New York, Jan 22, 2026, 10:44 EST — Regular session
- Bitcoin slipped 1.2% to roughly $88,868, moving within a range of $87,304 to $90,281.
- On Jan. 21, U.S. spot bitcoin ETFs saw net outflows of about $709 million, with IBIT and FBTC taking the biggest hits.
- After new PCE inflation figures, traders are focused on the Fed’s Jan. 27-28 meeting.
Bitcoin dipped under $90,000 on Thursday, pressured by ongoing outflows from U.S.-listed spot bitcoin ETFs. The top cryptocurrency traded around $88,868, down 1.2%, by mid-morning in New York, within a session range of $87,304 to $90,281.
This shift is significant as ETF flows have become a near-daily gauge of institutional appetite for bitcoin. Traders are also recalibrating their bets on U.S. interest rates, with crypto behaving more like a macro asset, reacting sharply to moves in the dollar and yields.
U.S. spot bitcoin ETFs posted net outflows of roughly $708.7 million on Wednesday, led by BlackRock’s IBIT, which saw $356.6 million pulled. Fidelity’s FBTC wasn’t far behind, dropping $287.7 million, according to Farside Investors. These funds have now lost about $1.2 billion over the last two sessions. 1
Crypto-related stocks dipped with the token. Strategy shares dropped roughly 2.1%, and Coinbase slid about 0.7% in early trading. Ether also edged down nearly 1.2%, hovering near $2,954.
Strategy, led by bitcoin advocate Michael Saylor, revealed this week it snapped up roughly $2.13 billion worth of bitcoin in just eight days. The firm now holds 709,715 coins as of Jan. 19. “Stopping would be as much a signal to the market as purchasing more,” said Nic Puckrin, analyst and co-founder of Coin Bureau. 2
The macro backdrop has traders on edge. U.S. consumer spending climbed 0.5% in both October and November. The PCE price index — the Fed’s favored inflation measure — ticked up 0.2% in November, with year-on-year inflation at 2.8%, Reuters reported. 3
Jobless claims ticked up slightly to 200,000 last week, while third-quarter GDP growth was revised higher to a 4.4% annual rate, highlighting an economy that’s holding strong despite sluggish hiring. Heather Long, chief economist at Navy Federal Credit Union, noted, “Strong growth is powered by AI investments … but there is almost no hiring.” 4
Risk appetite bounced back late Wednesday after U.S. President Donald Trump pulled back on a tariff threat linked to Greenland, lifting stocks and Treasuries from earlier losses. “Uncertainty just got priced out,” said Matthew Smart, director of financial planning and portfolio analysis at WWM Investments. 5
Bitcoin hasn’t been able to maintain its recent bounce, with the ETF flow keeping sellers in check. A fresh wave of heavy withdrawals—or a stronger dollar if the Fed dashes rate-cut expectations—might drag BTC back down toward this week’s low around $87,000.
All eyes are on the Fed’s policy meeting set for Jan. 27-28, with the rate decision landing on the 28th. Traders will track daily ETF flow updates closely, while December’s PCE inflation data, due Feb. 20, could also steer bitcoin’s next move. 6
