Bitcoin demand has shown signs of recovery as outflows from U.S. Spot Bitcoin ETFs significantly decreased in January, alleviating downward pressure on the cryptocurrency's price. According to Coinotag, long-term holders have reduced their sell-offs from over 400,000 BTC monthly in mid-December to positive net flows. Glassnode data indicates that the peak in long-term holder selling has passed, suggesting a potential price bottom. Recent stabilization in ETF inflows has contributed to a possible consolidation phase for Bitcoin. However, upcoming events in January 2026, such as MSCI delisting decisions and Federal Reserve updates, may introduce volatility to the market.