This round of adjustment is no longer just an issue within the crypto circle; the sell-off in US tech stocks, macroeconomic pressures, and selling in the crypto market are resonating.
BTC's rebound failed, US tech stocks plunged, and ETF buying temporarily couldn't reverse the trend.
At the close of US markets on October 22, the Nasdaq fell 2.6%, the S&P 500 dropped 1.21%, and the Philadelphia Semiconductor Index plunged about 6.7%. Tech stocks were the main targets of selling, and risk assets were generally under pressure.
Regarding funds, from October 19 to 21, BTC spot ETFs saw net inflows for three consecutive days totaling about $1.075 billion, with a single-day inflow of about $525 million on the 21st. Institutional buying is still present, but BTC fell to around $81,000, indicating that selling pressure from other market channels is enough to offset the demand brought by ETFs.
BTC previously rebounded to above $84,000 but was resisted; currently, $81,800 to $82,300 is short-term resistance, and $80,000 is a key support level to watch below. ETH weakened in sync, with key support at $2,350; if broken, it may further test $2,300.
From the current market structure, the earlier rebound has not changed the short-term weakness, and ETF inflows have yet to stabilize prices. My judgment is that this round of adjustment may not be over yet; over the weekend, focus on the risk of BTC testing $80,000 again and ETH continuing to follow down.
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