January 20 Work Commute Podcast — Surge in short covering amid market downtrend, Bitcoin ETF continues to see net inflows

2026-01-19 21:08:56

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On January 20, 2026, the cryptocurrency market showed signs of adjustment, with Bitcoin falling 2.37% to $93,079, and Ethereum also declined 3.79% to $3,218. Major altcoins such as Solana, Dogecoin, and Cardano all dropped more than 5%, indicating an overall downward trend. The total market capitalization of cryptocurrencies is $3.15 trillion, with Bitcoin accounting for 59.07% and Ethereum for 12.34%.

In terms of trading volume, the total 24-hour trading volume reached $122.3 billion, with DeFi ($14.9 billion, +59.35%), stablecoins ($120.6 billion, +107.66%), and derivatives ($998.3 billion, +88.78%) sectors all experiencing significant increases.

During the same period, approximately $502 million in leveraged positions were liquidated, with 66.99% being short positions. Major exchanges such as Binance, Bybit, and OKX saw concentrated short liquidations, while Bitfinex had a short liquidation ratio of 100%. By currency, Bitcoin had the highest liquidation amount at $233.77 million, followed by Ethereum at $131.77 million, Solana at $60.56 million, and Ripple at $42.44 million. XRP’s price surged to $2.01, with short liquidations reaching $1.63 million within four hours.

On the macro front, Bitcoin spot ETF has experienced net inflows for three consecutive trading days, with an additional $65.5 million in new funds, led by BlackRock’s IBIT with $37.2 million inflow. Meanwhile, Solana ETF has been approved by Canadian regulators, becoming the first listing case in North America, attracting attention.

In the political arena, former President Donald Trump reiterated his friendly stance on cryptocurrencies, announcing that he will accept cryptocurrencies in his campaign activities. SEC Chairman Gary Gensler stated that the approval timing for Ethereum spot ETF remains uncertain. Dubai authorities are strengthening licensing standards for private enterprises like Binance, and DeFi applications received a $4 million investment in a new round of funding.

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