Most of the top-10 assets are little changed today, with modest losses led by XRP.
Crypto markets were mostly flat on Tuesday morning, Jan. 27, with Bitcoin hovering below the $88,000 mark as investors stayed cautious ahead of the U.S. Federal Reserve’s policy decision.
Bitcoin (BTC) was trading around $87,640 at press time, little changed over the past 24 hours and down 3.5% on the week.
Ethereum (ETH) edged 0.5% lower on the day, trading near $2,920, continuing to struggle to break back over the $3,000 mark. ETH has lost just over 5% on the weekly timeframe.
Most of the top-10 assets by market value were little changed or slightly lower, with XRP leading losses at around 2.6%.
Market sentiment remains cautious, with the Crypto Fear & Greed Index still in the “fear” zone as traders wait for clearer macro and policy signals.
Institutions Yet to Step Back In
On-chain data continues to point to a lack of conviction. Analysts at glassnode say the 30-day simple moving average of net flows for both Bitcoin and Ethereum spot ETFs remains negative, implying institutional demand has yet to recover.
“Spot volume remains stable but subdued, reinforcing a consolidation phase rather than a decisive trend move,” the firm wrote in an X post on Monday, Jan. 26.
As the analysts explained, fundamental activity “has slipped to low conviction,” signalling “softer demand” for risk assets like crypto.
Big Movers and Liquidations
Looking at the top-100 assets by market cap, Hyperliquid’s HYPE token led gains, jumping 22.6% over the past 24 hours.
The surge came after TradeXYZ, the Hyperliquid ecosystem’s largest real-world asset platform, crossed the $1 billion mark in 24-hour volume and reached an all-time high of $790 million in open interest, as The Defiant previously reported.
Memecoin launchpad pumpfun’s PUMP was the next biggest gainer today, up over 17%.
On the downside, RIVER reversed yesterday’s gains sharply, dropping nearly 29% to become the day’s worst performer. Polygon’s POL was next in line, but it was down just 5%.
Liquidations remained relatively contained today. Data from CoinGlass shows that under $200 million in leveraged positions were wiped out over the past 24 hours, with short and long positions about equally split.
In terms of assets, the silver perpetual futures contract on TradeXYZ, XYZ:SILVER, led 24-hour liquidations with $42.63 million wiped out as spot silver prices dropped from yesterday’s new high. As precious metals have continued to break new highs in recent weeks, crypto traders have increasingly turned to on-chain trading of these assets, as The Defiant previously reported.
ETFs and Macro Conditions
Spot exchange-traded funds (ETFs) reversed their net outflow streak on Monday. According to SoSoValue data, spot Ethereum ETFs recorded nearly $117 million in net inflows on Jan. 26, bringing total net assets standing at $17.62 billion.
Spot Bitcoin ETFs also saw net inflows on Monday, but, unusually, they were more modest than Ethereum ETFs’ with just $6.84 million, bringing total net assets across spot BTC ETFs to $113.5 billion.
On the macro front, investors are focused on the Federal Reserve’s next policy decision, scheduled for Wednesday afternoon. Traders widely expect the central bank to keep its benchmark interest rate unchanged within a 3.5% to 3.75% target range, CNBC reports.
