As we enter 2025, a notable divergence is apparent between Bitcoin (BTC) and the S&P 500. Bitcoin is striving to maintain a position above $100,000, spurred by bullish indicators from its options market. In contrast, the S&P 500 exhibits signs of caution, showing greater downside risks compared to the previous year. Analysts speculate that concerns surrounding President-elect Donald Trump's impending inauguration might provoke a sell-off in the markets. Despite these concerns, BTC could receive support from returning liquidity and capital flows from China. BTC demand remains high, with it trading at a premium on major exchanges and miner sentiment remaining positive. The report also highlights ongoing bullish sentiment in the broader crypto market, with many top cryptocurrencies showing growth. However, traders should remain vigilant, particularly concerning spread dynamics in the bond market, which could negatively impact risk assets like BTC.

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