- U.S. spot Bitcoin ETFs recorded just $67 million in net inflows over two weeks after most of October 19’s $653 million inflow reversed.
- Bitcoin’s realized volatility fell to around 25%, while Binance order-book bids concentrated between $78,000 and $79,000.
- Altcoin breadth weakened, with 42% of the top 500 coins above their 200-day moving averages, while Hyperliquid perpetual markets outpaced Bitcoin in daily volume.
Bitcoin remains below $85,000 as weak ETF demand and declining volatility limit market activity after the Federal Reserve decision on October 28. According to Glassnode, repeated failures to reclaim $85,000 coincide with reduced selling losses and weaker altcoin breadth. Meanwhile, Bitcoin’s volatility has returned to summer 2023 levels, with spot ETF flows remaining subdued.
ETF Demand Weakens as Bitcoin Faces $85K Resistance
Glassnode reported that most of the $653 million entering U.S. spot Bitcoin ETFs on October 19 later flowed out. The funds recorded just $67 million in net inflows over two weeks, while daily trading volume averaged approximately $1.3 billion since May.
On October 23, ETF trading volume fell to roughly $700 million. Meanwhile, Bitcoin slipped below the ETF cost basis of $81,500, leaving the average fund investor underwater.
The 84,000–85,000 range has rejected Bitcoin four times this year. Glassnode noted that Bitcoin has closed above $85,000 on only five days since January, never exceeding three consecutive sessions.
Bitcoin Volatility Returns to Summer 2023 Levels
Glassnode placed Bitcoin’s one-month realized volatility near 25%, matching levels recorded during summer 2023. Since 2015, Bitcoin has experienced lower volatility on only about 5% of days.
Additionally, realized losses have declined with each market dip since August. Daily net losses reached approximately $630 million during the August low, compared with roughly $27 million around October 24.
Glassnode also reported that Binance order-book bids have shifted toward 78,000–79,000. Those orders total approximately $42 million, compared with $24 million in mid-October.
Altcoin Breadth Declines as Traders Favor Stocks
Glassnode reported that 66% of the top 100 altcoins traded above their 200-day moving averages, down from 88% on October 4. Across the top 500, the share fell to 42%.
Meanwhile, Hyperliquid’s stock, index and commodity perpetual markets averaged $2.6 billion in daily volume over the past week. Bitcoin perpetuals averaged $2.4 billion.
Glassnode also noted that wallets holding 100–1,000 BTC continued accumulating during October. However, several other wallet groups reduced exposure, while larger holders slowed their purchases.
