Crypto markets pulled back slightly on Friday morning, Jan. 16, giving up some recent gains after a short-lived rally earlier this week.

As of press time, Bitcoin (BTC) was trading around $94,700, down about 1.2% on the day, after reaching over $96,900 in the past 24 hours. Despite the downturn, BTC is still up over 4% on the week, rising out of the holiday doldrums.

Total crypto market capitalization fell to roughly $3.3 trillion, slipping 1.7% on the day.

All of the top-10 cryptocurrencies by market capitalization were slightly lower on the day, with Dogecoin (DOGE) losing the most in 24 hours, down 4%.

Ethereum (ETH) is down 1.8% today, but still posting weekly gains of 5.5%, trading above $3,365 at press time.

BTC at Key Inflection Point

In a post on X today, glassnode analyst Chris Beamish said Bitcoin is nearing a “key inflexion point,” adding that the BTC price reclaiming the short-term holder cost basis “would signal that recent buyers are back in profit, typically a prerequisite for momentum to re-accelerate. “

At the same time, in another X post glassnode analysts pointed to growing activity on Ethereum, saying a sharp rise in month-over-month retention among new users is signaling a “wave of first-time wallets interacting with the network rather than activity driven only by existing participants.”

Mike Marshall, head of research at blockchain analytics firm Amberdata, said several signals still look constructive beneath the surface.

“Bitcoin’s price movement appears driven by a convergence of on-chain and market-structure signals,” Marshall said in commentary shared with The Defiant.

Marshall also pointed to recent stablecoin minting, signs that ETF outflows are slowing, and derivatives markets showing accumulation, while warning that “portfolio rotations and broader macro uncertainty could introduce volatility” later in Q1.

Big Movers and Liquidations

Looking at the top-100 assets by market cap, privacy-focused cryptocurrency DASH led gains again, rising about 15% today, following its recent 50% rally. The next biggest gainer today is SKY, which is up roughly 4.8% on the day, according to CoinGecko.

On the downside, POL (ex-MATIC) dropped around 8% after its recent rally, making today’s biggest loser among the top-100 crypto assets.

Liquidations remained relatively muted over the past 24 hours with total crypto liquidations reaching roughly $239 million, per Coinglass data. Long positions made up $181 million, compared with $58 million in short ones.

Bitcoin liquidations totaled about $62.5 million, followed by Ethereum at roughly $38 million, with another $31 million across altcoins.

ETFs and Macro Conditions

On Thursday, Jan. 15, spot Bitcoin ETFs recorded net inflows of $100.2 million, bringing cumulative inflows to $58.2 billion, per data from SoSoValue.

Meanwhile, spot Ethereum ETFs continued to see stronger demand, posting $164.4 million in net inflows on the day, while total net assets across spot Ethereum ETFs climbed to about $20.4 billion.

On the macro side, U.S. Treasury yields were mixed, with the 10-year around 4.18% and the 30-year near 4.8%, as markets stayed on edge over geopolitical concerns, including U.S. President Donald Trump’s renewed push to take control of Greenland, per CNBC.

According to the U.S. Labor Department’s Bureau of Labor Statistics, import prices rose 0.4% between September and November, even as imported fuel prices fell 2.5% over the same period.

In terms of geopolitical moves, traders were also eyeing Canada’s deepening ties with China. Prime Minister Mark Carney said today that Canada is moving toward a “new strategic partnership” with Beijing, signaling a break from the U.S. on tariffs amid what he described as a shifting global order, Bloomberg reports.

“I’m extremely pleased that we are moving ahead with our new strategic partnership,” Carney said during meetings with China President Xi Jinping, framing the move as preparation for what he called a “new world order.”

OpenSea, the world’s largest non-fungible token market platform by trading sales volume, has partnered with Igloo Inc., the parent company behind the globally acknowledged non-fungible token series Pudgy Penguins, to reward its top marketplace users with Soulbound tokens (SBTs). In response to this integration, the Pudgy Penguins NFT collection has seen its floor price rise by 2% over the past 24 hours.

