Bitcoin has slipped back under the $84K-$85K range, a level it briefly surpassed during the September high. While ETF demand has waned, each subsequent dip has resulted in smaller losses, and volatility has returned to levels last seen in summer 2023 ahead of the Fed's decision on October 28.
The majority of the $653 million inflow into US spot ETFs on October 19 has since exited, with $540 million leaving on October 22 alone. ETF trading volume has remained low since May, averaging about $1.3 billion daily, and fell to around $700 million on October 23, one of the quietest sessions of the year.
Long-term holders, those holding for more than 155 days, own a significant block of about 4 million BTC purchased between $85K and $118K, mostly in 2025. Over half of their coins were bought above the current price, suggesting potential selling pressure if the price recovers toward $85K. Meanwhile, short-term holders have denser clusters near $77K and $64K, indicating likely defense of those levels on a dip.
The US Leading Economic Index has stalled, and Consumer Confidence is near its lowest since 2009, setting a cautious backdrop for the Fed's decision on October 28. Bitcoin's volatility is back to summer 2023 levels, and trading in stocks, indices, and commodities on Hyperliquid has surpassed Bitcoin perpetual volume.