U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a substantial net outflow of $137.94 million on October 23. This adds to the $635.49 million outflow seen the previous day, bringing the two-day total net outflow to a striking $773.43 million, according to SoSoValue data.
BlackRock’s ETF Faces Significant Withdrawals
The majority of the outflows on October 23 were seen in BlackRock’s iShares Bitcoin Trust, which recorded a withdrawal of $110.34 million. Fidelity’s Wise Origin Bitcoin Fund, known as FBTC, faced a withdrawal of $31.78 million. In contrast, Morgan Stanley’s MSBT fund reported a net inflow of $4.19 million on the same day.
Despite these withdrawals, the weekly outlook remained positive with a net inflow of approximately $228.2 million into spot Bitcoin ETFs. This suggests that investor interest retained some strength despite short-term outflows.
BlackRock’s IBIT fund suffered the largest daily loss with $110.34 million in outflows, whereas Morgan Stanley’s MSBT fund experienced a $4.19 million net inflow.
Franklin Templeton Introduces New Bitcoin ETFs
The outflows occurred following the approval of Franklin Templeton’s two Bitcoin-focused ETFs for listing on Nasdaq. With $1.8 trillion in assets under management, Franklin Templeton stands as a key player among global investment firms.
The Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF combine exposure to U.S. equities with a strategy of gradually accumulating Bitcoin. Unlike traditional spot Bitcoin ETFs, these products are not designed for direct BTC price tracking.
Bitcoin Price Pressured Despite ETF Developments
Despite new ETF developments, Bitcoin traded around $80,550, marking a 1.32% decline from the previous day. The pricing pressure persists as the market closely monitors ETF flows and leveraged positions.
On the daily chart, Bitcoin remained above key moving averages. The 100-day moving average stood at approximately $77,500, while the 200-day average aligned around $76,200. Both indicators pointing upwards indicate supportive trends in a broader context.
If Bitcoin falls below $80,000 and leveraged positions remain high, forced liquidations could accelerate selling pressure toward the 100-day average.
Leveraged Positions Pose Risks
In the short term, the $80,000 level serves as a critical threshold for the market. A sustained movement below this could trigger accelerated selling. The subsequent key level is the 100-day moving average around $77,500.
High levels of open positions increase market risks. While weekly ETF inflows and rising moving averages provide price support, the strong outflows over the past two days maintain a cautious stance on Bitcoin.
