Bitcoin walks a tightrope as ETF demand wavers

TLDR

• Bitcoin fell 2.39% over the week to US$80,154 (A$113,819), while total crypto market capitalisation declined 2.16% to US$2.66 trillion (A$3.78 trillion).
• Major altcoins recorded further losses, with ADA down 7.69%, AVAX falling 8.67%, and ETH declining 3.34%.
• US spot Bitcoin ETFs recorded approximately US$635.6 million (A$902.8 million) in outflows on 22 October, highlighting uneven institutional demand.
• Ethereum and XRP faced additional pressure from ETF withdrawals and concerns surrounding upcoming token unlocks.
• Tokenisation continued to attract institutional interest, while regulatory developments in the US and South Korea remained in focus.

Introduction

With October drawing to a close, crypto markets are struggling to regain their footing. Bitcoin is hovering just above the critical US$80,000 (A$113,600) mark, while major altcoins continue to lose ground. Uneven ETF demand, leveraged liquidations and uncertainty surrounding US interest rates have left investors watching closely for signs of further weakness.

Yet the picture is not entirely bleak. While short-term market confidence remains fragile, institutional interest in tokenised assets continues to grow. Security concerns and unresolved regulatory questions have added further challenges as crypto markets approach the final week of October.

Weekly trading stats as of Monday, October 26th at 11:00 AM AEDT, based on data from TradingView in USD.

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Bitcoin approaches US$80,000 (A$113,600) as altcoins extend losses

Selling pressure persisted across crypto markets as Bitcoin approached the closely watched US$80,000 (A$113,600) support level. Altcoins faced steeper declines, with Cardano and Avalanche among the hardest hit. The possibility of further losses remains a concern as investors assess whether Bitcoin can maintain its current level. Ethereum ETF withdrawals and XRP's upcoming token unlock have added to uncertainty surrounding the market outlook.

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ETF outflows and monetary policy keep investors cautious

Institutional demand remained uneven throughout the week. US spot Bitcoin ETFs recorded approximately US$635.6 million (A$902.8 million) in outflows on 22 October, which reversed much of the inflows seen over the preceding three sessions. Ethereum investment products also faced withdrawals as investors reassessed their exposure to digital assets.

Attention has also turned to the US Federal Reserve's upcoming interest rate decision and inflation data. The monetary policy outlook could influence risk appetite in the weeks ahead, particularly if institutional demand remains subdued.

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Tokenisation progresses amid regulatory uncertainty

Despite weaker market conditions, blockchain-based finance continued to attract interest from major financial institutions. Tokenised equities gained traction across Solana and decentralised finance platforms. Developments involving JPMorgan also demonstrated continued efforts to integrate blockchain technology into traditional financial services.

Regulatory uncertainty nevertheless persisted. In the US, discussions surrounding stablecoin oversight and comprehensive crypto market legislation continued. Meanwhile, South Korea considered postponing cryptocurrency taxation until 2029. Both developments underscored the challenges of establishing clear regulatory frameworks as digital asset markets mature.

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Final thoughts

October's final stretch could prove decisive for crypto markets. Bitcoin remains close to the US$80,000 (A$113,600) threshold, and the next moves in ETF flows and US monetary policy could determine whether market confidence begins to recover or selling pressure intensifies.

Beyond the price charts, however, a different story is taking shape. Tokenisation continues to gain ground despite security concerns and regulatory uncertainty. For now, crypto markets face a delicate balancing act between short-term caution and longer-term ambitions. The coming weeks will reveal whether investors are ready to regain their footing.

Announcements

BTC Markets joins tokenisation discussion at Australia FIX Conference 2026

BTC Markets Chief Commercial Officer Paul Stonham moderated a panel at the Australia FIX Conference 2026 in Sydney on 22 October. The discussion covered tokenisation’s potential to transform settlement and collateral management, alongside challenges involving custody, liquidity, interoperability and regulation.

Catch up on the discussion

Exclusive crypto tax offers for BTC Markets clients

BTC Markets clients can still access exclusive offers from Koinly, Summ and Syla to make crypto tax reporting easier, whether you're organising your transaction history or preparing your tax return.

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BTC Markets celebrates three finalist nominations at The DIGIs 2026

BTC Markets has been recognised in three categories at the 2026 Australian Digital Economy Awards (The DIGIs): Digital Currency Exchange of the Year, The Blockies Award for Blockchain & Digital Asset Excellence, and Emerging Leader of the Year (Under 35), recognising Anastasia Varlamova, People and Culture Manager. The winners will be announced in Sydney on 27 November.

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