Bitcoin falls below $83,000 despite $1.1 billion in ETF inflows
Bitcoin fell back below $83,000, erasing all gains from the previous trading session. The decline came despite renewed institutional interest in U.S. spot Bitcoin ETFs, which have attracted approximately $1.1 billion since the beginning of the week.
On Thursday, October 22, Bitcoin fell 2.4% to $82,700 during Asian trading, according to Bloomberg. Ethereum, Solana, and XRP also declined by approximately 2% to 3.5%.
Pressure on the cryptocurrency market intensified amid deteriorating sentiment across global financial markets. Investors are assessing mixed quarterly earnings from technology companies and escalating tensions in the Middle East, which have pushed oil prices higher. Brent crude climbed above $110 per barrel, while Asian stock indexes and U.S. stock futures declined.
Investors return to Bitcoin ETFs
Despite falling prices, institutional demand for Bitcoin has begun to recover. According to SoSoValue, U.S. spot Bitcoin ETFs have recorded approximately $1.1 billion in net inflows since the beginning of the week. By comparison, investors withdrew $909.6 million from these funds over the previous two weeks.
However, analysts warn that current inflows are insufficient to support a sustained cryptocurrency rally. Historically, Bitcoin's strongest rallies have been accompanied by average daily ETF inflows exceeding $200 million.
Since the launch of U.S. spot Bitcoin ETFs in January 2024, Bitcoin has experienced three major rallies, each delivering gains of more than 50%. During these periods, ETFs attracted a combined $46.7 billion, with average daily inflows of approximately $235 million.
In contrast, average daily inflows since the beginning of July 2026 have been just $86 million. Analysts believe institutional demand must become more consistent for Bitcoin to sustain further gains.
What comes next for Bitcoin's price?
Caroline Mauron, co-founder of Orbit Markets, believes weakness in stock markets has pushed Bitcoin back into its recent trading range. She expects the cryptocurrency to retest the $85,000 level in the coming days, although investor confidence is likely to remain limited.
Hawkish signals from the U.S. Federal Reserve could add further pressure. Meanwhile, the options market also reflects traders' cautious sentiment. On Deribit, the largest outstanding positions in Bitcoin put options expiring Friday are concentrated at the $78,000 strike price.
Bitcoin is currently trading roughly one-third below its all-time high of more than $126,000. Despite a price recovery since August, uncertainty across global markets continues to dampen expectations of a return to $100,000.
At the same time, Pratik Kala, a portfolio manager at cryptocurrency hedge fund Apollo Crypto, highlights Bitcoin's resilience in the face of macroeconomic shocks. He believes the cryptocurrency's next significant price movement could be upward.
As a reminder, BlackRock has filed an application to launch a new Bitcoin ETF.
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