Bitcoin is still trading below the $98,000 resistance level. The source said analysts had argued a breakout was possible if $94,000 held as support, but BTC had already slipped under $96,000 by the time of writing. With the weekend approaching and trading volumes thinning out, the near-term direction remained unclear.
ETF demand keeps pulling liquidity away from exchanges
Swissblock said long-term holders were reducing exposure, while whales and short-term buyers kept accumulating. An on-chain platform cited in the report said that demand was drawing exchange liquidity toward institutional custody channels. Since January 12, more than $1.7 billion has flowed into ETFs. On January 14 alone, inflows reached $800 million, with BlackRock’s IBIT accounting for $648 million.
That flow pattern is the basis for the “supply shock” argument in the article. As institutions absorb available coins, circulating exchange supply tightens, helping push BTC back above $97,000. Still, the piece noted that sizable ETF outflows had been followed by strong inflows, so the next set of data matters if traders want to judge whether that pattern will continue.
Altcoins lag as Solana faces a key resistance test
Risk appetite in altcoins has not fully recovered. At the time the article was prepared, Bitcoin was down about 1.5%, while several altcoins were posting losses near 5%. On-Chain Mind’s update on Solana focused on one level: $146. It described that price as structural resistance and said a break above it would be needed before calling for a trend reversal.
If SOL is rejected there again, the report said it could remain trapped in its range and face a higher risk of another move toward major support at $123.
XRP watches support at $2.08 and $2.02
The article said a loss of $2.08 in XRP could point to fading appetite across the altcoin market. With Bitcoin failing to extend its upward move, some investors were described as treating the latest attempt with caution, viewing it through the same lens as earlier short-lived rallies.
On the flow side, XRP was said to be showing relatively solid ETF-channel performance, with daily inflows above $10 million for the last three days. Even so, that was still smaller than the outflows seen on January 7. If the day’s weakness continued, the piece said outflows could return. On price levels, a break below $2.02 could open the way to $1.98 and then $1.9.