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Bitcoin slips back to $88,500 as silver tops
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Bitcoin slips back to $88,500 as silver tops
Bitcoin slips back to $88,500 as silver tops $100 for first time ever and gold eyes $5,000
6 min read
Bitcoin slips back to $88,500 as silver tops $100 for first time ever and gold eyes $5,000
Spot bitcoin ETFs booked over $1.6 billion in outflows in four days, underscoring the rapid reversal in investor demand after last week's strong inflows.
By Krisztian Sandor, James Van Straten|Edited by Stephen Alpher
Jan 23, 2026, 3:34 p.m.
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Bitcoin price on Jan. 23 (CoinDesk)
What to know:
- In another tough start to the U.S. session, bitcoin pulled back to the $88,500 area.
- The action came as precious metals continued to soar, with silver toppping $100 per ounce for the first time ever.
- Returns during the U.S. day were quite strong during the first two weeks of the year, but they've evaporated over the past week.
Bitcoin BTC$89,402.32 on Friday once again started the U.S. session with a sharp move lower, tumbling back to $88,500 even as precious metals continued breakneck rallies, with silver topping $100 per ounce for the first time ever. Gold was just shy of $5,000 per ounce, while platinum soared 5% to a new all-time high. Not a precious metal, but maybe soon to become one at this pace, copper rose 2.5% to just below a record high.
Crypto-related stocks moved lower as well. Coinbase (COIN) was down 2.6%, while Strategy (MSTR) slid 1.2%. Bitcoin miners Riot Platforms (RIOT) and MARA Holdings (MARA) posted 2% declines.
STORY CONTINUES BELOW
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The decline in crypto also came as U.S. stocks brushed off early losses to turn mostly higher, with the Nasdaq ahead 0.4% despite a 15% post-earnings plunge in Intel (INTC).
The company beat fourth-quarter earnings expectations but disappointed with first-quarter guidance, in part due to AI chip supply constraints. The stock remains higher by 17% year to date.
Bitcoin U.S. returns sink
When bitcoin reached $98,000 last week, the cumulative returns this year during the U.S. trading sessions were as high as 9%, noted CoinDesk senior analyst James Van Straten. Since then, those returns have dropped to just 2%, underscoring weaker demand for BTC from U.S. investors. That coincided with heavy outflows from U.S. spot bitcoin ETFs, investors withdrawing over $1.6 billion in the last four sessions.
Jasper De Maere, desk strategist at crypto trading firm Wintermute, noted a recent uptick in stablecoin redemptions into fiat, signaling that some institutional players who had re-entered the market earlier this year may now be stepping back.
Bitcoin NewsSilverWintermuteCopper
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
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