OpenSea x Pudgy Penguins Integration

In a January 16 blog post, the OpenSea NFT team confirmed that it has launched its fourth wave of rewards to its marketplace users. Launched in December 2017, OpenSea is the world’s largest decentralized marketplace for buying, selling, and trading NFTs and crypto collectibles. It functions like an eBay for unique digital assets, such as art, virtual land, and game items, all verified on blockchains like Ethereum and Polygon. It allows users to create (mint), list, and trade these unique digital items through smart contracts, giving creators a platform and collectors a way to own verifiable digital property.

Some people opening Chests are noticing that their Rewards includes a special item – the chance to mint a @PudgyPenguins SBT.

Anyone with a Tier 5 Treasure or above earned in Wave 4 is eligible to mint. Head to your Rewards tab on OpenSea or or go to the link below to mint.👇 pic.twitter.com/8xfOu6OSc3

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— OpenSea (@opensea) January 16, 2026

The OpenSea NFT marketplace launched its pre-token generation reward program, including the “Treasure Chests” and XP system, starting in phases around mid-September 2025, leading up to the expected $SEA token launch in early 2026. This initiative, which funnels 50% of NFT platform fees into user rewards and boosts activity for future token allocation, marked a major shift toward a broader on-chain trading hub, with new features and an AI-powered mobile app.

From January 16, 2026, some people opening Chests are noticing that their Rewards include a special item giving them a chance to mint a Pudgy Penguins SBT. Anyone with a Tier 5 Treasure or above earned in Wave 4 is eligible to mint. OpenSea chest is a feature in OpenSea’s rewards program, where users level up a virtual chest by completing activities like buying and selling NFTs and tokens, earning XP, and completing “Voyages” (quests) to unlock rewards like NFTs and crypto at the end of each reward wave.

OpenSea x Pudgy Penguins SBT Overview

In its fourth-round wave of rewards, the OpenSea team has integrated with Pudgy Penguins team to launch soulbound tokens (SBTs.) These SBTs commemorate all individuals who used the NFT marketplace OpenSea to purchase Pudgy Penguins or Lil Pudgy NFTs. The OpenSea SBT honors Pudgy Penguin or Lil Pudgy NFT buyers on the OpenSea who have never sold their NFT collections.

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Ripple has announced the inclusion of Hyperliquid on its multi-asset prime brokerage platform, marking the first integration of decentralized finance (DeFi) into its services. This move enables institutional clients to tap into on-chain derivatives liquidity while managing their DeFi exposures alongside traditional assets. By integrating DeFi into its platform, Ripple aims to bridge the gap between traditional finance and decentralized markets.

Ripple Prime now supports Hyperliquid as its first DeFi venue, offering access to advanced trading infrastructure. With this integration, clients will be able to cross-margin their DeFi exposures with all other asset classes supported by the platform. The service promises to offer institutions centralized risk management, a single counterparty relationship, and consolidated margin across portfolios.

This strategic move positions Ripple to strengthen its offerings for institutional clients by enhancing access to decentralized markets. The inclusion of Hyperliquid allows Ripple Prime’s clients to benefit from faster on-chain liquidity and greater trading efficiency. According to Ripple Prime CEO Michael Higgins, the integration helps address the growing demand for decentralized finance, providing clients with scalable access while maintaining capital efficiency.

Ripple’s Mission to Integrate DeFi and Traditional Finance

Ripple’s expansion into DeFi is part of its broader mission to merge traditional finance (TradFi) with decentralized finance. The firm aims to offer institutions a unified framework that combines both asset classes into a single, efficient platform. Through this integration, Ripple Prime hopes to enhance liquidity access and foster further innovation in institutional crypto trading.

In the release, Ripple highlighted that the inclusion of Hyperliquid will support institutions as they scale their DeFi operations. The crypto firm noted that clients will benefit from improved capital efficiency and a robust risk management system, while enjoying access to on-chain liquidity. This development could pave the way for more institutional players to enter the DeFi space, signaling the growing influence of decentralized markets in mainstream finance.

