New York, January 15, 2026, 17:04 (EST) — After-hours trading
Bitcoin dropped roughly 2% to $95,528 in late trading, dragging down crypto-related stocks following a volatile day that saw the token near $97,500 earlier. Coinbase tumbled 6.5%, Strategy lost 4.7%, and bitcoin miner Marathon Digital slid 3.9%. The iShares Bitcoin Trust ETF also dipped 2.6%.
This shift is significant since investors have been treating crypto like a high-beta risk play, relying on bitcoin ETFs and a few liquid stocks as stand-ins. When policy signals falter, the trade often reverses sharply.
In Washington, the Senate Banking Committee suddenly delayed its executive session on the Digital Asset Market Clarity Act of 2025, a key step toward finalizing the market-structure rules investors have been anticipating. No new date has been set. 1
Coinbase CEO Brian Armstrong played a key role in stalling the bill by saying the company couldn’t support it as is, labeling it riddled with issues. “We’d rather have no bill than a bad bill,” he said, cautioning that the proposal might restrict rewards linked to stablecoins — tokens pegged to the dollar — and dilute the Commodity Futures Trading Commission’s authority. 2
Earlier this week, senators introduced a draft aimed at clarifying when tokens fall under securities laws versus commodities rules, while specifying which regulator oversees each area. The bill attempts to draw a line around “interest” payments on stablecoins—a contentious point for banks, which warn that offering yield might drain deposits from the traditional banking system. At the same time, it permits certain rewards tied to activities like payments or loyalty programs. 3
The battle over stablecoins has gotten messy and public. Summer Mersinger, CEO of the Blockchain Association, slammed “Big Banks” for launching a “relentless pressure campaign” aimed at reshaping the legislation. 3
Flows have acted as a counterbalance. U.S. spot bitcoin ETFs, which hold bitcoin directly instead of futures, saw net inflows of around $711 million on Jan. 14 and about $484 million on Jan. 13, per Bitbo’s ETF flow data. 4
Macro factors weighed on bitcoin toward the end of the session. The dollar climbed to a six-week peak after U.S. jobless claims dropped more than anticipated, prompting traders to push back expectations for the next Federal Reserve rate cut. This reinforced the “higher-for-longer” sentiment, which usually dampens appetite for non-yielding assets. 5
Leverage poses the main challenge for equity investors. Coinbase and the miners frequently behave like leveraged plays on crypto prices and trading volumes. Meanwhile, Strategy’s equity basically tracks the market as a reflection of its bitcoin holdings.
Risk cuts both ways. Political pressure and doubts over Fed independence could drive investors to demand higher long-term yields, triggering swift reprices in risk assets — and crypto hasn’t offered refuge during those swings. 6
Several crypto desks remain confident the larger trend holds steady. Sean Farrell, Fundstrat’s head of digital asset strategy, noted this week that “this momentum continues in the coming days,” as bitcoin climbed back above $95,000. 7
Next on the radar: traders will track any rescheduled Senate markup on the Clarity Act and keep an eye on daily ETF flow data to gauge if demand holds steady heading into Friday. After that, focus shifts to the Fed’s policy meeting set for January 27–28. 8
