Key Takeaways
- • Bitcoin traded near $83,400 on Wednesday, its highest level in a week, after briefly slipping below $80,000 the prior Thursday following hot U.S. inflation data, according to Trending Topics.
- • U.S. spot Bitcoin ETFs took in a net $526.7 million on Monday, the largest single-day inflow since September, with BlackRock's IBIT attracting $665.2 million while Fidelity's FBTC lost $83.6 million per Farside Investors data.
- • Bitcoin ETFs remain slightly negative for October overall after roughly $680 million in outflows in the first week of the month, while Ethereum ETFs posted $103.3 million in outflows on Monday.
- • The Crypto Fear & Greed Index rose to 63 (greed) from 55, and only dipped to 53 (neutral) when Bitcoin fell below $80,000, indicating limited panic during the pullback.
- • Market attention centers on the Federal Reserve meeting next week under Chair Kevin Warsh, with the benchmark rate at 3.75% to 4% and prediction markets pricing a likely December hike.
Summary
Bitcoin rebounded above $83,000 on Wednesday, trading at around $83,400 and reaching its highest level in a week, according to Trending Topics. The move followed a sharp setback the prior Thursday, when the largest cryptocurrency briefly fell below $80,000 after U.S. inflation data came in hot. Bitcoin's market capitalization stands at about $1.67 trillion, and nearly the entire crypto market was higher on the week, with Zcash up nearly 12 percent and Monero the only notable laggard, though still up almost 8 percent.
Spot Bitcoin ETFs have turned positive this week. On Monday the funds recorded net inflows of $526.7 million, the largest single-day inflow since September, per Farside Investors data. BlackRock's IBIT alone drew $665.2 million, while Fidelity's FBTC shed $83.6 million. Tuesday's inflows were smaller at $23.2 million, again led by IBIT. Month-to-date, Bitcoin ETFs remain slightly negative after nearly $680 million flowed out in the first week of October. Ethereum products have fared worse, with outflows of $103.3 million on Monday, $95.4 million of which came from BlackRock's ETHA. According to CoinShares, global crypto funds lost a net $434 million the previous week.
Sentiment has improved. Alternative.me's Crypto Fear & Greed Index rose to 63 on Wednesday, signaling greed, up from 55 the prior day. The index fell only to 53, a neutral reading, even when Bitcoin dipped below $80,000.
The broader backdrop remains rate-sensitive. The Federal Reserve, led by Chair Kevin Warsh, meets next week; the benchmark rate stands at 3.75% to 4% following a September hike, and prediction markets see only a small chance of an October move but a likely December hike. U.S. consumer prices rose 3.7% in September and producer prices jumped 6.3%. Equities have been recovering from a tech sell-off, with the Dow Jones up 1.2% on Tuesday. Oil spiked above $100 a barrel briefly on Tuesday after new attacks in the Strait of Hormuz and on Saudi energy facilities, adding to inflation concerns. Strategy, led by Michael Saylor, bought 267 Bitcoin for about $22 million last week and holds 848,517 BTC. Open interest in futures rose almost 4% in 24 hours to $145 billion according to CoinDesk, while investors continue to pay up for downside protection on Deribit.
Technically, Bitcoin is testing its 21-day moving average near $83,200, with the 50-day average near $81,600 seen as support. Trader Daan Crypto Trades cited daily closes above $83,000 as the first hurdle, with $87,000 possible on a successful breakout. Forecasts diverge: Saylor believes Bitcoin bottomed below $60,000 and will exceed $100,000, while more cautious analysts see a year-end range of $85,000 to $95,000 if further Fed hikes weigh on risk assets. Bitcoin remains roughly a third below its record high of about $126,000 from October 2025.
Spot Bitcoin ETFs have turned positive this week. On Monday the funds recorded net inflows of $526.7 million, the largest single-day inflow since September, per Farside Investors data. BlackRock's IBIT alone drew $665.2 million, while Fidelity's FBTC shed $83.6 million. Tuesday's inflows were smaller at $23.2 million, again led by IBIT. Month-to-date, Bitcoin ETFs remain slightly negative after nearly $680 million flowed out in the first week of October. Ethereum products have fared worse, with outflows of $103.3 million on Monday, $95.4 million of which came from BlackRock's ETHA. According to CoinShares, global crypto funds lost a net $434 million the previous week.
Sentiment has improved. Alternative.me's Crypto Fear & Greed Index rose to 63 on Wednesday, signaling greed, up from 55 the prior day. The index fell only to 53, a neutral reading, even when Bitcoin dipped below $80,000.
The broader backdrop remains rate-sensitive. The Federal Reserve, led by Chair Kevin Warsh, meets next week; the benchmark rate stands at 3.75% to 4% following a September hike, and prediction markets see only a small chance of an October move but a likely December hike. U.S. consumer prices rose 3.7% in September and producer prices jumped 6.3%. Equities have been recovering from a tech sell-off, with the Dow Jones up 1.2% on Tuesday. Oil spiked above $100 a barrel briefly on Tuesday after new attacks in the Strait of Hormuz and on Saudi energy facilities, adding to inflation concerns. Strategy, led by Michael Saylor, bought 267 Bitcoin for about $22 million last week and holds 848,517 BTC. Open interest in futures rose almost 4% in 24 hours to $145 billion according to CoinDesk, while investors continue to pay up for downside protection on Deribit.
Technically, Bitcoin is testing its 21-day moving average near $83,200, with the 50-day average near $81,600 seen as support. Trader Daan Crypto Trades cited daily closes above $83,000 as the first hurdle, with $87,000 possible on a successful breakout. Forecasts diverge: Saylor believes Bitcoin bottomed below $60,000 and will exceed $100,000, while more cautious analysts see a year-end range of $85,000 to $95,000 if further Fed hikes weigh on risk assets. Bitcoin remains roughly a third below its record high of about $126,000 from October 2025.
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