On Monday, Fitch Ratings warned that Bitcoin-backed securities exhibit heightened market value risk consistent with speculative-grade credit profiles. The agency cited Bitcoin's sharp price volatility, collateral coverage pressures and past crypto lender failures as key concerns, potentially affecting how institutions evaluate crypto-linked credit products.

On January 12, 2026, Strategy (MSTR) said it bought 13,627 BTC for approximately $1.25 billion, marking its biggest weekly buy since last summer. The tranche averaged about $91,519 per coin and lifted total holdings to 687,410 BTC. The company's cumulative Bitcoin spend is roughly $51.80 billion, with an average purchase price near $75,353.

On January 11, 2026, Federal Reserve Chair Jerome Powell disclosed that the U.S. Department of Justice had issued grand jury subpoenas to the Fed and threatened criminal charges, which he characterized as politically motivated pressure linked to interest-rate decisions rather than a $2,500,000,000 building renovation. Following the news, Bitcoin traded around $90,822 (+0.1% 24h) on CoinGecko and $91,226 (+0.42% 24h) on CoinMarketCap, while analysts highlighted the implications for Fed independence, U.S. institutional credibility, and demand for non-sovereign assets like BTC. Market commentary pointed to a backdrop of heightened equity volatility, a weaker dollar, and record spot-gold prices as desks reassessed rule-of-law risk and future rate-cut timing into June and September 2026.

On January 12, 2026, Michael Egorov argued that Bitcoin liquidity will remain concentrated on centralized exchanges, ETFs and custodians because DeFi has yet to replicate professional market makers. He noted that only 0.79% of BTC supply is deployed in DeFi, while products like ETFs already hold about 7% of Bitcoin’s market cap. Until on-chain systems can automate pricing and passive liquidity like CEXs, he believes most institutional and retail capital will avoid complex DeFi tools.

Dormant Bitcoin moved on-chain, with OG whale spent value hitting about $286 million on Jan. 10, the largest revival since Nov. 3, 2025. Long-term holder distribution has cooled and accumulator wallets added nearly 136,000 BTC in 11 days, supporting momentum even as near-term volatility could test the $86,000–$87,000 zone before a $100,000 push.

Bitcoin trades near $91,500 after a brief push above $92,000 earlier today fizzled, leaving a minor daily gain but a 1% weekly decline. The monthly RSI slipped below 60, and analysts flag 60 as a pivotal reclaim for the cycle. Monday’s $92,400 high and resistance at $94,000 frame near-term risk and upside targets.

Between January 5 and January 11, Strategy reported purchasing an additional 13,627 bitcoin for roughly $1.25 billion at an average cost of $91,519 per BTC, including fees. As of January 11, the company holds 687,410 BTC acquired for about $51.80 billion, funded largely through sales of MSTR common stock and STRC preferred shares under its at-the-market programs.

On 12 January, Bitcoin's advance faded around the $91,000–$92,000 zone while U.S. spot Bitcoin ETFs posted another day of net outflows. BlackRock's IBIT vehicle drove most of the more than 3,700 BTC in redemptions, with on-chain data showing thousands of coins moved to Coinbase Prime and adding visible sell pressure to the market.