Bitcoin Slides Toward $91,000 with Two CME Pricing Gaps Coming Into Focus

Bitcoin declined to below $93,000 on 2026-01-07 as market volatility increased. Analysts are watching for a potential rebound after a recent pullback. The broader crypto market remains under pressure from institutional repositioning.

CME Group reported a 26% year-on-year increase in FX options trading in December 2025. The company also set new single-day records for notional value in JPY, CNH, and BRL. This growth is seen as a sign of increasing institutional adoption.

Average daily volume for FX futures and options declined by 4.7% in notional terms compared to December 2024. Despite this, CME said that 94% of FX options volume was traded electronically on its central limit order book.

Why Did This Happen?

The CME Group's FX Spot+ platform reached a new high for daily trading activity of $8.6 billion on 11 December 2025. This growth highlights the platform's role in expanding institutional access to FX markets. More than 50 firms, including 35 banks, have traded on the platform.

Bitcoin's price movement reflects uncertainty about macroeconomic factors. Traders are monitoring upcoming inflation data and interest rate decisions. Federal Reserve Chair Jerome Powell has expressed hesitation about rate cuts, which has created uncertainty in fixed-income markets.

CME Group plans to launch 24/7 crypto trading in 2026. This strategic move aligns with a global trend toward continuous trading. The company has also set an expense forecast of $1.625 billion for 2025.

What Are Analysts Watching Next?

Tom Lee of Fundstrat Global Advisors predicts Bitcoin could reach a new all-time high by the end of January 2026. He believes the market will see a stronger second half of the year, despite near-term volatility from institutional repositioning. He believes the market will see a stronger second half of the year.

Bernstein analysts expect a "tokenization supercycle" to drive growth in 2026. They set a price target of $150,000 for Bitcoin in 2026 and a $200,000 peak for 2027. This is based on expected growth in stablecoin payments and tokenized real-world assets.

Morgan Stanley filed with the SEC for two new crypto ETFs—Bitcoin and Solana. This follows a surge in inflows for spot Bitcoin ETFs during the first two trading days of 2026. The move could bring new liquidity to the market from the bank's 19 million wealth management clients.

Investor sentiment is mixed but cautious. While some analysts see Bitcoin at a potential bottom, others warn of volatility driven by macroeconomic shifts. The CME Group's recent performance in FX options and trading platforms could serve as a bellwether for institutional participation in digital assets.

CME Group's upcoming earnings report is scheduled for 2026-02-04. This report will provide further insight into the company's performance in FX and crypto markets. Analysts will be watching for surprises in both revenue and expenses.