Key Highlights

  • Bitcoin traded near $81,500 on October 23, roughly 35.4% below its October 6, 2025 record of approximately $126,200.
  • US spot bitcoin ETFs shed $635.6 million on October 22, the largest daily outflow since October 7.
  • US spot ether ETFs had $1.08 billion of net outflows in October through October 20, the largest monthly total of 2026.
  • Riot Platforms closed with a loss of 8.06% at $12.89 on October 22.
  • Coinbase reports results for the third quarter on October 29, and Robinhood on October 27.

What Is Moving Bitcoin, Bitcoin ETFs, Ether Funds and Crypto Stocks Today?

Bitcoin traded near $81,500 on Friday, October 23, after dipping below $80,000 on October 22 for the first time in about a month. US spot bitcoin ETFs shed $635.6 million that day, ending two large inflow days, whereas US spot ether ETFs shed $1.08 billion in October through October 20, the largest monthly outflow of 2026.

Crypto equities declined harder than the coin. Riot Platforms (NASDAQ:RIOT) finished lower by 8.06% on October 22, and the iShares Bitcoin Trust ETF (NASDAQ:IBIT) finished lower by 3.72% at $46.06.

Bitcoin: Why Is It Still Roughly 35% Below Its 2025 Peak?

The record of roughly $126,200 was set on October 6, 2025, and bitcoin spent much of 2026 in a bear market. It traded near $62,851 in mid-July, then climbed 42.71% across the third quarter to near $85,900 on October 1. On October 21 it stood at $82,954, down 5.3% during the year.

October moves were stemming from macro data. Bitcoin declined under $80,000 on October 15 after US producer prices reported their largest gain in four years, and spiked to $83,300 on October 20 in advance of reversing. One on-chain research firm called $87.7K the key level.

Bitcoin edged lower below $82,000 on October 14 as high oil prices pushed US consumer inflation higher, and roughly $1.1 billion of crypto positions were liquidated approximately October 9. A large bank comprised bitcoin in its long-term outlook for the first time.

Bitcoin's 365-day moving average has remained cited by some analysts as evidence it has left its bear market, though price action approximately $80,000 continues to be the near-term focus.

Bitcoin ETFs: Why Did a $635.6 Million Outflow Follow Two Large Inflow Days?

Funds took in $526.7 million on October 19 and $524.8 million on October 21, then shed $635.6 million on October 22, the largest daily outflow since $484.9 million on October 7. The iShares Bitcoin Trust ETF took in $665.2 million on October 19 and shed $254.1 million on October 22. The four sessions from October 19 to 22 netted $439.1 million, calculated.

October has alternated between heavy outflows and heavy inflows. The week of October 5 to 9 shed roughly $681 million, ending three weeks of inflows. Year-to-date net inflows were approximately $809 million as of October 20, against $6.34 billion during the third quarter.

Combined net assets stood at $109.3 billion as of October 1, with cumulative net inflows of $57.6 billion.

Another large asset manager filed on October 20 for a third bitcoin ETF, an options-based fund designed to limit potential gains and losses.

Ether Funds: Why Are They Losing Money Whereas Bitcoin Funds Hold Up Better?

Ether declined 9.7% in October to $2,438 on October 21 and is down almost 18% for 2026. The October outflows erased September's inflows of $832 million. The iShares Ethereum Trust (NASDAQ:ETHA) shed $477 million of the $542 million withdrawn from ether funds in the week of October 5 to 9.

Ether funds shed $110.6 million on October 22. Their only inflows since October 9 were $24.8 million on October 13 and $14.9 million on October 21. Year-to-date net inflows were still roughly $485 million as of October 21.

On August 20 ether funds took in $220.8 million, their largest single day since October 2025, and August inflows hit roughly $754.9 million.

Bitcoin funds had year-to-date net inflows of approximately $809 million, so ether funds' $485 million is roughly 60% of that, calculated.

Crypto Equities: Why Did Miners, Coinbase and Strategy Fall on October 22?

Riot Platforms closed with a loss of 8.06% at $12.89, MARA Holdings (NASDAQ:MARA) declined 6.93% to $7.25, Robinhood Markets (NASDAQ:HOOD) declined 5.25% to $96.58, Strategy (NASDAQ:MSTR) declined 5.00% to $145.80 and Coinbase Global (NASDAQ:COIN) declined 4.51% to $169.09.

Miners faced weak bitcoin and a retreat in AI data center names. On October 15, four other miners and data center names each shed over 12%. Strategy bought 267 bitcoin for $22.1 million and raised its buyback programme to $3 billion.

Research firms have trimmed targets on Riot and MARA, which are data points and not recommendations. Riot has a $9.1 billion, 20-year compute agreement reported in August, and MARA cited a power portfolio that has increased to 4.8 gigawatts. Coinbase called for early quantum-defence upgrades to Bitcoin in mid-October, and its the shares moved lower roughly 5% in the days approximately that call.

Robinhood, valued at $86.83 billion, sits closer to retail trading volumes, whereas Coinbase has a market capitalization of $44.61 billion after the October 22 decline.

Crypto Watch Compared: How Do the Flows and Moves Line Up?

The two inflow days amounted to $1,051.5 million, so the October 22 outflow of $635.6 million reversed roughly 60% of that, calculated. Bitcoin funds shed roughly 5.7 times as much as ether funds on October 22, calculated. Bitcoin's year-to-date decline of 5.3% sits roughly 12.7 points above ether's almost 18%, and Riot's 8.06% fall was roughly 2.2 times the 3.72% decline in the bitcoin ETF, both calculated.

Ether's October outflows of $1.08 billion exceeded September's $832 million of inflows by roughly $248 million, calculated. Robinhood's market capitalization of $86.83 billion is roughly 1.9 times Coinbase's $44.61 billion, and Riot's $4.84 billion is roughly 1.7 times MARA's $2.80 billion, calculated. Bitcoin at $81,500 is roughly 29.7% above its mid-July $62,851, calculated.

Which Upcoming Developments Matter for The Fed, Robinhood on October 27 and Coinbase on October 29?

The Federal Reserve meets on October 27 and 28. Robinhood reports on October 27, Coinbase on October 29 and Riot on November 3, with trading volumes, mining margins and treasury purchases in focus. Markers are bitcoin holding above $80,000 or moving back toward $87,700, and whether ether funds stop the daily outflows near $2,400.