NEW YORK, Jan 7, 2026, 10:16 EST — Regular session
- Bitcoin slid about 2% in early U.S. trade, while Strategy rose on an MSCI index decision.
- Morgan Stanley’s crypto ETF filings and recent bitcoin ETF inflows kept institutional demand in focus.
- Traders are watching Friday’s U.S. jobs report for the next rates cue.
Bitcoin fell 2.4% to about $91,600 in early New York trade on Wednesday, after swinging between $94,187 and $91,409 and putting the $90,000 mark back in view. Strategy climbed 7.2% while Coinbase slipped 1.8%; miner Marathon Digital fell 1.7% and the iShares Bitcoin Trust ETF (IBIT) eased 0.8%. Bitcoin is still about 27% below its October record above $126,000. 1
The split move came after index provider MSCI delayed a plan that would have pushed “digital asset treasury companies” — firms that hold crypto as a major balance-sheet asset — out of its benchmarks, lifting a cloud over Strategy (formerly MicroStrategy). Owen Lau, an analyst at Clear Street, said the decision “removes a material near-term technical risk” for stocks that many investors use as proxies for bitcoin exposure. JonesTrading strategist Mike O’Rourke said he suspects any exclusion is simply “postponed until later in the year.” 2
MSCI said on Tuesday it will keep the existing treatment of companies on its preliminary list of DATCOs, which it defines as firms whose digital asset holdings are 50% or more of total assets, while it consults on how to handle non-operating companies. Strategy said on X that those firms would remain in MSCI indexes for the February 2026 review. 3
Morgan Stanley, meanwhile, filed with the U.S. Securities and Exchange Commission to launch exchange-traded funds, or ETFs, tied to the prices of bitcoin and solana, marking a rare push by a major bank into crypto-linked products. Morningstar ETF analyst Bryan Armour said the bank likely wants to move clients who already invest in bitcoin into its own ETFs, adding that “a bank entering” the space “adds legitimacy.” 4
Institutional flows have been a key support. U.S. spot bitcoin ETFs — funds that hold bitcoin directly — pulled in about $697 million of net inflows on Jan. 5, the biggest daily total since October, data cited by SoSoValue showed. 5
Crypto-linked shares had rallied earlier this week when bitcoin hit a more than three-week high, and Goldman Sachs upgraded Coinbase to “buy” from “neutral,” Reuters reported. On Wednesday, the mood was shakier, with miners and the listed bitcoin ETFs tracking the pullback in the token. 6
Broader markets did not help. Global equities eased from records as investors digested fresh headlines around Venezuela, while safe-haven buying pushed Treasury yields lower. Lombard Odier Investment Managers portfolio manager Florian Ielpo called it “uncertainty that’s not priced into markets yet.” 7
U.S. data could reset the tone. ADP estimated private payrolls grew by 41,000 in December, below the 47,000 economists had expected, and the report often diverges from official figures. Economists polled by Reuters expect Friday’s government report to show nonfarm payrolls rose about 60,000 and the unemployment rate dipped to 4.5%. 8
There are other potholes. Strategy reported a $17.44 billion unrealized loss on digital assets in the fourth quarter, a reminder that bitcoin-backed balance sheets can swing earnings — and sentiment — fast. 9
Traders now look to the U.S. employment report due at 8:30 a.m. ET on Friday for clues on rates, a key driver for risk assets including crypto. The Federal Reserve’s next policy meeting is scheduled for Jan. 27-28. 10
