Key Highlights

  • Bitcoin traded near $81,500 on October 23, about 35.4% below its October 6, 2025 record of roughly $126,200.
  • US spot bitcoin ETFs lost $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 down 8.06% at $12.89 on October 22.
  • Coinbase reports third-quarter results 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 lost $635.6 million that day, ending two large inflow days, while US spot ether ETFs lost $1.08 billion in October through October 20, the largest monthly outflow of 2026.

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

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

The record of about $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 rose 42.71% across the third quarter to near $85,900 on October 1. On October 21 it stood at $82,954, down 5.3% for the year.

October moves were driven by macro data. Bitcoin fell under $80,000 on October 15 after US producer prices recorded their largest gain in four years, and spiked to $83,300 on October 20 before reversing. One on-chain research firm called $87.7K the key level.

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

Bitcoin's 365-day moving average has been cited by some analysts as evidence it has left its bear market, though price action around $80,000 remains 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 lost $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 lost $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 lost about $681 million, ending three weeks of inflows. Year-to-date net inflows were roughly $809 million as of October 20, against $6.34 billion in 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 While Bitcoin Funds Hold Up Better?

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 The iShares Ethereum Trust (NASDAQ:ETHA) lost $477 million of the $542 million withdrawn from ether funds in the week of October 5 to 9.

Ether funds lost $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 about $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 reached about $754.9 million.

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

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

Riot Platforms closed down 8.06% at $12.89, MARA Holdings (NASDAQ:MARA) fell 6.93% to $7.25, Robinhood Markets (NASDAQ:HOOD) fell 5.25% to $96.58, Strategy (NASDAQ:MSTR) fell 5.00% to $145.80 and Coinbase Global (NASDAQ:COIN) fell 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 lost more than 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 announced in August, and MARA cited a power portfolio that has grown to 4.8 gigawatts. Coinbase called for early quantum-defence upgrades to Bitcoin in mid-October, and its shares fell about 5% in the days around that call.

Robinhood, valued at $86.83 billion, sits closer to retail trading volumes, while 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 totalled $1,051.5 million, so the October 22 outflow of $635.6 million reversed about 60% of that, calculated. Bitcoin funds lost about 5.7 times as much as ether funds on October 22, calculated. Bitcoin's year-to-date decline of 5.3% sits about 12.7 points above ether's nearly 18%, and Riot's 8.06% fall was about 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 about $248 million, calculated. Robinhood's market capitalization of $86.83 billion is about 1.9 times Coinbase's $44.61 billion, and Riot's $4.84 billion is about 1.7 times MARA's $2.80 billion, calculated. Bitcoin at $81,500 is about 29.7% above its mid-July $62,851, calculated.

What to Watch Next: 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.