Bitcoin climbed 2.14% to USD 83,076.67 on October 21 as technology stocks recovered and U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a second day of inflows. Short liquidations accompanied the rally, although October fund flows remained negative for both Bitcoin and Ether.
U.S. spot Bitcoin ETFs attracted USD 23.2 million on October 20, down from USD 526.7 million on October 19. Tuesday marked the second consecutive session of inflows, but buying was concentrated in BlackRock's IBIT, which received USD 29.9 million, and Fidelity's FBTC, which added USD 3.6 million. Bitwise's BITB lost USD 10.3 million.
Monday's stronger inflows came mainly from IBIT, which attracted USD 665.2 million, offsetting withdrawals of USD 83.6 million from Fidelity and USD 54.9 million from Grayscale's GBTC. Despite the rebound, SoSoValue data showed approximately USD 67 million in net Bitcoin ETF outflows during October, leaving year-to-date net inflows near USD 809 million.
Meanwhile, U.S. spot Ether ETFs lost USD 26.1 million on October 20, extending their October net withdrawals to USD 1.08 billion, the largest monthly outflow of 2026. The withdrawals erased September's USD 832 million in inflows and reduced this year's net inflows to roughly USD 485 million, according to SoSoValue. Ether fell 9.7% in October to around USD 2,438.
Bitcoin's advance put pressure on traders betting on a decline. An October 20 market snapshot recorded about USD 46.6 million in Bitcoin short liquidations over 24 hours, alongside USD 30.6 million in liquidated long positions. Exchanges close leveraged trades automatically when collateral falls below required levels, which can accelerate existing price moves.
Short covering can add buying pressure, but liquidation data alone cannot establish what caused the rebound. Bitcoin futures open interest reached USD 53.86 billion during Tuesday's U.S. trading session, up about 2.1% in 24 hours, while Bitcoin recovered from last week's lows near USD 79,800.
The recovery followed stronger U.S. corporate results. SpaceX reported third-quarter revenue of USD 14.6 billion, up 161% from a year ago, helped by artificial intelligence services and satellite connectivity. Its shares rose about 8% after the results. South Korea's Kospi gained 3.7% and Taiwan's Taiex advanced 1.4% during Wednesday's Asian session.
Super Micro Computer raised its preliminary quarterly revenue forecast to between USD 18.5 billion and USD 19.5 billion, from USD 14.5 billion to USD 15.5 billion. Its shares also rose in extended trading.
Interactive Brokers economist Jose Torres said improving confidence in technology stocks had encouraged investors to reduce hedges after last week's selloff. A 24-hour correlation near 0.95 measured the broader crypto market against the S&P 500-tracking SPY fund, not Bitcoin alone.
Bitcoin traded above its seven-day moving average near USD 82,769, while its relative strength index stood around 61.5. Resistance lies between USD 84,000 and USD 85,000, with support near USD 81,300. A sustained break below support could expose the recent lows near USD 79,800.
Bitfinex analysts wrote in their October 12 report that “Spot demand is where the evidence is weakest.” They identified USD 84,000 as the first price level Bitcoin needed to reclaim. The Federal Reserve meets on October 27–28.
In a Reuters poll conducted October 16–20, 94 of 100 economists expected officials to hold interest rates at 3.75% -- 4.00%, while all respondents forecast a December rate increase.
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