Hyperliquid

Altcoin

Summer

<ul>
 <li>U.S. spot Bitcoin ETFs recorded just $67 million in net inflows over two weeks after most of October 19’s $653 million inflow reversed.</li>
 <li>Bitcoin’s realized volatility fell to around 25%, while Binance order-book bids concentrated between $78,000 and $79,000.</li>
 <li>Altcoin breadth weakened, with 42% of the top 500 coins above their 200-day moving averages, while Hyperliquid perpetual markets outpaced Bitcoin in daily volume.</li>
</ul>
<p>Bitcoin remains below $85,000 as weak ETF demand and declining volatility limit market activity after the Federal Reserve decision on October 28. According to Glassnode, <a href="https://x.com/glassnode/status/2115427475635196352?a=E0cxXi_x4pM76DAlQ48&amp;s=20" rel="noopener noreferrer nofollow">repeated</a> failures to reclaim $85,000 coincide with reduced selling losses and weaker altcoin breadth. Meanwhile, Bitcoin's volatility has returned to summer 2023 levels, with spot ETF flows remaining subdued.</p>
<h2 class="wp-block-heading" id="strong-etf-demand-weakens-as-bitcoin-faces-85k-resistance-strong"><strong>ETF Demand Weakens as Bitcoin Faces $85K Resistance</strong></h2>
<p>Glassnode reported that most of the $653 million entering U.S. spot <a href="https://cryptofrontnews.com/bitcoin-etf-flows-shift-as-73m-buyer-enters-the-market/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> on October 19 later flowed out. The funds recorded just $67 million in net inflows over two weeks, while daily trading volume averaged approximately $1.3 billion since May.</p>
<p>On October 23, ETF trading volume fell to roughly $700 million. Meanwhile, Bitcoin slipped below the ETF cost basis of $81,500, leaving the average fund investor underwater.</p>
<p>The 84,000–85,000 range has rejected Bitcoin four times this year. Glassnode noted that Bitcoin has closed above $85,000 on only five days since January, never exceeding three consecutive sessions.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-volatility-returns-to-summer-2023-levels-strong"><strong>Bitcoin Volatility Returns to Summer 2023 Levels</strong></h2>
<p>Glassnode placed <a href="https://cryptofrontnews.com/bitcoin-outflows-hit-five-week-high-as-fed-decision-nears/" rel="noopener noreferrer nofollow">Bitcoin's</a> one-month realized volatility near 25%, matching levels recorded during summer 2023. Since 2015, Bitcoin has experienced lower volatility on only about 5% of days.</p>
<p>Additionally, realized losses have declined with each market dip since August. Daily net losses reached approximately $630 million during the August low, compared with roughly $27 million around October 24.</p>
<p>Glassnode also reported that Binance order-book bids have shifted toward 78,000–79,000. Those orders total approximately $42 million, compared with $24 million in mid-October.</p>
<h2 class="wp-block-heading" id="strong-altcoin-breadth-declines-as-traders-favor-stocks-strong"><strong>Altcoin Breadth Declines as Traders Favor Stocks</strong></h2>
<p>Glassnode reported that 66% of the top 100 altcoins traded above their 200-day moving averages, down from 88% on October 4. Across the top 500, the share fell to 42%.</p>
<p>Meanwhile, <a href="https://cryptofrontnews.com/kraken-parent-payward-taps-hyperliquids-hip-3-framework-for-cftc-regulated-us-perpetuals/" rel="noopener noreferrer nofollow">Hyperliquid's</a> stock, index and commodity perpetual markets averaged $2.6 billion in daily volume over the past week. Bitcoin perpetuals averaged $2.4 billion.</p>
<p>Glassnode also noted that wallets holding 100–1,000 BTC continued accumulating during October. However, several other wallet groups reduced exposure, while larger holders slowed their purchases.</p>

Bitcoin Volatility Hits 2023 Levels as $85K Blocks Gains With ETF Demand Weakening

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