The Oct. 19 inflow into U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) reached about $653 million, the largest daily total since Sept. 22, while market activity remained subdued against its year-earlier pace.
Bitcoin’s 30-day average trading volume was below 25% of its level in the comparable period a year earlier. Trading in the ETFs on Oct. 19 also fell short of the typical daily level recorded over the past year, despite the inflow following a week of net withdrawals.
Bitcoin’s Oct. 15 decline took it near $80,000: one hourly period settled at $80,100, and the next hourly reading put it back above roughly $80,000. The movement came within the $79,400-$85,000 span described in earlier coverage of Bitcoin’s October trading range.
Estimated average cost bases for U.S. spot ETF holdings and corporate treasury holdings clustered between $80,000 and $81,500. The average for treasury companies was about $80,200, and BTC daily closes had remained above that mark since Sept. 18. A daily BTC close under $80,000 would put the price below the estimated average cost bases for both groups.
Monthly Bitcoin additions by corporate holders have been below 10% of the November 2024 peak since June. On Binance, buy orders grouped near $80,000 were mostly absorbed during the Oct. 15 drop and had rebuilt by Oct. 20, although the cluster was still smaller than its peak. The order book reflects Binance alone, not marketwide demand.
MSCI approved a new rule for companies without operating businesses after the U.S. market closed Oct. 15. Applying the screen to May data identified Strategy and Metaplanet. The rule leaves current index members in place unless they fail the screen in both of their latest annual filing periods. Funds tracking MSCI indexes could be required to sell Strategy shares if it is named for removal.
The Federal Reserve’s next rate decision is scheduled for Wednesday, Oct. 28. MSCI is due to publish its list Nov. 11, with changes taking effect at the Nov. 30 market close.
