Crypto heads into the last week of January with risk sentiment driving price action more than “pure crypto” narratives. Bitcoin is currently around $88.7k and Ethereum around $2.93k.
This article covers: what moved the market over the past week, what could move it next week, and a practical watchlist for readers in the UK.
Market snapshot (today)
- Bitcoin (BTC): ~$88,738
- Ethereum (ETH): ~$2,934
- Tone: cautious-to-neutral, with traders watching macro headlines and flows rather than chasing altcoin momentum.
Note: prices and conditions change quickly; this is not financial advice.
The 5 biggest crypto stories from the past week
1) Risk-off headlines pressured crypto
Bitcoin traded around the low-$90k area during the week as markets reacted to renewed geopolitical/trade-friction narratives and a more defensive risk tone.
2) Spot Bitcoin ETF flows flipped to heavy outflows
U.S. spot Bitcoin ETFs reportedly saw about $1.22B in weekly outflows—the largest since November—an important signal because ETF flows have become a key marginal driver of BTC’s short-term direction.
3) Nasdaq/SEC filings could reshape crypto ETF options activity
A Nasdaq filing proposes changes to position/exercise limits connected to options on several spot Bitcoin and Ethereum ETFs—potentially increasing liquidity and also volatility around key expiries.
4) “Crypto IPO window” stays open: BitGo and Ledger headlines
- BitGo raised $212.8M in a U.S. IPO, a notable institutional market signal for the sector.
- Ledger is reported to be exploring a New York listing that could value it above $4B, highlighting continued investor appetite for crypto infrastructure—especially security and custody.
5) Ethereum’s 2026 upgrade roadmap remains a background support theme
Ethereum’s next major upgrade (“Glamsterdam”) has been discussed as expected in the first half of 2026, with later 2026 planning also in view—useful context, even if not a “next week” catalyst.
What to watch next week (26 Jan–1 Feb 2026)
1) The Fed (Jan 27–28) and risk appetite
The FOMC meeting is Jan 27–28, with the decision and press conference on Jan 28—a major volatility catalyst for all risk assets, including crypto.
Market coverage of the week also flags the Fed decision plus major U.S. earnings (big tech) as key drivers of broader sentiment.
Why crypto traders care: BTC often trades like a high-beta macro asset during big rate/surprise weeks, and ETH typically amplifies the move.
2) ETF flow data (daily) as a “real-time sentiment gauge”
If large outflows continue, it can reinforce downside pressure; stabilisation or a sharp inflow day can quickly shift the narrative—especially after a risk event like the Fed.
3) Options/derivatives: watch expiry dynamics
Late-January options positioning can amplify intraday swings. CME’s listed Bitcoin options calendar shows late-January contract timelines that traders often monitor around month-end.
4) Regulatory mechanics (not headlines) can still matter
The Nasdaq/SEC rule-change process around ETF options limits is a “plumbing” story, but plumbing can move markets—especially for institutional hedging, gamma, and volatility.
Expectations: 3 practical scenarios (no “price targets,” just triggers)
Base case: range and chop
- Fed meets expectations; macro data doesn’t shock.
- ETF flows moderate (less extreme outflows).
- Result: BTC/ETH remain range-bound, with sharp intraday swings around news.
Bullish case: risk-on + flow rebound
- Fed messaging is interpreted as supportive for risk.
- Spot ETF outflows slow sharply or flip to inflows.
- Result: crypto catches a relief bid, with strongest response in ETH/high beta.
Bearish case: hawkish surprise or renewed geopolitical shock
- Fed tone surprises markets, or geopolitical/trade headlines intensify.
- ETF outflows remain large.
- Result: downside volatility increases; liquidity thins; alts underperform.
Reader checklist (useful, non-hype, and evergreen)
If you’re holding crypto into next week:
- Reduce avoidable risk: avoid excessive leverage going into Jan 28 (Fed).
- Use security basics: 2FA, hardware wallet for long-term holdings, and “assume every DM is a scam.” (The industry continues to highlight how large crypto-related theft/scam totals can be.)
- Have a plan for volatility: decide in advance what would make you de-risk (or do nothing) instead of reacting emotionally.
