Key Points
- US spot Bitcoin ETFs saw net outflows of $101 million on October 22, while BlackRock’s iShares Bitcoin Trust registered an inflow of $73.6 million.
- Ethereum ETFs also experienced a net outflow of $18.7 million.
On October 22, exchange-traded funds (ETFs) for US spot Bitcoin (BTC) recorded a net outflow of $101 million.
In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) saw an inflow of $73.6 million.
Trend Mirrored in Ethereum ETFs
Ethereum (ETH) ETFs showed a similar trend, with a total net outflow of $18.7 million, based on data from SoSoValue.
Analysts suggest that this decline is due to ongoing macroeconomic uncertainty and reduced confidence in risk assets. This follows US President Donald Trump’s tariff announcement earlier in October and the US government shutdown.
Bitcoin’s Critical Support Under Pressure
Bitcoin is currently trading around $110,000, having failed to reclaim the $113,000 level earlier in the week. Analysts from Bitfinex caution that the $107,000–$108,000 range has become increasingly fragile. They note that institutional buyers have been largely absent during the pullback.
From October 13 to 17, spot Bitcoin ETFs saw outflows exceeding $1.23 billion, a clear sign of fading demand. According to CryptoQuant, the 3–6 month UTXO realized price level, currently around $108,300, is acting as a key mid-term support.
This indicates that Bitcoin is testing the average cost basis of holders who accumulated during the last rally. A decisive break below this level could trigger further downside.
Market Data Indicates Demand Exhaustion
Data from Glassnode shows that Bitcoin now trades below both the short-term holders’ cost basis ($113,100) and the 0.85 quantile ($108,600). These levels have historically marked a transition into mid-term bearish phases.
Long-term holders have increased distribution, with daily spending exceeding 22,000 BTC. This indicates sustained profit-taking pressure.
Options data also shows rising demand for put contracts as traders hedge against further declines. Implied volatility has surged, while open interest remains near all-time highs. This indicates growing nervousness among market participants.
Analysts note that short-term rallies are being met with defensive positioning rather than optimism, suggesting that recovery momentum may take time to rebuild.
If institutional inflows do not rebound in the coming weeks, analysts warn that the market could enter a prolonged consolidation phase below $110,000. However, a sustained defense of the $108,000 zone, backed by renewed ETF demand, could stabilize price action and set the stage for recovery heading into November.
