Crypto
Bitcoin Ended the Week at $81,616, Down 1.2%, After a Dip Under $80,000 and $82 Million of ETF Outflows
Bitcoin closed October 16 at $81,616 on Binance, 0.77% lower on the day and 1.23% on the week, after trading as low as $79,800 on Thursday afternoon. Spot ETFs lost $82.4 million on Friday, Coinbase fell 5.79% and Strategy 9.56% as the Nasdaq dropped 2.15%.
Bitcoin's week was quieter than its headlines. The low came in the 13:00 UTC hour on Thursday, October 15, at $79,800, the first print under $80,000 since the September rally, on $171 million of hourly volume; within two hours the price was back at $82,631. Friday's range was $80,809 to $82,941, with the low at 17:00 UTC, the same hour the VIX spiked in New York. The daily close was $81,615.64, down 0.77%, and the week's decline from the October 9 close of $82,635.55 was 1.23%. At 05:00 UTC on Saturday it traded at $81,639.
The flow data explain the lack of a bounce. US spot bitcoin ETFs lost $82.4 million on Friday, with BlackRock's IBIT accounting for $71.8 million and Fidelity's FBTC $10.6 million, according to Farside Investors, after a net inflow of just $5.06 million on Thursday. October's net outflows exceed $534 million, Invezz reported. IBIT fell 0.94% to $46.15.
The listed crypto companies fell much further than the asset. Coinbase dropped 5.79% to $173.16, giving back Thursday's 6.3% bounce, and is 3.47% lower on the week. Strategy fell 9.56% to $136.83, down 11.35% on the week, and Robinhood lost 4.92%. All three trade as Nasdaq stocks first and crypto proxies second, and the Nasdaq lost 4.48% this week.
Among the other majors, ether closed at $2,423.54, down 0.76% on the day and 2.58% on the week after a Thursday low of $2,318; Solana ended at $104.45 and XRP at $1.3115, down 1.75%. Zcash, which had rallied 14% on Thursday, gave back about 6% during Friday's US session, from $1,222 to $1,149. A Yahoo Finance report citing on-chain data said the number of wallets holding between 10 and 10,000 bitcoin reached a record during the dip, the usual sign that larger holders buy what ETF investors sell.
The weekend brings thin liquidity, the Cronos unlock of 1.17 billion CRO on Saturday and, on Monday, the first ETF flow figures after a week in which equities set the direction. For now bitcoin is doing what it did in the summer: holding a range between $80,000 and $84,000 while the assets around it move more.