Ripple’s initiative is seen as a significant step forward in the institutional adoption of DeFi. By offering clients integrated access to both traditional and decentralized markets, Ripple is positioning itself as a key player in the evolving crypto trading landscape. The move is expected to attract greater institutional participation and further blur the lines between traditional finance and decentralized finance.

Impact on XRP and Hyperliquid (HYPE)

Ripple’s move is set to have significant implications for both XRP and the Hyperliquid (HYPE) token. With the integration, XRP is expected to gain more institutional interest, particularly in the form of perpetual trading and spot pairs. This increased liquidity could drive up demand for XRP and create additional trading opportunities for Ripple’s institutional clients.

The Hyperliquid platform, now linked with Ripple Prime, stands to benefit from increased exposure and trading volume. As more institutions engage with the platform, trading fees will likely rise, providing more liquidity to Hyperliquid. This increase in activity may result in more buybacks of the HYPE token, further supporting its value.

By expanding its offerings and securing greater access to DeFi markets, Ripple is positioning itself to become a significant player in the crypto institutional space. The integration of Hyperliquid into Ripple Prime is seen as a win for both the Ripple ecosystem and the broader DeFi market.

The U.S. Treasury faced sharp questions Tuesday over Bitcoin policy during a tense Capitol Hill hearing. Lawmakers focused on whether the government should purchase Bitcoin or allow federal assets to back crypto. Treasury Secretary Scott Bessent firmly stated that taxpayer funds would not be used to buy or support digital currencies.

Treasury Blocks Bitcoin Intervention Despite Pressure

During a House Financial Services Committee hearing, Rep. Brad Sherman pressed Bessent about potential Bitcoin-related bailouts. Sherman suggested the Treasury could direct banks to hold Bitcoin or tweak reserve policies to support crypto. However, Bessent responded that the law gives him no such authority, and he cannot compel banks to make crypto purchases.

Bessent further clarified that taxpayer funds cannot be invested in digital currencies or in any tokens, including Solana-based meme assets. He emphasized that his role under current regulations does not permit using federal funds for Bitcoin exposure. Sherman countered by raising concerns over private banking funds, but Bessent maintained that those are not public monies.

The exchange intensified when Sherman questioned if the government would ever use tax revenue to accumulate Bitcoin reserves. Bessent reiterated that only seized Bitcoin is held by the U.S. government under existing forfeiture processes. He cited prior seizures totaling $1 billion, with $500 million retained and now worth over $15 billion.

TRUMP Coin Draws Fire During Crypto Oversight Talks

Rep. Sherman also referenced the “TRUMP” meme coin issued on the Solana blockchain, linking it to speculation and volatility. He asked if such coins could ever qualify for government-backed purchases or policy inclusion. Bessent replied that neither the Treasury nor the FSOC has the authority to act on speculative meme coins.

While Bessent stayed neutral on the TRUMP coin, Sherman emphasized its unregulated nature and alleged political branding. He warned that using public resources for these assets could set a dangerous precedent. The discussion signaled growing discomfort among lawmakers about crypto products perceived to be linked to public figures.

Bessent declined to provide specific commentary on TRUMP coin but reinforced that the Treasury does not engage in speculative crypto activities. He stood by the department’s position that taxpayer dollars should not enter volatile or unregulated digital markets. This stance continues to define Treasury policy amid rising political attention on meme coins.

World Liberty Financial Raises Scrutiny Over Security Risks

Rep. Gregory Meeks shifted focus to World Liberty Financial, citing concerns about foreign ties and investor transparency. He referenced statements from founder Eric Trump, who claimed he had undisclosed yet “meaningful” investors. Meeks argued that such ambiguity could pose national security risks, especially if linked to foreign capital.

The lawmaker also pointed out that the WLFI token had lost over 50% of its value, adding to concerns of instability. He said discussion forums revealed unease about governance, suggesting that the Trump family controlled key decisions. Meeks argued this ownership structure could allow selective profit-taking from token sales.

