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.
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. Decrypt
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.
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. Reuters
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.” Reuters
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.
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.
