Bitcoin holds $80,000 level amid slowing ETF inflows ahead of inflation data

Bitcoin is currently holding the $80,000 area, which Glassnode estimates as the average acquisition cost for US spot Bitcoin ETFs and publicly traded corporate treasuries. However, ETF inflows slowed significantly, with inflows dropping by 95.6% in one day; Farside Investors recorded $526.7 million in net inflows on Oct. 19 and $23.2 million on Oct. 20. Key upcoming economic data includes a $26 billion five-year TIPS auction on Thursday, flash PMIs, and final University of Michigan inflation expectations on Friday, all preceding the Fed's Oct. 28 decision. Glassnode notes that average spot ETF trading volume over 30 days is less than a quarter of its level a year earlier, and corporate treasury purchases since June are less than 10% of the November 2024 peak.