The Bitcoin price prediction is finally seeing some positive developments after a streak of large outflows from spot BTC ETFs and an 18% price drop from the October high.
On Tuesday, spot Bitcoin ETFs saw an inflow of $477 million, ending a $1.04 billion outflow streak that began on Wednesday.
Currently, Bitcoin is trading around $107,711, with a slight increase of 0.15% and a 24-hour trading volume exceeding $102.67 billion. Despite positive ETF inflow, the BTC price saw intense selling pressure around the $114,000 mark, which drove it nearly 5% down in the next few hours.
Despite the downturn, trading activity has increased by around 64% in the past day with support from ETF volumes. This signals that traders might soon attempt a bullish counter for a $110k rebound.
Meanwhile, despite a broader market sell-off, the layer-2 presale, Bitcoin Hyper, has sustained bullish momentum with $24.5 million raised. The project is addressing bottlenecks in the Bitcoin network, which limits ecosystem growth compared to networks like Solana and Ethereum.
Spot Bitcoin ETFs Record Fresh Inflow as IBIT Gains $210.90 Million
On October 21, both Bitcoin and Ethereum crypto ETF products returned to a positive flow. According to the data from Coinglass, Spot BTC ETFs reported $477.19 million gains, while ETH ETFs saw $141.66 million.
Source: Coinglass
BlackRock’s IBIT led the surge with $210.90 million, followed by Ark Invest and 21Shares’ ARKB, which attracted $162.85 million. Fidelity’s FBTC added $34.15 million, while Bitwise’s BITB, VanEck’s HODL, and Grayscale’s BTC brought in $20.08 million, $17.41 million, and $13.86 million, respectively.
Out of 12 Bitcoin ETF products, 9 recorded inflows, pushing total trading volume to $7.41 billion, discontinuing the 4-day streak of outflows. Data shows that the total net assets have reached $150.30 billion, while Ethereum ETFs’ total net assets have reached $27.17 billion.
Bitcoin Price Prediction: Traders Eyeing $110k Recovery
Bears have erased recent gains in the Bitcoin price with a 4.09% weekly downturn. The largest cryptocurrency is also in a downtrend on the monthly chart at $107,711, marking a 15% price decline.
The strong price rejection from the 50-day moving average further reinforces its bearish outlook. Undoubtedly, current market sentiment is low, as shown by recent declines that pushed BTC’s market cap below $2.15 trillion mark. However, technical support from $107,000 hints at a bounce, although the RSI data is showing mixed signals.
Bitcoin price chart. Image Courtesy: TradingView
On the bright side, the coin’s trading volume exceeded $100 billion over the past 24 hours (a 64% increase), which indicates momentum. If bulls reclaim the $110,000 psychological level, it could boost investor confidence and potentially propel the price higher.
However, considering the declining investor interest and confidence, the Bitcoin price retesting lower levels below $105,000 cannot be ruled out. Experts suggest that a broader market rally could act as a bullish catalyst for BTC.
Bitcoin Hyper Presale Explodes With $24.5 Million Raised
While Bitcoin price predictions dominate headlines, Bitcoin Hyper aims to enhance the Bitcoin ecosystem, similar to Solana and Ethereum’s supercycles. The idea is to improve Bitcoin’s speed and scalability through a layer-2 protocol.
Its unique infrastructure has attracted massive attention from investors, amassing $24.5 million in a short period of its presale. Major crypto whales are quietly accumulating HYPER tokens ahead of a scheduled price increase within 24 hours.
Bitcoin Hyper uses the Solana Virtual Machine (SVM) to merge Bitcoin’s strong security with Solana’s fast and scalable network. The Bitcoin Relay Program locks BTC on the Bitcoin blockchain and issues the same amount on Bitcoin Hyper, creating a seamless bridge between the two chains.
This setup enables DeFi, real-world assets (RWAs), and AI applications on the Bitcoin network, unlocking new opportunities and leveraging Bitcoin’s $2.14 trillion liquidity.
