Bitcoin (BTC) was trading around $80,000, down more than 4% from the start of the month, as investors weighed persistent selling pressure against improving long-term prospects. U.S. spot Bitcoin Exchange-Traded Funds (ETFs) recorded $110 million in net inflows on October 26, ending a two-day outflow streak, with BlackRock’s IBIT accounting for nearly all the gains. By contrast, spot Ether ETFs saw outflows of $88 million to $90 million in the same session, showing that institutional demand is not universal. Galaxy Research believes Bitcoin’s bear market is over and that the asset has entered an accumulation phase after a potential bottom of $76,500 on June 30. This thesis would be weakened by weekly closes below the 50-week moving average, located near $76,000, or by a fading of ETF inflows.
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