Bitcoin falls 3.3% to $81,325 as ETFs shed $635.5 million and Fed holds
Strategy bought no bitcoin from Oct. 19 to Oct. 25 while Strive added 6,182, and the Fed held rates at 3.75%-4.00% with two votes for a hike.
- Bitcoin closed at $81,325 on Oct. 28, down 3.3% from $84,117 on Oct. 21, according to Coinlore's daily series.
- U.S. spot bitcoin ETFs lost $635.5 million on Oct. 22, according to SoSoValue, and took in $176 million on Oct. 27.
- Coinbase reports third-quarter results after the market close on Oct. 29, and Circle Internet Group reports on Nov. 4.
Bitcoin fell 3.3% in the week of Oct. 22-28 to close at $81,325, as U.S. spot bitcoin ETFs lost $635.5 million on Oct. 22 and the Federal Reserve held its target range on Oct. 28 with two dissents.
Bitcoin closes at $81,325, 3.3% below its Oct. 21 level
Bitcoin closed at $81,325 on Oct. 28 against $84,117 on Oct. 21, a fall of 3.3%, according to Coinlore's daily series. The previous edition covered the week of Oct. 15-21 and is here.
The range ran from a high of $84,334 on Oct. 22 to an intraday low of $79,353 on Oct. 24, a spread of $4,981. The lowest daily close was $80,119 on Oct. 26.
Bitcoin closed above $80,000 on all seven days of the window. Daily closes were $81,409 on Oct. 22, $81,164 on Oct. 23, $80,907 on Oct. 24 and $80,165 on Oct. 25.
Ether traded near $2,358 on the evening of Oct. 28, about 5.5% lower over seven days. Bitcoin was near $81,200, practically level with the previous day, according to CryptoTicker.
Spot bitcoin ETFs lose $635.5 million on Oct. 22 and take in $176 million on Oct. 27
U.S. spot bitcoin ETFs recorded net outflows of $635.5 million on Oct. 22, ending three straight days of inflows, according to SoSoValue data reported by TokenPost.
Five of the 12 funds lost money. BlackRock's iShares Bitcoin Trust (IBIT) shed $254.05 million and Fidelity's Wise Origin Bitcoin Fund (FBTC) shed $217.46 million, while Morgan Stanley's MSBT took in $2.33 million.
Farside Investors counted $635.6 million for Oct. 22 and $137.9 million of further outflows on Oct. 23, a provisional total with at least one issuer entry missing, according to Farside figures on KCEX's blog.
Cointribune called Oct. 22 the heaviest single-day loss since June 25, according to its report on the outflow. Bitcoin closed at $81,409 that day, 3.2% below its Oct. 21 close of $84,117.
Flows turned on Oct. 27. The funds took in $175.99 million, with IBIT adding $151.46 million and Fidelity's FBTC $24.54 million, and none of the 12 reported outflows, according to Altcoin Buzz.
Total net assets stood at $103.94 billion on Oct. 27 and cumulative net inflows at $57.47 billion, the same report said.
The Fed holds at 3.75%-4.00% as Cook and Hammack vote for a hike
The Federal Open Market Committee kept the federal funds target range at 3.75%-4.00% on Oct. 28 in a 10-2 vote, according to the Federal Reserve's statement, released at 2 p.m. EDT.
Lisa D. Cook and Beth M. Hammack dissented. Both preferred raising the range by a quarter of a percentage point.
"Inflation remains elevated," the statement said. It also described economic activity as expanding at a strong pace and said the Committee would gather more information before setting its next step.
Bitcoin showed little reaction. It closed at $81,325 on Oct. 28, up 0.5% from $80,909 on Oct. 27.
Strategy buys no bitcoin and spends $204.9 million on preferred shares
Strategy Inc. (MSTR) did not buy or sell bitcoin from Oct. 19 to Oct. 25, according to its Form 8-K filed Oct. 26.
The company repurchased 2,068,459 shares of its STRC preferred stock for $204.9 million in cash and sold no shares under its at-the-market program. Its USD reserve was $4.83 billion on Oct. 25.
Strategy held about 848,517 bitcoin on Oct. 25, bought for $64.02 billion at an average of about $75,446 a coin. The Oct. 28 close of $81,325 sits 7.8% above that average.
Strive adds 6,182 bitcoin as the treasury leaders diverge
Strive, Inc. (ASST) bought 6,182 bitcoin from Oct. 17 to Oct. 23 at an average of about $82,732, according to its Form 8-K filed Oct. 26.
That is about $511.4 million at the average price. Strive's holdings rose from 36,818 bitcoin on Oct. 16 to 43,000 on Oct. 23, the filing shows.
The two filings cover different periods, and Strive's average price was 1.7% above the $81,325 close of Oct. 28. Its purchase window ended before the Oct. 24 low of $79,353.
The week in numbers
| Asset | Level | Week change | Source |
|---|---|---|---|
| Bitcoin, close Oct. 28 | $81,325 | -3.3% | Coinlore |
| Spot bitcoin ETF net flow, Oct. 22 | -$635.5 million | vs +$528.4 million on Oct. 21 | TokenPost |
| Strategy bitcoin holdings, Oct. 25 | 848,517 BTC | No purchases Oct. 19-25 | SEC filing |
| Strive bitcoin holdings, Oct. 23 | 43,000 BTC | +6,182 BTC since Oct. 16 | SEC filing |
| Federal funds target range | 3.75%-4.00% | Unchanged | Federal Reserve |
As of Oct. 28. Bitcoin change is our calculation from daily closes on Oct. 21 and Oct. 28.
Coinbase reports on Oct. 29 and Circle on Nov. 4
- Oct. 29: Coinbase Global (COIN) reports third-quarter results after the market close, with a live Q&A at 2:00 p.m. PT, according to its announcement.
- Nov. 4: Circle Internet Group (CRCL) reports third-quarter results, with a webcast at 8 a.m. ET, according to its press release.
Trackers disagreed on the Oct. 26 ETF flow and no figure was available for Oct. 28, so both days are left out.