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Bitcoin ETFs Bleed $100M, Analysts Fear Major Support Break
Yahoo Finance·2025-10-23 10:50

Core Insights - US spot Bitcoin ETFs experienced a total of $101 million in net outflows on October 22, while BlackRock's iShares Bitcoin Trust saw an inflow of $73.6 million [1] - Ethereum ETFs also reflected a similar trend with net outflows totaling $18.7 million [1] Market Conditions - The decline in demand for Bitcoin and Ethereum ETFs is attributed to ongoing macroeconomic uncertainty and decreased confidence in risk assets, particularly following US President Donald Trump's tariff announcement and the US government shutdown [2] - Bitcoin is currently trading around $110,000, having struggled to reclaim the $113,000 level, with analysts indicating that the $107,000–$108,000 range is under pressure due to a lack of institutional buyers [3] Demand Dynamics - Between October 13 and 17, spot Bitcoin ETFs experienced outflows exceeding $1.23 billion, indicating a significant drop in demand [4] - The current UTXO realized price level of around $108,300 is seen as a critical mid-term support level, with a potential break below this level raising concerns for further downside [4] - Data from Glassnode shows Bitcoin trading below both the short-term holders' cost basis of $113,100 and the 0.85 quantile of $108,600, suggesting a transition into mid-term bearish phases [5] Market Sentiment - There is an increase in demand for put options as traders hedge against further declines, with implied volatility rising and open interest near all-time highs, reflecting growing market nervousness [6] - Analysts observe that short-term rallies are met with defensive positioning rather than optimism, indicating that recovery momentum may take time to rebuild [6] Future Outlook - Analysts caution that if institutional inflows do not rebound in the coming weeks, the market may enter a prolonged consolidation phase below $110,000 [7] - However, a sustained defense of the $108,000 zone, supported by renewed ETF demand, could stabilize price action and potentially set the stage for recovery in November [7]