Bitcoin’s recent rebound has entered a critical phase, coinciding with a surge in demand for US-listed spot Bitcoin exchange-traded funds (ETFs). Over the course of three trading sessions, these funds attracted around $1.1 billion in net inflows, fueling expectations that renewed institutional buying could propel Bitcoin toward the $90,000 mark.
Bitcoin ETF inflows rise as BlackRock and Fidelity lead
Between October 19 and October 21, US spot Bitcoin ETFs tallied nearly $1.075 billion in net subscriptions. The three-day influx reversed much of the outflows seen earlier in the month, which had totaled $680 million.
On October 19, the sector reported $526.7 million in net inflows, followed by $23.2 million the next day, and $524.8 million on October 21. Research from Farside Investors shows that BlackRock’s iShares Bitcoin Trust (IBIT) alone received $235 million in new capital on October 21, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) attracted $212.7 million.
Together, IBIT and FBTC represented approximately 85% of total Bitcoin ETF inflows that session, highlighting the dominance of these two asset management firms in recent institutional Bitcoin adoption.
Despite the strong inflows, daily subscription rates fluctuated sharply. Coinpaper, a cryptocurrency data provider, observed that ETF inflows dropped by about 96% in one session before rebounding, underscoring ongoing volatility in investor appetite.
Rising ETF demand alone does not guarantee immediate price gains for Bitcoin, as sales from existing holders may absorb new institutional purchases.
Glassnode pinpoints $85,000 to $87,500 as key resistance zone
On October 21, blockchain analytics firm Glassnode identified a crucial resistance band for Bitcoin between $85,000 and $87,500. This zone features overlapping cost bases for recent buyers, a dense cluster of exchange sell orders, and significant futures liquidation points.
Data from Glassnode shows that investors who accumulated Bitcoin six to twelve months ago have an average acquisition price around $86,700. Sell orders are concentrated from $86,500 to $87,500.
Futures contracts set for liquidation near $85,000 and $87,000 may spark temporary price surges if leveraged short positions are closed, yet these spikes could quickly meet resistance as more investors look to exit at break-even prices.
Glassnode’s analysis points out that, despite robust ETF inflows, spot Bitcoin trading volumes remain relatively subdued, indicating that the current recovery has not yet prompted broader market engagement.
A decisive daily close above $87,500—accompanied by increasing spot volumes and continued ETF inflows—would reinforce the bullish scenario, positioning Bitcoin for a potential move toward $90,000.
| Price Zone | Key Features |
|---|---|
| $85,000–$87,500 | Resistance: investor entry price, sell orders, futures liquidations |
| $80,000–$81,500 | Support: ETF investors’ and companies’ average acquisition price |
| $90,000–$94,000 | Additional resistance |
| $77,600 | True Market Mean (Glassnode estimate) |
If Bitcoin is rejected near $87,500, the price could retreat toward $82,000 and potentially test the support range between $80,000 and $81,500. Glassnode calculates that the average acquisition prices for ETF investors and corporate treasuries cluster near those zones, which may act as a buffer against deeper losses. A daily close below $80,000, however, could weaken the current recovery and bring the True Market Mean at $77,600 into focus.
Federal Reserve policy and institutional forecasts
An upcoming policy decision from the Federal Reserve, expected on October 28, remains a significant potential catalyst for market direction. Coinpaper earlier highlighted that tighter monetary policy could weigh on Bitcoin’s recent momentum.
Citigroup, one of the world’s largest financial services corporations, maintains a longer-term optimistic outlook for Bitcoin, citing a potential future price of $113,000. However, this forecast reflects an extended institutional expectation rather than an immediate end-of-year target.
Mini dictionary: Glassnode, a blockchain analytics platform, provides in-depth market metrics by analyzing blockchain data such as cost basis, trading volume, and liquidation clusters to assess investor behavior and market trends.