Senator Elizabeth Warren had previously called for an investigation into a deal involving a UAE royal entity and World Liberty Financial. Meeks followed up by urging tighter oversight of any bank license applications tied to the firm. However, Bessent refused to intervene, stating that the Office of the Comptroller of the Currency operates independently.

The race is on among analysts to forecast how far bitcoin BTC$71,404.58 could drop, with target prices dropping further every day. The latest to jump in is Stifel, a premier, full-service financial services firm headquartered in St. Louis, Missouri.

Analysts at the 136-year-old firm predict the bitcoin price could crash to as low as $38,000.

“Already down -41% from the high, bitcoin super-bears have followed a linear trend suggesting a potential low of~$38K,” the team led by Barry B. Bannister said in a note to clients on Wednesday.

They’re looking at straight line drawn across the low points of every major bitcoin crash since 2010. Bitcoin slumped 93% in 2011, 84% in 2015, 83% in 2018 and 76% in 2022. A line connecting those market bottoms slopes upward and points to $38,000 as the potential nadir for the current slide.

Bitcoin peaked over $126,000 in October and has since crashed to nearly $70,000 revisiting levels last seen in November 2024.

The curios case of Benjamin Bitcoin

The Stifel analysts explained the bearish case with an analogy tied to the movie “The Curious Case of Benjamin Button.”

In the movie and the F. Scott Fiztgerald story on which it is based, Button gets younger as everyone else ages. Bitcoin is like that: A fixed supply cap of 21 million BTC made it stronger — younger in the analysts’ terms — as the dollar weakened from regular money printing.

Now it’s fraying, like the kid version of Button, who looks 10 but acts 80, stuck playing piano for retirees.

Bitcoin used to rise with more global cash and weaker dollars, but since 2025, the relationship has reversed. It now falls with the dollar. The Dollar Index has dropped nearly 1% this year, extending last year’s near 10% slide.

“Prior to 2025, Bitcoin rose when the dollar fell and Global M2 money supply (converted to dollars) rose, thus “aging backward” versus fiat, but since 2025 the relationship has reversed,” the analysts said.

The behavior is compounded by bitcoin closely following Wall Street’s tech heavy Nasdaq 100 index and growth stocks, surging on dovish pivots by the Federal Reserve and slumping on hawkish ones. Though the Fed cut interest rates in the final three meetings of 2025, those largely carried a hawkish tone, downplaying faster cuts in future.

That tone is ominous, the analysts said, especially as technology companies are borrowing more heavily, which has raised their borrowing costs. This could lead to financial tightening, hitting stock valuations and adding to the pain in the bitcoin market.

The White House is thinking about pulling its support for a major crypto regulation bill after Coinbase suddenly withdrew its backing.

A source close to the Trump administration said officials were caught off guard by Coinbase’s decision. The administration is reportedly angry, calling Coinbase’s move a “rug pull” that hurt not just the White House but the wider crypto industry.

Officials claim Coinbase did not warn them before going public with its opposition. Because of this, the White House may fully walk away from the Digital Asset Market Clarity Act. However, the administration could stay involved if Coinbase returns to talks and agrees to a compromise.

🚨SCOOP: The White House is considering pulling its support for the crypto market structure bill entirely if @coinbase does not come back to the table with a yield agreement that satisfies the banks and gets everyone to a deal, a source close to the Trump administration tells me.…

— Eleanor Terrett (@EleanorTerrett) January 17, 2026

The biggest sticking point is stablecoins, especially rules around yield-bearing stablecoins. Banks are worried that allowing stablecoins to offer around 5% returns could pull money out of traditional savings accounts. The source emphasized that this is “President Trump’s bill,” not one controlled by Coinbase or its CEO, Brian Armstrong.

