NEW YORK, Jan 28, 2026, 06:26 EST — Premarket
- Bitcoin climbed roughly 1.8% to hover near $89,300 in early trading but has yet to break past the $90,000 mark
- With the dollar near multi-year lows, traders are bracing for the Fed’s rate decision due Wednesday
- After a short-lived inflow on Monday, U.S. spot bitcoin ETF flows reversed to outflows on Tuesday
Bitcoin climbed 1.8%, reaching $89,259 by 6:26 a.m. EST Wednesday. It fluctuated between $87,271 and $89,407 in the previous 24 hours.
The shift left the world’s biggest cryptocurrency closely linked to wider macro bets, as traders prepared for a Federal Reserve decision amid a dollar that’s been volatile. 1
The Fed is widely expected to hold rates steady, marking a pause following last year’s cuts amid divisions among policymakers over the need for further easing. “Given the strength of the U.S. economy … there is no urgency to lower rates aggressively,” said Seema Shah, chief global strategist at Principal Asset Management. 2
Dollar weakness has lent some support to alternative assets. Kyle Rodda, senior market analyst at Capital.com, said it “shows there’s a crisis of confidence in the U.S. dollar,” following President Donald Trump’s remarks downplaying worries over the greenback’s decline. 3
U.S. spot bitcoin ETFs—those that hold bitcoin outright—have seen uneven flows recently. On Tuesday, they recorded a net outflow of $102.8 million, following a $6.8 million net inflow the day before, per Farside Investors data.
Corporate buying stayed in the spotlight. Strategy revealed in an SEC filing that it purchased 2,932 bitcoin for $264.1 million between Jan. 20 and 25, pushing its total holdings to 712,647 coins. The purchase was mainly financed through an at-the-market program that sells shares directly into the market. 4
In U.S. premarket trading, crypto-linked stocks showed a mixed picture. Coinbase dropped 1.2%, while Strategy shares climbed 0.6%. Miners Marathon Digital, Riot Platforms, and CleanSpark posted gains ranging from 5% to 8%.
Ether, the world’s second-largest cryptocurrency, climbed 3.9% to hit $3,014.47.
The setup works both ways. A hawkish Fed or renewed ETF selling might drag bitcoin below $90,000, sparking bigger swings in crypto-related stocks.
Traders are gearing up for the Fed statement set for 2 p.m. EST, followed by Chair Jerome Powell’s news conference at 2:30 p.m. EST. All eyes will be on any changes in language regarding cuts, inflation, and financial conditions. 5
