stages, its trend is closer to risky assets such as stocks. Sean McNulty, head of derivatives trading at FalconX Asia Pacific, said that the current rise in Bitcoin is mainly driven by so-called “cryptographic native” institutions, that is, companies that focus on digital assets. Meanwhile, groups including Bitcoin miners, wealthy family offices, and other large investment funds showed no significant sell-off.

Bitcoin has been in a narrow fluctuation range for several weeks, failed to keep up with the stock market's rise during the Christmas holidays, and eventually fell 6.5% in 2025. Despite US President Trump's clear support for cryptocurrencies and a range of policy developments, Bitcoin's performance in 2025 is still lagging behind.

However, on January 2, investors made a net investment of 471 million US dollars into 12 Bitcoin spot ETFs, the highest level since November 11, which indicates that market sentiment may be changing. Sean McNulty said that traders are currently watching whether Bitcoin can continue to break through the $94,000 mark. Should there be a pullback, $88,000 would be a key support level to focus on.