Why Coinbase Opposes the Crypto Market Structure Bill

Coinbase says it pulled support because the bill, in its current form, could harm the crypto industry. Armstrong said it is better to have no bill than a bad one. He raised concerns that the proposal could effectively ban tokenized stocks, place heavy restrictions on decentralized finance (DeFi), and give the government broader access to users’ financial data, which could hurt privacy.

Armstrong also warned that the bill weakens the Commodity Futures Trading Commission while giving more power to the Securities and Exchange Commission. The SEC has faced strong criticism from the crypto industry for relying heavily on enforcement actions instead of clear rules.

Reactions within the crypto community are mixed. Some support Coinbase, saying lawmakers are protecting banks at the expense of innovation. Others argue that Coinbase is just one exchange and should not have the power to block legislation that affects the entire crypto industry.

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BlackRock has moved millions of dollars in Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime, sparking speculation about its intentions. The transfer of approximately $170 million comes at a time when BTC is on a downward trend in the market. With the price of Bitcoin falling, questions have emerged regarding whether BlackRock is preparing to sell its assets or purchase more.

The transfer follows a series of similar moves in the past, adding to the ongoing market uncertainty. In January, BlackRock transferred $600 million in BTC and ETH to Coinbase, which later saw an outflow of $142 million. This has raised concerns about potential sell-offs, with some fearing BlackRock may be offloading assets in response to the market downturn. However, it remains unclear whether the funds are being moved for selling or for reinvestment purposes.

Bitcoin Price Continues to Struggle as ETF Outflows Persist

The price of Bitcoin has continued its decline, with the BTC price falling below $100,000 for the first time since April 2025. This comes as Bitcoin ETFs experience significant outflows, with total assets under management (AUM) for Bitcoin ETFs now standing at approximately $97 billion. The drop in the AUM is the lowest it has been in nearly two years.

BTC ETF funds, such as the ones managed by BlackRock, have seen daily outflows. Experts point out that these outflows coincide with the price of Bitcoin being well below the cost of creation for the ETFs. The cost of creating the ETFs stands at around $84,000 per Bitcoin. Given this disparity, there are concerns that the situation could lead to further declines in ETF investments.

While these ongoing outflows have raised concerns, it is important to note that the market is experiencing a wider trend of consolidation and realignment. Despite the challenges faced by Bitcoin ETFs, BlackRock is looking to expand its offerings. The firm has filed for a Bitcoin Premium Income ETF, signaling its continued interest in the cryptocurrency space.

Other Institutions Follow BlackRock’s Lead with Large Transfers

BlackRock is not the only institution to have moved large amounts of cryptocurrency to Coinbase. GameStop Holdings recently transferred all of its Bitcoin holdings, valued at around $450 million, to Coinbase. The transfer, however, was not without its challenges. The value of GameStop’s Bitcoin holdings has decreased by approximately $70 million from their initial purchase price.

GameStop’s move aligns with statements from its CEO, Ryan Cohen, who hinted that the company is looking to diversify its investment strategy. This decision reflects the broader trend of traditional financial institutions and corporations adjusting their positions in the crypto market. BlackRock’s latest move, paired with GameStop’s, could signal a shift in how these firms approach their digital asset portfolios.

This shift in strategy could have wider implications for the market as more institutions look to rebalance or shift their cryptocurrency holdings. While the future of Bitcoin and Ethereum remains uncertain, these movements show how large institutions are responding to ongoing market fluctuations.

The Bitcoin price has jumped by a fraction of a percentage in the last 24 hours to trade at $95,324, as spot Bitcoin ETFs saw a strong return recording $1.42 billion in net inflows over the past week.

ETF activity was heavily concentrated in the middle of the week. Data shows that Wednesday delivered the largest single-day inflow of approximately $844 million, followed closely by $754 million on Tuesday. Although momentum cooled toward the end of the week, including a notable $395 million outflow on Friday, the strong midweek buying was enough to push total weekly inflows to their highest level since early October. At that time, spot Bitcoin ETFs attracted around $2.7 billion, highlighting the scale of the renewed interest.

