U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $137.94 million in net outflows on Oct. 23, according to SoSoValue data.
Combined with the previous day's $635.49 million in withdrawals, the largest single-day outflow since late June, total net outflows over the two sessions reached $773.43 million.
BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest outflow on Oct. 23, at $110.34 million. Fidelity's Wise Origin Bitcoin Fund (FBTC) saw $31.78 million leave the fund, while Morgan Stanley's MSBT recorded net inflows of $4.19 million.
Despite the withdrawals, weekly Bitcoin ETF flows remained positive at approximately $228.2 million.
The outflows came after news that Franklin Templeton, an asset manager with $1.8 trillion in assets, received Nasdaq approval to list two Bitcoin-focused ETFs, according to U.Today.
The Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) are designed to combine exposure to U.S. equities with a strategy aimed at gradually accumulating Bitcoin.
Unlike conventional spot Bitcoin ETFs, the funds are not primarily designed to track BTC's price directly.
BTC price faces key support at $80,000
Bitcoin trades near $80,550, down 1.32% from the previous day, leaving the cryptocurrency under pressure despite the news of Franklin Templeton's new funds.
On the daily chart, BTC remained above its major moving averages. The 100-day moving average stood near $77,500, while the 200-day average was around $76,200. Both indicators were rising, providing support for the broader trend.
The immediate support level is around $80,000, followed by the 100-day moving average near $77,500. A break below $80,000 could expose Bitcoin to further selling pressure.
Elevated open interest adds to the risk. If BTC loses the $80,000 level while leveraged positions remain high, forced liquidations could accelerate the decline toward the 100-day moving average.
For now, Bitcoin faces mixed signals. Positive weekly ETF flows and rising moving averages offer some support, while substantial recent withdrawals and the potential for leveraged liquidations could weigh on the price.
Arman Shirinyan
Dan Burgin
