Key Takeaways
- • CryptoQuant CEO Ki Young Ju said retail traders have left Bitcoin futures markets, the reverse of what his data showed at the 2025 top, when small retail orders dominated futures activity as BTC traded between $110,000 and $120,000.
- • U.S. spot Bitcoin ETFs took in about $1.07 billion over three sessions from Monday to Wednesday (October 19-21), with BlackRock's IBIT leading at $235 million on Wednesday alone, enough to turn October's flows positive.
- • BTC USD was holding near $81,700 on October 23, inside a range of roughly $79,800 to $84,300 set since October 10, after a Thursday drop broke a rising trendline that had held since the October 15 low.
- • Key levels: $82,000-$82,850 is overhead resistance; $80,876 is the 50-day EMA; $79,800 (the October 15 low) is the range floor, and a daily close below it would point to the 200-day EMA near $76,200.
Summary
Bitcoin (BTC USD) was holding near $81,700 on Friday, October 23, 2026, after CryptoQuant CEO Ki Young Ju said retail traders have left Bitcoin futures markets. According to CryptoQuant's chart, which sorts futures trades by average order size, small retail orders dominated almost every day through the summer of 2025, when BTC traded between $110,000 and $120,000 ahead of its October record. Since May, however, no stretch has been led by retail; large whale orders drove the July low near $58,000 and mid-sized whale orders drove the rally to $87,000 in September, with October described as mostly neutral.
The article cautions that this does not signal a confirmed bottom. Retail also dominated from February to April 2026, when BTC traded between $63,000 and $75,000, and the asset still fell to $58,000 by July. The read-through is that the market is less crowded with leveraged small traders, leaving fewer positions to liquidate on a drop.
Spot demand has been more supportive. U.S. spot Bitcoin ETFs took in $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday, about $1.07 billion in total, according to the report. BlackRock's IBIT led again with $235 million on Wednesday, while Ethereum funds continued to see outflows. The article characterizes the week's selling as short-term trader activity rather than long-term capital exiting.
On the technical side, BTC has been trading in a range of roughly $79,800 to $84,300 since October 10. A Wednesday push to $84,898 failed within a day, and Thursday's decline broke a rising trendline that had held every dip since the October 15 low. BTC was retesting that trendline from below near $82,000. Resistance sits at $82,000-$82,850, with a reclaim of that zone opening a path back to $84,300. On the downside, the 50-day EMA sits at $80,876 and the October 15 low at $79,800 forms the range floor. A quick sweep below $79,800 that reverses would be a classic shakeout, while a daily close beneath it would point to the 200-day EMA near $76,200.
The article cautions that this does not signal a confirmed bottom. Retail also dominated from February to April 2026, when BTC traded between $63,000 and $75,000, and the asset still fell to $58,000 by July. The read-through is that the market is less crowded with leveraged small traders, leaving fewer positions to liquidate on a drop.
Spot demand has been more supportive. U.S. spot Bitcoin ETFs took in $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday, about $1.07 billion in total, according to the report. BlackRock's IBIT led again with $235 million on Wednesday, while Ethereum funds continued to see outflows. The article characterizes the week's selling as short-term trader activity rather than long-term capital exiting.
On the technical side, BTC has been trading in a range of roughly $79,800 to $84,300 since October 10. A Wednesday push to $84,898 failed within a day, and Thursday's decline broke a rising trendline that had held every dip since the October 15 low. BTC was retesting that trendline from below near $82,000. Resistance sits at $82,000-$82,850, with a reclaim of that zone opening a path back to $84,300. On the downside, the 50-day EMA sits at $80,876 and the October 15 low at $79,800 forms the range floor. A quick sweep below $79,800 that reverses would be a classic shakeout, while a daily close beneath it would point to the 200-day EMA near $76,200.
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