American Bitcoin ETFs would post a rebound of $110 million, while BTC remains below $80,000. The latest Binance statement viewed places Bitcoin around $79,730. The announced return of capital comes after two particularly difficult sessions: investors withdrew $773.5 million from ETFs on October 22 and 23. The new rebound figure is still awaiting confirmation in the consolidated data.
In brief
- A $110 million rebound in Bitcoin ETFs is reported, subject to confirmation.
- The funds had lost $773.5 million in the last two sessions of the previous week.
- Bitcoin is still trading below $80,000 before the Fed’s October 28 decision.
Bitcoin: ETFs try to rebound after two difficult sessions
The return of buyers comes after an eventful week. However, Bitcoin ETFs attracted $1.07 billion in three sessions, between October 19 and 21. BlackRock had largely participated in this recovery, notably with $665.2 million collected on Monday.
The movement was suddenly reversed on Thursday. The funds lost $635.6 million, then another $137.9 million on Friday. Over two days, $773.5 million came out of American Bitcoin ETFs.
The weekly results nevertheless remain positive. According to sosovalue datafunds ended the week of October 19-23 with approximately $301.2 million in net inflows, ending two straight weeks of withdrawals.
The announced recovery of $110 million would constitute a further improvement. However, it would only compensate around 14% of the outings recorded on the previous Thursday and Friday. Above all, the data available for the October 26 session is still incomplete. It is currently impossible to determine precisely which managers fueled this rebound.
BlackRock and Fidelity concentrate the latest withdrawals
The figures from the previous week already make it possible to identify the main movements. Thursday October 22, BlackRock had lost $254.1 million and Fidelity $217.5 million. Withdrawals continued on Friday. BlackRock’s IBIT saw about $110.3 million in outflows, compared to $31.8 million for Fidelity’s FBTC.
In just two sessions, BlackRock lost $364.4 million and Fidelity $249.3 million. Together, these two managers represent almost 80% of the $773.5 million withdrawn during this period.
Focus is important. The other funds recorded more limited movements. Morgan Stanley even attracted about $4.2 million on Friday, despite general market weakness. Another observation: the weekly rebound of $301.2 million masks strong variations.
ETFs had collected $1.07 billion during the first three sessions. They then lost almost 72% of that sum before Friday’s close. Institutional investors therefore remain active in Bitcoin, but their operations are particularly irregular. The return of a few tens or hundreds of millions of dollars does not yet guarantee a new period of sustainable accumulation.
Bitcoin remains below $80,000 before the Fed
The price of Bitcoin has not yet clearly benefited from this announced improvement. On Binance, BTC was trading around 79,730 USDT during the last reading consulted, after briefly rising above $80,000 during the weekend.
The main crypto thus remains under an important technical zone. On October 21, Glassnode identified support between $80,000 and $81,500, the latter value approximately corresponding to the average cost price of Bitcoin ETF investors.
The price is now moving below these levels. Lower, Glassnode places the real average cost price of the market around $77,500. This level could serve as the next benchmark if sellers regain the advantage.
The American calendar adds additional uncertainty. The Federal Reserve holds its monetary meeting on October 27 and 28. His decision will be followed, on October 29, by the publication of the September PCE, one of the main American inflation indicators.
Investors will be particularly watching the Fed’s comments on interest rates and the economic outlook. The Bitcoin market therefore arrives at this deadline with a fragile price and institutional flows that are difficult to interpret. The ETFs certainly ended the previous week in the green after two weeks of withdrawals. A new rebound would strengthen this recovery if the final data confirms it. For now, Bitcoin still needs to regain $80,000.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
