Bitcoin price today: BTC rebounds above $90,000 as ETF outflows and Fed week loom
23 January 2026
1 min read

Bitcoin price today: BTC rebounds above $90,000 as ETF outflows and Fed week loom

NEW YORK, Jan 23, 2026, 13:47 EST — Regular session

Bitcoin rose 1.45% to $90,645 on Friday afternoon, after swinging between $88,595 and $91,205 earlier in the session. 1

The bounce comes after a run of redemptions from U.S. spot bitcoin ETFs, which have become a key pipeline for institutional money since they launched in early 2024. Those funds posted $1.62 billion of net outflows over four sessions through Thursday as the “basis trade” — a bet on the gap between spot and futures prices — paid less, and hedge funds backed away. “They move fast and they can overwhelm flows in the short term,” Bitwise Chief Investment Officer Matt Hougan said. 2

Outside crypto, traders kept one eye on Japan after the yen swung sharply on intervention talk, while U.S. stocks drifted after two days of gains. Fed funds futures implied a 97% chance the Federal Reserve holds rates steady next week, CME FedWatch data showed, and gold and silver hit fresh records as money stayed parked in traditional havens. 3

A new product launch also added to the “hard assets” chatter on desks. Bitwise and Proficio Capital Partners rolled out an ETF on Thursday that starts with at least 25% in gold and adds exposure to bitcoin and other metals, pitching it as a hedge against currency debasement. “It makes sense to look for alternatives,” Proficio CIO Bob Haber said. 4

Separately, UBS is planning to offer cryptocurrency investing to some private-banking clients in Switzerland, Bloomberg News reported, in another sign big banks are testing the water as client demand firms. A UBS spokesperson said the lender is exploring initiatives that reflect client needs, regulation and “robust risk controls.” 5

Other major tokens moved in the same direction. Ether was last up about 1.9% at $2,996, while XRP gained about 1.5%, according to Investing.com data. 6

But the flow picture still cuts both ways. If hedge funds keep unwinding futures trades, or if the Fed surprises markets with a more hawkish tone, bitcoin can give back gains quickly and retest recent lows.

The next clear catalyst is the Fed’s Jan. 27-28 policy meeting, with Chair Jerome Powell due to hold a press conference on Jan. 28. 7

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