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. Reuters
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. Reuters
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. Reuters
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. sec.gov
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. federalreserve.gov
