Bitcoin Slips Below $80,000 as Leveraged Positions Are Liquidated and ETFs Post Outflows

Bitcoin briefly dropped below the $80,000 level in the latest session, as a wave of forced position closures hit traders who had bet on higher prices. Reported liquidation totals varied by tracker, ranging from roughly $200 million over an hour to about $670 million across a broader window, with long positions accounting for most of the losses.

At the time of the latest market snapshot, bitcoin traded near $80,560, down 0.31% over 24 hours and 1.01% over seven days. Ethereum changed hands around $2,340, down 1.13% on the day and 2.28% over the week, while Solana was near $101.58, off 0.81% daily and 1.53% weekly. Zcash stood out, rising 2.71% over 24 hours and 6.93% over seven days, to roughly $1,203.

ETF withdrawals and new product approvals

U.S. spot bitcoin ETFs recorded $137.94 million in net outflows on October 23, following $635.49 million in withdrawals the previous day. The combined $773.43 million over the two sessions marked the largest single-day outflow since late June, when the $635 million day was recorded.

BlackRock's iShares Bitcoin Trust led the redemptions with $110.34 million leaving the fund on October 23, while Fidelity's Wise Origin Bitcoin Fund lost $31.78 million. Morgan Stanley's bitcoin fund took in $4.19 million. Despite the recent selling, weekly net flows for the category remained positive at roughly $228.2 million.

The withdrawals came shortly after Franklin Templeton received Nasdaq approval to list two new funds, the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF. Both products pair U.S. equity exposure with a strategy of gradually accumulating bitcoin, and neither is primarily designed to track bitcoin's spot price.

Key price levels and open interest

Bitcoin remains above its 100-day and 200-day moving averages, which sit near $77,500 and $76,200 respectively and are both trending upward. Analysts tracking the chart identify the $80,000 level as the immediate support, with the 100-day average as the next reference point below it.

Open interest in bitcoin derivatives has remained elevated, which raises the risk that a break below $80,000 could trigger further forced closures. The current picture is mixed: steady weekly ETF inflows and rising moving averages offer some support, while recent fund withdrawals and the leverage still in the market add pressure.