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.
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. MarketWatch
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.
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.” Reuters
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.
