Bitcoin remained range-bound on January 23, hovering near the $89,000 level as thin liquidity and subdued investor participation continued to weigh on price action. The world’s largest cryptocurrency showed little directional momentum, signalling consolidation rather than a shift in market conviction.
According to Vikram Subburaj, CEO, Giottus, flows remain the main drag. US spot Bitcoin ETFs extended a run of net outflows on Thursday and Friday, pointing to institutional caution rather than panic selling. Short-term holder metrics remain near break-even, indicating that recent buyers continue to sell into rallies, limiting upside momentum.
On the other hand, Sathvik Vishwanath, co-founder and CEO of Unocoin, noted that globally, institutional participation has deepened. The success of Bitcoin spot ETFs has helped make crypto a credible investment for traditional finance, attracting interest from banks and asset managers. At the same time, decentralised finance (DeFi) has steadied after earlier excesses, with growing use of Layer-2 networks that are faster and cheaper. Another key trend is the tokenisation of real-world assets, where blockchain is being used to represent assets such as bonds and funds instead of purely speculative tokens.
“On the regulatory front, India’s Financial Intelligence Unit has enforced stricter AML and KYC norms, aligning the ecosystem with global compliance standards. Meanwhile, the industry is seeking clarity on the classification of virtual digital assets and rationalisation of the 1% TDS, with expectations that a more comprehensive framework could evolve through 2026. In this sense, the current phase may appear quiet on the surface, but it reflects an industry focused on credibility, regulation and long-term sustainability rather than short-term hype,” he said.
Alongside, Altcoins stayed under pressure. Ethereum, BNB, XRP, and Solana all underperformed Bitcoin earlier in the week, reflecting higher sensitivity to risk-off conditions. Smaller tokens showed sporadic moves, but these lacked follow-throughs, underscoring the absence of broad risk appetite.
Published on January 23, 2026
