Key Takeaways
- • U.S. spot Bitcoin ETFs recorded $137.94 million in net outflows on Oct. 23, according to SoSoValue data, following $635.49 million in withdrawals the previous day, bringing the two-session total to $773.43 million.
- • The Oct. 23 outflow was reported as the largest single-day outflow since late June, though weekly Bitcoin ETF flows remained positive at approximately $228.2 million.
- • BlackRock's iShares Bitcoin Trust (IBIT) led redemptions with $110.34 million out on Oct. 23, while Fidelity's FBTC lost $31.78 million and Morgan Stanley's MSBT took in $4.19 million.
- • Franklin Templeton received Nasdaq approval to list two Bitcoin-focused ETFs, FBEQ and FIBT, which combine U.S. equity exposure with a strategy of gradually accumulating Bitcoin rather than tracking BTC's spot price directly.
- • BTC traded near $80,550, down 1.32% on the day, with the $80,000 level serving as immediate support; a break below could expose the price to the 100-day moving average near $77,500 amid elevated open interest and liquidation risk.
Summary
U.S. spot Bitcoin exchange-traded funds recorded $137.94 million in net outflows on October 23, according to SoSoValue data. The withdrawals followed $635.49 million in outflows the previous day, the largest single-day outflow since late June, and brought total net outflows over the two sessions to $773.43 million. Despite the recent redemptions, weekly Bitcoin ETF flows remained positive at approximately $228.2 million.
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest outflow on October 23, at $110.34 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) saw $31.78 million leave the fund, while Morgan Stanley's MSBT recorded net inflows of $4.19 million.
The outflows came after Franklin Templeton, an asset manager with $1.8 trillion in assets, received Nasdaq approval to list two Bitcoin-focused ETFs, according to U.Today. The Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) are designed to combine exposure to U.S. equities with a strategy aimed at gradually accumulating Bitcoin. Unlike conventional spot Bitcoin ETFs, the funds are not primarily designed to track BTC's price directly.
Bitcoin traded near $80,550, down 1.32% from the previous day, despite the Franklin Templeton news. On the daily chart, BTC remained above its major moving averages, with the 100-day average near $77,500 and the 200-day average around $76,200, both rising and providing support for the broader trend. The immediate support level sits near $80,000, and a break below that level could expose Bitcoin to further selling pressure.
Elevated open interest adds to the risk. If BTC loses the $80,000 level while leveraged positions remain high, forced liquidations could accelerate the decline toward the 100-day moving average. Overall, Bitcoin faces mixed signals: positive weekly ETF flows and rising moving averages offer some support, while substantial recent withdrawals and potential leveraged liquidations could weigh on the price.
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest outflow on October 23, at $110.34 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) saw $31.78 million leave the fund, while Morgan Stanley's MSBT recorded net inflows of $4.19 million.
The outflows came after Franklin Templeton, an asset manager with $1.8 trillion in assets, received Nasdaq approval to list two Bitcoin-focused ETFs, according to U.Today. The Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) are designed to combine exposure to U.S. equities with a strategy aimed at gradually accumulating Bitcoin. Unlike conventional spot Bitcoin ETFs, the funds are not primarily designed to track BTC's price directly.
Bitcoin traded near $80,550, down 1.32% from the previous day, despite the Franklin Templeton news. On the daily chart, BTC remained above its major moving averages, with the 100-day average near $77,500 and the 200-day average around $76,200, both rising and providing support for the broader trend. The immediate support level sits near $80,000, and a break below that level could expose Bitcoin to further selling pressure.
Elevated open interest adds to the risk. If BTC loses the $80,000 level while leveraged positions remain high, forced liquidations could accelerate the decline toward the 100-day moving average. Overall, Bitcoin faces mixed signals: positive weekly ETF flows and rising moving averages offer some support, while substantial recent withdrawals and potential leveraged liquidations could weigh on the price.
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