According to Vikram Subburaj, CEO of Giottus, flows remain the biggest obstacle. US spot Bitcoin ETFs extended a streak of net outflows on Thursday and Friday, signaling institutional caution rather than panic selling. Short-term numbers for equity holders remain near breakeven, indicating that recent buyers continue to sell into rallies, limiting upside momentum.
On the other hand, Sathvik Vishwanath, co-founder and CEO of Unocoin, noted that institutional participation has deepened globally. The success of Bitcoin spot ETFs has helped make crypto a credible investment for traditional finance, attracting interest from banks and asset managers. At the same time, decentralized finance (DeFi) has remained stable after previous excesses, with increasing use of Layer-2 networks that are faster and cheaper. Another major trend is the tokenization of real-world assets, where blockchain is used to represent assets such as bonds and funds rather than purely speculative tokens.
“On the regulatory front, India’s Financial Intelligence Unit has enforced stricter AML and KYC standards, aligning the ecosystem with global compliance standards. Meanwhile, the industry is seeking clarity on the classification of virtual digital assets and rationalization of the 1% TDS, with the expectation that a more comprehensive framework could emerge over the course of 2026. In this sense, the current phase may seem placid on the surface, but it reflects an industry focused on credibility, regulation and sustainability on the long term rather than short term hype,” he says. said.
In addition, Altcoins remained under pressure. Ethereum, BNB, XRP and Solana all underperformed Bitcoin earlier this week, reflecting its greater sensitivity to risky conditions. Smaller tokens showed sporadic movements, but these did not follow through, underscoring the absence of broad risk appetite.
Published on January 23, 2026
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