The latest inflow trend suggests that institutional investors are gradually returning to Bitcoin through regulated investment products after a period of caution. Vincent Liu, chief investment officer at Kronos Research, said that ETF inflows indicate long-only allocators re-entering the market. He added that ETF buying, combined with reduced selling from large Bitcoin holders, or whales, is helping tighten effective supply.

On-chain data shows whale selling pressure has eased compared to late December, reducing a key source of distribution and downside risk. Ethereum ETFs also posted positive inflows, though at more modest levels compared to Bitcoin. The strongest inflow day occurred on Tuesday, with approximately $290 million, followed by $215 million on Wednesday. However, late-week selling weighed on performance, with Friday seeing roughly $180 million in outflows, trimming total weekly inflows to around $479 million.

Despite the improved flow data, analysts remain cautious. Market observers note that short-lived spikes in ETF inflows have historically led to brief price rebounds rather than sustained rallies. Analysts argue that Bitcoin will likely need several consecutive weeks of strong and consistent ETF demand to support a durable uptrend. Without sustained inflows, price gains may continue to face resistance and fade during periods of weaker demand.

Bitcoin Price Consolidates Above Key Support After Bullish Breakout

Bitcoin (BTC) shows steady consolidation after a strong bullish breakout, according to the latest 4-hour chart, as price trades at $95,470 at the time of writing. The chart highlights a major support zone near the $86,000–$88,000 range, where Bitcoin previously formed a solid base.

This area acted as a demand zone, absorbing selling pressure and setting the stage for a rebound. From this level, BTC began forming a rounded bottom pattern, a classic bullish structure that often signals a gradual shift from bearish to bullish momentum. The bullish bias was confirmed after the price broke above a key resistance zone around $91,000–$92,000, labeled as a bullish breakout on the chart. Following the breakout, Bitcoin rallied sharply toward the $97,000–$98,000 area, where sellers temporarily stepped in. This level now acts as short-term resistance.

Currently, BTC is moving sideways just below resistance, suggesting healthy consolidation rather than weakness. Price is holding above the former resistance zone, which has now flipped into support around $94,500–$95,000. This behavior often indicates that buyers are defending higher levels while preparing for a possible continuation move.

BTCUSD Chart Analysis Source: Tradingview

The chart also marks a reward zone targeting the $100,000 psychological level, aligning with the projected take-profit area. A clean break and close above the $96,000–$97,000 resistance could open the door for a retest of six-figure prices in the near term.

Momentum indicators support this outlook, with the Relative Strength Index (RSI) is hovering around the mid-50s, indicating a neutral-to-bullish momentum. Notably, RSI is neither overbought nor oversold, leaving room for further upside if buying pressure increases.

The technical structure remains constructively bullish, as long as Bitcoin holds above the $94,000 support zone. A drop below this level could invite short-term pullbacks toward $92,000, but unless BTC loses the major support near $88,000, the broader trend continues to favor the bulls.

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Let’s have a look at some important PI price targets as the cryptocurrency continues to fall toward new all-time lows.

PI reached a new all-time low at 14.6 cents. Is this the bottom?

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.15

Key resistance levels: $0.2

PI Downtrend Accelerates

PI closed January with a new all-time low after briefly touching $0.146. Since then, buyers have pushed the price above 15 cents, but this is unlikely to hold if the downtrend continues.

Worst, there is no sign of a possible bottom yet, especially when major market leaders such as BTC and ETH continue to fall.

Aggressive Selloff since the start of 2026

As soon as the new year started, PI bears intensified their presence on the orderbook with massive sell orders. This led to a sharp 25% crash in mid-January. This pressure appears to continue in February, as can be seen on the chart.

Daily RSI Extremely Oversold

The daily RSI has been in the oversold region (below 30) since the start of the year, and it has not moved out of it. This is an extremely bearish signal, but it does hint at a possible bounce in the future, since prices rarely remain in extremes for long.

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Should a bounce materialize later, watch the resistance at 20 cents, which could stop any relief rally.