Bitcoin ETFs See $1.33B Outflows as BTC Tests $108K Support

Published: 2025-10-23 10:51:38 |

Bitcoin ETFs saw net outflows of $1.23 billion from October 13–17, followed by a further $101 million on October 22 as the BTC price tested key support around $107,000–108,000. BlackRock’s IBIT was an exception with $73.6 million inflows, while spot Ethereum ETFs recorded $18.7 million in outflows despite modest inflows into ETHA. Analysts attribute the ETF outflows to macroeconomic uncertainty stemming from US tariff news and a looming government shutdown. BTC has failed to reclaim the $113,000 level and now trades near $110,000 amid mounting selling pressure. On-chain data from CryptoQuant highlights a mid-term support zone at the 3–6 month UTXO realized price of $108,300, while Glassnode reports that BTC has slipped below the short-term holders’ cost basis ($113,100) and the 0.85 quantile ($108,600), indicating demand exhaustion. Long-term holders are also distributing over 22,000 BTC daily. Options markets show rising put demand, higher implied volatility, and sustained open interest, pointing to a defensive positioning among traders. Analysts warn that without renewed institutional inflows, BTC may consolidate below $110,000. A successful defense of the $108,000 support zone, underpinned by resumed Bitcoin ETF inflows, could stabilise the market and set the stage for a recovery in November.

Bearish

In the short term, sustained outflows from Bitcoin ETFs undermine institutional demand and intensify selling pressure on BTC. The failure to hold key support levels around $108,000, confirmed by on-chain and options metrics showing demand exhaustion and elevated put demand, suggests a bearish bias. If inflows remain absent, traders may expect further consolidation or declines below $110,000 as support layers weaken. Over the longer term, Bitcoin’s dependence on steady institutional inflows to sustain bullish momentum highlights the importance of resumed ETF demand. Historical patterns show that large-scale ETF inflows can trigger renewed buying and price recovery. A firm defense of the $108,000 zone by institutional investors could restore confidence and pave the way for a rebound in November, though significant upside may still require positive catalysts.