Bitcoin slips to $80,700 as ETF outflows weigh and altcoins lag

Bitcoin slipped further overnight and touched a new 24-hour low of $80,410, below the $81,000 area that buyers defended on Friday. The pressure follows Thursday's $635.6 million outflow from US spot Bitcoin ETFs, the biggest of the month, according to Decrypt, and altcoins fell harder than Bitcoin.

Bitcoin

Bitcoin traded at $80,700 in CoinGecko's snapshot at 13:19 UTC on October 24. That is down 1.08% over 24 hours and 0.94% over seven days. The 24-hour range ran from $80,410 to $81,939. Spot volume was about $21.5 billion.

Decrypt reports that Thursday's ETF outflow pushed October flows back to a net loss of about $176 million, with Ethereum and Solana funds also losing money. On Friday, Cointelegraph reported that Bitcoin dipped below $81,000 as stocks fell and Brent crude hit its highest level since March, leaving the 50-day moving average in focus. For the currency side of the oil move, see our sister site's report on the Canadian dollar firming as oil hit its highest since May.

BTC/USD chart

Ether and the majors

Ether fell 1.23% to $2,366.63 and is down 2.64% on the week. Cardano and Dogecoin posted the largest daily declines among the majors. BNB is the only one still higher over seven days.

ETH/USD chart

Breadth and sentiment

Total crypto market capitalization stood at $2.719 trillion, down 3.99% over 24 hours, per CoinGecko. Bitcoin dominance was 59.6% and Ether's share was 10.6%.

The Crypto Fear & Greed Index read 51 (Neutral), barely changed from 50 a day earlier. The bigger shift came before that: the index was at 68 (Greed) on October 22. It has now spent two days in neutral territory after five readings in Greed out of the prior six.

The news drivers

• HSBC goes live with a stablecoin. HSBC switched on its Hong Kong dollar stablecoin inside the PayMe app on Friday, reaching 3 million wallets, Decrypt reports. The launch tests whether a bank-issued token can work as everyday money.
• US policy competition. Apex Group CEO Peter Hughes warned that the failure of the US Clarity Act will push digital asset businesses toward Asia and the Middle East, according to CoinDesk.
• Tokenization on XRP Ledger. Franklin Templeton added $150 million in fund shares to the XRP Ledger in two subscriptions on Thursday, nearly quadrupling the fund's tokens on the network, CoinDesk reports. The receiving wallet shares its authorized signers with the issuer.
• Pushback on tokenized stocks. Wells Fargo and five others objected to the OKX-ICE tokenized stock listings, bringing the total to 22 companies as of Friday, Cointelegraph reports.
• Israel weighs a crypto plan. Days before Israel's election, Prime Minister Netanyahu said he has asked for a blockchain plan in case banks face sanctions, according to Decrypt.
• IRS penalties. The IRS plans lower penalties for voluntary tax disclosures, including crypto, Cointelegraph reports, citing Forbes.
• Initia exploit. Initia halted its layer-1 network and rollups after an exploit reportedly drained over $2.6 million, per Cointelegraph.

What to watch next

1. ETF flows. Whether Thursday's $635.6 million outflow, reported by Decrypt, is followed by more redemptions.
2. The 50-day moving average. Cointelegraph flagged it as the level in focus for Bitcoin.
3. Israel's election. Decrypt says it is days away, with Netanyahu's crypto plan in the background.
4. OKX-ICE objections. The count of filed objections stood at 22 as of Friday, per Cointelegraph.
5. US midterms. CoinDesk notes that past bear-market lows followed the midterms, but this year's recovery raises the possibility that the bottom came months earlier.

CryptoClick Desk