New York, Jan 23, 2026, 10:15 ET — Regular session
- Bitcoin slipped under $89,000 as traders held back ahead of a packed week of central bank events
- U.S.-listed spot bitcoin ETFs saw net outflows continue in recent sessions
- Investors are focused on the Fed’s Jan. 27-28 meeting for hints on rate moves and shifts in risk appetite
Bitcoin slipped below $89,000 on Friday, dropping 0.7% to $88,725 as traders pulled back from risk. Ether also dropped, down 0.5% to $2,914, per CME CF real-time indices.
After a turbulent stretch in currencies, rates and commodities, gold surged to a new peak near $4,967 an ounce. The yen’s volatility was fueled by intervention jitters, while Japanese two-year bond yields climbed to 1.25%, their highest level since 1996, according to Reuters data. 1
This week’s action shows bitcoin still behaves like a risk asset amid market jitters, not a safe haven. Samer Hasn, senior market analyst at XS.com, called it “a geopolitical roller coaster” driving crypto’s recent slide, with rising yields adding to the pressure. Liquidations — forced closures of leveraged positions — have surged since bitcoin failed to stay above $90,000, noted Wenny Cai of SynFutures. 2
Flows have worked against the market. U.S. spot bitcoin ETFs—those holding bitcoin and trading on exchanges—experienced net outflows of $708.7 million on Jan. 21 and another $32.2 million on Jan. 22, according to Farside Investors data. The bulk of selling hit the largest funds. 3
Some investors chasing “hard” assets are now treating bitcoin like bullion. On Thursday, Bitwise and Proficio Capital Partners rolled out a “currency debasement” ETF combining gold, bitcoin, and other metals, with gold making up at least 25%. Proficio’s Bob Haber described the blend as “their own asset class” and called the move toward “hard currencies” a “long-term secular shift.” 4
The tug-of-war is clear: gold continues to attract the traditional safe-haven flow, while bitcoin’s rally hinges on investors’ appetite for risk and their willingness to leverage positions.
Here’s the downside: if bond yields climb higher or stocks falter again, crypto could face fresh waves of forced selling, with ETF redemptions potentially making the sell-off worse.
Traders are now focused on the Federal Reserve. The central bank’s two-day meeting wraps up Jan. 28, with the rate announcement set for 2:00 p.m. ET. Chair Jerome Powell will speak at 2:30 p.m., according to the Fed’s schedule. 5
