Nischal Shetty, Founder, WazirX
"Bitcoin traded near $81,198, down approximately 2.6% over 24 hours, while Ether declined 2.56% to around $2,388, according to the supplied market snapshot. The weakness came alongside selling in US equities, where the Nasdaq fell 2.6% and the S&P 500 lost 1.21%. The VIX rose 14.09% to 19.03, signalling increased demand for protection against market volatility.
ETF demand offered a contrasting signal. US spot Bitcoin ETFs recorded approximately $525 million in net inflows on October 21, led by BlackRock's IBIT and Fidelity's FBTC. Three-session inflows reached roughly 1.07-1.08 billion, helping turn October's cumulative flows positive at around $460 million.
Ethereum ETFs attracted approximately $14 million, ending five consecutive sessions of outflows.
According to CoinGlass, Bitcoin derivatives open interest has neared $54.17 billion. Bitcoin's ability to reclaim $81,500, will be an immediate reference point.
For traders holding open futures positions, Bitcoin's immediate reference is $81,500, the lower boundary of its earlier reported range. Sustained trading above this level would indicate an initial recovery, with the earlier range high of $84,800 a potential resistance reference.
Ether, trading near $2,388, is just below the psychological $2,400 mark. Its ability to reclaim and hold this level will be an immediate test of momentum, while $2,300 provides a round-number downside reference. Confirming stronger support and resistance requires a four-hour or daily candlestick chart."