NEW YORK, Jan 23, 2026, 06:29 EST — Premarket
- Bitcoin hovered just below $90,000 before the U.S. cash market opened.
- Spot bitcoin ETFs listed in the U.S. saw net outflows for a second consecutive session.
- With the Fed meeting looming next week and Japan showing a hawkish tilt, traders scrutinized central-bank signals closely.
Bitcoin dipped under $90,000 on Friday, dropping 0.8% to $89,140 in early New York trading, unable to sustain a brief rally from overnight.
Money continues to drain from U.S.-listed spot bitcoin exchange-traded funds—those that hold bitcoin and trade like stocks. According to Farside Investors data, net outflows hit roughly $708.7 million on Wednesday, followed by $32.2 million on Thursday. Farside
This is significant since ETF flows offer a quick route for large investors to adjust their exposure, and prices can jump sharply on thin liquidity outside U.S. trading hours. The selling coincided with a flight to traditional safe havens: gold surged above $4,900 an ounce on Thursday, while bitcoin slipped roughly 0.8% and ether declined 2.8%. Reuters
Bitcoin fluctuated between $88,523 and $90,141 on Friday, data showed, ending up right where it began—hovering without a clear break.
Bitwise and Proficio Capital Partners rolled out a new ETF on Thursday combining bitcoin, gold, and other metals, touting these as “hard currencies” against the backdrop of rising public debt. Proficio CIO Bob Haber argued that seeking alternatives is logical when government bonds offer little reward. Reuters
Crypto-linked listings have regained attention. Custody firm BitGo surged 24.6% above its IPO price during its New York debut, pushing its valuation to $2.59 billion. This move serves as a fresh gauge of risk appetite in the sector. IPOX research associate Lukas Muehlbauer described it as a “bellwether” for demand but acknowledged the challenges posed by the recent selloff. Reuters
Interest rates continue to dominate bitcoin’s landscape. On Friday, the Bank of Japan held its policy rate at 0.75%, yet hinted at further hikes ahead. The yen jolted sharply as traders mulled over the potential for intervention. Reuters
In the U.S., the personal consumption expenditures price index — the Fed’s go-to inflation measure — clocked in at 2.8% year-on-year for November, according to the latest data. This figure keeps markets on edge, watching for any sign the Fed might maintain a tighter stance for longer. Bureau of Economic Analysis
But bitcoin remains bitcoin. Another wave of ETF selling or a surge in global yields might send it tumbling fast; steadier risk appetite and calmer rates could just as well nudge it back up near $90,000.
The next major event is the Federal Reserve’s meeting on Jan. 27-28, with the policy decision set for Wednesday, Jan. 28. Traders will scrutinize the statement and Chair Jerome Powell’s comments for clues on any changes to the timeline for rate cuts. federalreserve.gov
