Key Notes
- Bitcoin ETFs recorded $101 million in outflows on October 22.
- BTC price is testing key support around $108,000 amid growing selling pressure.
- Long-term holders are taking profits while volatility rises in options markets.
US spot Bitcoin BTC $109 086 24h volatility: 0.8% Market cap: $2.17 T Vol. 24h: $72.81 B exchange-traded funds (ETFs) registered a combined $101 million in net outflows on Oct. 22, while BlackRock’s iShares Bitcoin Trust (IBIT) managed an inflow of $73.6 million.
Meanwhile, Ethereum ETFs mirrored the trend, with a total net outflow of $18.7 million, according to SoSoValue data .
On October 22, U.S. spot Bitcoin ETFs recorded a total net outflow of $101 million, while BlackRock’s IBIT saw a net inflow of $73.63 million. Spot Ethereum ETFs had a total net outflow of $18.77 million, with BlackRock’s ETHA being the only fund to post inflows, totaling $111… pic.twitter.com/SyjVnSaHYd
— Wu Blockchain (@WuBlockchain) October 23, 2025
Analysts claim that the decline is a result of persistent macroeconomic uncertainty and reducing confidence in risk assets following US President Donald Trump’s tariff announcement earlier in October and the US government shutdown.
Critical Support Under Pressure
Bitcoin currently trades around $110,000, having failed to reclaim the $113,000 level earlier in the week. Analysts from Bitfinex warn that the $107,000–$108,000 range has become increasingly fragile, noting that institutional buyers have been largely absent during the pullback.
Between October 13 and 17 alone, spot Bitcoin ETFs saw outflows exceeding $1.23 billion, a clear sign of fading demand. According to CryptoQuant , the 3–6 month UTXO realized price level, currently around $108,300, is acting as a key mid-term support.
BTC UTXO Age Bands | Source: CryptoQuant
This means that Bitcoin is testing the average cost basis of holders who accumulated during the last rally. A decisive break below this level could trigger further downside.
Market Data Shows Demand Exhaustion
Data from Glassnode revealed that Bitcoin now trades below both the short-term holders’ cost basis ($113,100) and the 0.85 quantile ($108,600), levels that historically mark a transition into mid-term bearish phases.
A Market Hedged in Fear
Bitcoin trading below key cost basis levels signals demand exhaustion. Long-term holders are selling into strength, while rising put demand and higher volatility show a defensive market.
Read the full Week On-Chain below👇
— glassnode (@glassnode) October 22, 2025
Long-term holders have ramped up distribution, with daily spending exceeding 22,000 BTC, indicating sustained profit-taking pressure.
Also, options data show rising demand for put contracts as traders hedge against further declines. Implied volatility has surged, while open interest remains near all-time highs, indicating growing nervousness among market participants.
BTC Options OI | Source: Glassnode
Analysts note that short-term rallies are being met with defensive positioning rather than optimism, i.e., recovery momentum may take time to rebuild.
Importantly, if institutional inflows fail to rebound in the coming weeks, analysts warn that the market could enter a prolonged consolidation phase below $110,000. However, a sustained defense of the $108,000 zone, backed by renewed ETF demand, could stabilize price action and set the stage for recovery heading into November .
