The $74.6 billion liquidity injection by the Federal Reserve on the last trading day of 2025 seems quite aggressive, yet risk assets haven't surged en masse. Instead, the crypto market has presented an interesting scenario—Bitcoin is still oscillating within the narrow corridor of $85,000 to $95,000, but Ethereum is taking a different path, directly climbing to a new level following institutional resumption of work. Behind this, there's actually a more complex story.

Speaking of liquidity, the market is dead quiet from Christmas to New Year. Low participation, cautious capital, mainstream coins bouncing within their respective ranges. But as soon as the 2026 holiday ends and all Western institutions return to work, the situation immediately reverses. Bitcoin reclaims the $90,000 threshold, and Ethereum is even more aggressive—rushing from 3050 directly to 3100, with hardly any pullback over the weekend, keeping prices pinned at high levels. By January 4th, Bitcoin was fluctuating around 91,500, and Ethereum even touched 3150.

The driving force behind this rally, frankly, boils down to two words: activity. When institutional traders return, they bring in incremental funds, releasing previously frozen volatility. Bulls see no significant pullback after the breakout, their confidence stabilizes, and some start chasing the rally, which in turn reinforces the upward momentum. From a technical perspective, the lack of a proper correction is actually a signal—bullish sentiment isn't that fragile.

However, the divergence between Bitcoin and Ethereum isn't just a simple matter of strength versus weakness; it reflects subtle changes in market expectations for different assets.