Gate Daily (January 23): Trump advocates for making the US the cryptocurrency capital; Bitcoin ETF faces $709 million outflow.

Bitcoin (BTC) slightly rebounded, currently around $89,660 on January 23. US President Trump promoted the US as the cryptocurrency capital at the Davos Forum. On January 21, Bitcoin ETF experienced a record outflow of $709 million, with BlackRock’s IBIT redemption amounting to the highest.

Macro Events & Cryptocurrency Hotspots

1. At the World Economic Forum, Trump highlighted the upcoming “CLARITY Act” currently advancing in Congress. This bipartisan bill aims to separate cryptocurrency regulation, with securities tokens overseen by the US Securities and Exchange Commission (SEC), and assets like Bitcoin regulated by the US Commodity Futures Trading Commission (CFTC). He hopes to sign this bill soon after the “GENIUS Act” signed last year. He promises to achieve financial freedom through clearer regulations. Currently, banks are pushing for a cap on stablecoin yields to protect deposits, while the largest compliant US crypto exchanges oppose this, creating ongoing tension. However, officials like David Sachs predict that once passed, banks will fully embrace cryptocurrencies. Senators like Lumis also support efforts to boost US innovation and surpass competitors like China.

2. On January 21, Bitcoin ETF saw a record outflow of $709 million. BlackRock’s iShares Bitcoin Trust redeemed the most, at $356.6 million, followed by Fidelity with $287.7 million. Over three trading days, total net outflows reached $1.58 billion. Ethereum ETFs also showed similar trends, with outflows of $287 million, while smaller funds like Solana and XRP saw slight inflows. Despite pressure, macroeconomic cautiousness driven by high interest rates and trade tensions suggests that cumulative inflows by 2026 will remain strong, reaching $56.6 billion.

News Highlights

1. Bitcoin mining difficulty decreased by 3.28% to 141.67 T

2. TikTok announces US plan, jointly operated by two companies, ByteDance retains algorithm intellectual property

3. BitGo listed on NYSE, rose about 20% on the first day, with a peak valuation of $2.6 billion

4. World Liberty Financial partners with crypto satellite company Spacecoin for token swaps

5. BitMine further staked 171,264 ETH, totaling approximately $5.73 billion in staked assets

6. Whale 0xfb7 bought an additional 20,013 ETH from FalconX

7. Trump: 25% tariffs will be imposed on all countries trading with Iran

8. Analysis: Bitcoin is in a deep bear market relative to gold, with historical data indicating the downtrend may continue

9. Fintech and asset tokenization firm Superstate completes $82.5 million Series B funding

10. US November core PCE inflation rate at 2.8%, in line with expectations

Market Trends

1. Latest Bitcoin news: $BTC Slight rebound, currently around $89,660, with $41.16 million liquidated in the past 24 hours, mostly long positions;

2. Major US stock indices closed higher on January 22, marking the second consecutive day of gains. Previously, President Trump withdrew tariff threats against European allies, and data highlighted US economic resilience, boosting investor confidence. Large tech stocks performed well, driving the market up. Dow Jones Industrial rose 306.78 points, up 0.63%, to 49,384.01; S&P 500 increased 37.73 points, up 0.55%, to 6,913.35; Nasdaq gained 211.20 points, up 0.91%, to 23,436.02.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with current price at $89,532.50, if it drops near $87,679, total long liquidation exceeds $550 million; if it rises near $90,903, total short liquidation exceeds $571 million. Short liquidations are higher than longs, so it’s advisable to control leverage reasonably to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $1.62 billion, outflow $1.65 billion, net outflow $0.03 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led by contracts of $RIVER, $ZEC, $PAXG, $AXS, $BCH , indicating trading opportunities.

Selected Opinions from Influencers

Phyrex Ni (@Phyrex_Ni): “Today’s operations are a bit tough. Early morning, Trump directly TACO’d me, so I bought the dip. I thought Trump had TACO’d, Europe should speak nicely now, but no, maybe Trump’s mouth is too tough. You could have just found a way out yourself, but you chose to fight back verbally. Now Europe is starting to sell US assets for profit.”

“This keeps the market uncomfortable. Although tariff pressure is temporarily gone, if Europe withdraws investments from the US, the impact on the market will be huge because once European funds shift from low-risk preferences to higher risk premiums, US stocks, bonds, and the dollar will all be affected.”

“More critically, this turns the tariff event from a one-time shock into a longer narrative. Europe is starting to incorporate geopolitical and policy uncertainties into US asset pricing models. Once this is embedded into investment committee frameworks, it’s not something that can be reversed in two days. So, the next market pain point isn’t whether tariffs are canceled but whether capital will demand higher costs from the US. If Europe truly reduces allocations, the rebound in risk assets will be more like technical corrections rather than a trend reversal.”

“Looking at Bitcoin data, turnover remains quite low. The main selling is still from short-term investors, and investor sentiment is relatively stable. No signs of panic deepening. Given the current situation, the tariff crisis seems resolved, and this is probably a strong retaliation against Trump. Hopefully, it will be resolved quickly.”

“The chip structure remains very stable, with no signs of collapse. More chips are gathering around $90,000. The range from $83,000 to $92,000 is a bit crowded, and it’s clear that holders are less willing to sell.”

Today’s Outlook

1. Japan unsecured overnight borrowing rate, previous value 0.75%

2. UK December seasonally adjusted retail sales (monthly), previous -0.1%

3. France January Manufacturing PMI preliminary, previous 50.7

4. Germany January Manufacturing PMI preliminary, previous 47.0

5. Eurozone January Manufacturing PMI preliminary, previous 48.8

6. UK January Manufacturing PMI (preliminary), previous 50.6

7. Canada November retail sales (monthly), previous -0.2%

8. US January University of Michigan Consumer Sentiment Index final, previous 54.0

9. Bank of Japan Governor Ueda Kuroda holds a monetary policy press conference

10. Bank of Japan announces interest rate decision and economic outlook report