Last Updated: January 23, 2026 | Tapbit Market Update & ETF Flow Desk
Bitcoin traded at approximately $89,555 on January 23, 2026, posting a 0.52% decline over the past 24 hours as ETF outflows accelerated and broader risk-off sentiment weighed on digital assets. Net outflows reached 16,653 BTC in recent sessions (primarily from Grayscale and BlackRock funds), pushing total ETF holdings lower and contributing to selling pressure. Altcoins followed suit — XRP fell -2.30%, Cardano -2.29%, and Ethereum struggled to hold above $3,000. This guide explains the ETF outflow mechanics, macro drivers, technical structure, sentiment indicators, and actionable trading setups on Tapbit for navigating the current dip.
Bitcoin & Market Snapshot – January 23, 2026
| Asset / Metric | Current Price | 24h Change | Key Level / Note |
|---|---|---|---|
| Bitcoin (BTC) | $89,555 | -0.52% | Testing $89K–$90K support zone |
| Ethereum (ETH) | ~$2,980–$3,010 | -1.1% | Higher beta weakness |
| XRP | — | -2.30% | Underperforming majors |
| Cardano (ADA) | — | -2.29% | Same risk-off pressure |
| Total Crypto Market Cap | ~$3.21–3.22T | -0.8% to -1.1% | Consolidation range |
| Fear & Greed Index | ~38–42 | Up slightly from 24 | Still risk-off territory |
| ETF Net Outflows (recent sessions) | 16,653 BTC | — | Grayscale & BlackRock dominant |
Why Bitcoin Dropped 0.52% Today – Main Drivers
1. ETF Outflows Accelerate
Net outflows of 16,653 BTC in recent sessions (primarily Grayscale GBTC and some BlackRock IBIT) have created consistent selling pressure. While inflows remain positive on longer timeframes, short-term rotation out of BTC ETFs reflects profit-taking and macro caution.
2. Risk-Off Sentiment Persists
Broader macro factors include:
- Geopolitical noise (ongoing tariff discussions despite recent de-escalation)
- Sticky inflation data → delayed Fed pivot expectations
- Equity market correlation → Nasdaq & S&P under pressure
- Gold strength (near $4,800) diverting safe-haven flows
3. Leverage Flush Aftermath
Earlier $700M+ liquidations (80%+ longs) removed weak hands, but residual short positioning and low volume continue to cap upside. Funding rates remain slightly negative → shorts still paying longs modestly.
Technical Structure – BTC & Key Altcoins
Bitcoin (BTC) – Current ~$89,555
- Immediate Support: $89,000–$89,500 (psychological + recent low)
- Critical Support: $88,000–$88,800
- Resistance: $91,000–$92,500 (prior swing high)
- RSI (daily): ~46–50 → neutral, room for upside
Ethereum (ETH) – Current ~$2,980–$3,010
- Support: $2,900–$3,000
- Resistance: $3,100–$3,200
XRP & Cardano: Both down >2% — higher beta weakness typical in risk-off phases.
Tapbit Trading Strategies for the Current ETF Outflow Dip
- Create your Tapbit account (0% maker fees)
- Deposit USDT via P2P or card
- Spot DCA: Set limit buys at BTC $89,000–$89,500 / ETH $2,900–$3,000
- Futures rebound play: Long BTC/USDT perpetuals on reclaim of $91K (20–50x leverage, isolated margin)
- Protective hedge: Short higher-beta alts (XRP, ADA) vs long BTC/ETH if risk-off persists
- Risk control: Max 1–2% account risk per trade; always use isolated margin & trailing stops
Conclusion
Bitcoin’s 0.52% drop to $89,555 on January 23, 2026, driven by 16,653 BTC ETF outflows and persistent risk-off sentiment, reflects short-term pressure rather than structural breakdown. Altcoins like XRP (-2.30%) and Cardano (-2.29%) show higher beta weakness, while Ethereum struggles to hold $3,000. The leverage flush is largely complete, and institutional custody flows remain supportive on longer timeframes.
Trade the ETF outflow dip & potential rebound on Tapbit:
Disclaimer: This article is for informational purposes only and does not constitute investment or trading advice. Cryptocurrency markets are highly volatile and subject to ETF flows, macro events and geopolitical developments. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
