Key Takeaways
- • Bitcoin fell below US$83,000 (about RM338,806) on Thursday, October 22, giving up the previous session's gains, with the largest decline reaching 2.4% in early Asia trading and the token trading near US$82,700 at 1pm Singapore time.
- • US-listed spot bitcoin ETFs drew US$1.1 billion in net inflows so far this week, reversing US$909.6 million in outflows over the prior two weeks, signaling returning institutional demand.
- • Bitcoin remains roughly one-third below its all-time high above US$126,000 set a year earlier, with options positioning on Deribit still favoring downside protection, led by open interest at a US$78,000 strike.
- • Weakness in risk assets, driven by mixed technology earnings, AI spending concerns, and Middle East tensions that pushed Brent crude above US$110, weighed on bitcoin and other major tokens.
- • Orbit Markets' Caroline Mauron expects a retest of US$85,000 in coming days with limited conviction, while Apollo Crypto's Pratik Kala says the next move is expected to be higher.
Summary
Bitcoin retreated below US$83,000 on Thursday, reversing the previous session's gains even as investors returned to US spot exchange-traded funds, according to The Edge Malaysia. The original cryptocurrency fell as much as 2.4% in early Asia trading and stood near US$82,700 at 1pm in Singapore. Ether, solana and XRP also declined roughly 2% to 3.5%.
The move coincided with renewed pressure on risk assets as investors weighed mixed technology earnings and escalating Middle East tensions that have lifted oil prices. Asian equities and US stock futures were lower, while Brent crude climbed above US$110 a barrel.
Caroline Mauron, co-founder of Orbit Markets, said weakness in equities had pushed bitcoin "back to its recent range." She expects US$85,000 to be retested in the coming days, though conviction is likely to remain limited, and noted that hawkish signals from the Federal Reserve could weigh on sentiment.
Institutional demand showed signs of recovery. US-listed spot bitcoin ETFs have recorded US$1.1 billion in net inflows so far this week, after US$909.6 million in outflows over the previous two weeks. Options pricing on Deribit still shows a preference for downside protection, with the largest outstanding positions for options expiring Friday at a US$78,000 strike price.
Bitcoin is down by about a third from its all-time high above US$126,000 recorded a year ago. A rebound since August had raised hopes of a retest of US$100,000 this year, but recent market turbulence, partly tied to concerns over artificial intelligence spending, has tempered those expectations. Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto, said bitcoin "has been incredibly resilient given macro shocks and AI trade unwind," adding that "the next move is expected to be higher."
The move coincided with renewed pressure on risk assets as investors weighed mixed technology earnings and escalating Middle East tensions that have lifted oil prices. Asian equities and US stock futures were lower, while Brent crude climbed above US$110 a barrel.
Caroline Mauron, co-founder of Orbit Markets, said weakness in equities had pushed bitcoin "back to its recent range." She expects US$85,000 to be retested in the coming days, though conviction is likely to remain limited, and noted that hawkish signals from the Federal Reserve could weigh on sentiment.
Institutional demand showed signs of recovery. US-listed spot bitcoin ETFs have recorded US$1.1 billion in net inflows so far this week, after US$909.6 million in outflows over the previous two weeks. Options pricing on Deribit still shows a preference for downside protection, with the largest outstanding positions for options expiring Friday at a US$78,000 strike price.
Bitcoin is down by about a third from its all-time high above US$126,000 recorded a year ago. A rebound since August had raised hopes of a retest of US$100,000 this year, but recent market turbulence, partly tied to concerns over artificial intelligence spending, has tempered those expectations. Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto, said bitcoin "has been incredibly resilient given macro shocks and AI trade unwind," adding that "the next move is expected to be higher."
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