Key Takeaways
- • Bitcoin traded at $80,913 on Wednesday morning, October 28, 2026, just below the roughly $81,500 average cost basis of US spot Bitcoin ETF holdings, according to a Glassnode analysis reported by Yahoo Finance.
- • US spot Bitcoin ETFs took in net inflows of $110.34 million on Monday, but outflows of roughly $773 million on October 22 and 23 far outweighed that recent buying.
- • Bitcoin is down 2.06 percent over the week and roughly 36 percent below its record high of $126,080 set in October 2025, with an overnight range of $79,416 to $81,159.
- • The Federal Reserve's rate decision at 2 p.m. New York time, with the policy rate at 3.75 to 4.00 percent, is the key scheduled event; futures markets largely expect a pause.
- • Galaxy Digital's Alex Thorn sees the cycle low in June and upside to $125,000, while Jason Calacanis forecasts a decline to $57,000 within twelve months; both are individual forecasts.
Summary
Bitcoin traded at $80,913 on Wednesday morning, measured against CoinGecko data, and gained 1.72 percent over the prior 24 hours. The overnight range was narrow, with a low of $79,416 and a high of $81,159. The price remains about 36 percent below the October 2025 record high of $126,080 and is down 2.06 percent over the week.
According to an analysis by Glassnode, reported on Tuesday by Yahoo Finance, the average acquisition price of holdings in US spot Bitcoin ETFs is around $81,500, computed across all shares bought since the products launched in January 2024 and not since redeemed. At $80,913 the market sits roughly $587, or 0.72 percent, below the level at which these holdings would be back in profit on average. The cost basis is a volume-weighted average, so it describes the group rather than any individual investor, and it rises when inflows arrive at high prices.
Flows have been mixed. Net inflows of $110.34 million were recorded on Monday, as reported by Coinomedia and picked up by finanzen.net. Coinspeaker reported a further $149 million for Tuesday, a figure not yet confirmed by a second source. The previous week saw outflows of roughly $773 million on October 22 and 23, though the week still closed positive because later inflows were larger.
The Federal Reserve's two-day open market committee meeting concludes Wednesday, with the decision published at 2 p.m. New York time and the press conference following half an hour later. The policy rate sits between 3.75 and 4.00 percent after a 0.25 percentage point increase in September, the first since July 2023. Futures markets largely anticipate a pause. Market participants are watching the tone of the guidance more than the decision itself.
Forecasts diverge sharply. Alex Thorn, head of research at Galaxy Digital, considers the cycle low to have been reached in June and sees room up to $125,000, but would qualify that view below $76,540. Jason Calacanis expects a decline to $57,000 within twelve months and does not assume a new record high. Both views are individual forecasts, as reported by Yahoo Finance.
According to an analysis by Glassnode, reported on Tuesday by Yahoo Finance, the average acquisition price of holdings in US spot Bitcoin ETFs is around $81,500, computed across all shares bought since the products launched in January 2024 and not since redeemed. At $80,913 the market sits roughly $587, or 0.72 percent, below the level at which these holdings would be back in profit on average. The cost basis is a volume-weighted average, so it describes the group rather than any individual investor, and it rises when inflows arrive at high prices.
Flows have been mixed. Net inflows of $110.34 million were recorded on Monday, as reported by Coinomedia and picked up by finanzen.net. Coinspeaker reported a further $149 million for Tuesday, a figure not yet confirmed by a second source. The previous week saw outflows of roughly $773 million on October 22 and 23, though the week still closed positive because later inflows were larger.
The Federal Reserve's two-day open market committee meeting concludes Wednesday, with the decision published at 2 p.m. New York time and the press conference following half an hour later. The policy rate sits between 3.75 and 4.00 percent after a 0.25 percentage point increase in September, the first since July 2023. Futures markets largely anticipate a pause. Market participants are watching the tone of the guidance more than the decision itself.
Forecasts diverge sharply. Alex Thorn, head of research at Galaxy Digital, considers the cycle low to have been reached in June and sees room up to $125,000, but would qualify that view below $76,540. Jason Calacanis expects a decline to $57,000 within twelve months and does not assume a new record high. Both views are individual forecasts, as reported by Yahoo Finance.
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