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Bitcoin Tanks: ETFs See Inflows Amid Market Volatility
23 Oct
Summary
- Bitcoin nears $81,198, Ether around $2,388, following US market downturn.
- US Spot Bitcoin ETFs saw $525 million in net inflows on Oct 21.
- Ethereum ETFs attracted $14 million, ending a series of outflows.
As of October 23, 2026, cryptocurrencies Bitcoin and Ether are experiencing declines, reflecting broader market weakness. Bitcoin was trading near $81,198, down approximately 2.6% in 24 hours, while Ether fell to around $2,388, a 2.56% decrease. This trend follows a sell-off in US equities, where the Nasdaq and S&P 500 saw losses, and the VIX index rose, indicating heightened market volatility.
Contrasting this downward movement, demand for crypto Exchange Traded Funds (ETFs) remains robust. On October 21, US spot Bitcoin ETFs collectively recorded net inflows of approximately $525 million, with notable contributions from BlackRock's IBIT and Fidelity's FBTC. Over the past three sessions, these inflows have reached nearly $1.08 billion, pushing October's cumulative flows to around $460 million. Ethereum ETFs also saw positive activity, attracting approximately $14 million and marking an end to five consecutive sessions of outflows.
Analysis of Bitcoin's market dynamics suggests key reference points for traders. Open interest in Bitcoin derivatives is nearing $54.17 billion. The ability for Bitcoin to reclaim the $81,500 level is considered an immediate indicator of recovery, with $84,800 as a potential resistance. For Ether, holding above the $2,400 mark is crucial for momentum, while $2,300 serves as a support level.
