Bitcoin’s $80,000 Support Faces Friday Inflation Test

Bitcoin’s $80,000 support is facing economic data due Thursday and Friday after net inflows into U.S. spot Bitcoin exchange-traded funds fell 95.6% to $23.2 million on Oct. 20 from $526.7 million a day earlier.

Bitcoin traded at $81,870.57 on Oct. 22, down 1.42% over 24 hours, according to the source data. It briefly fell to about $80,100 during the Oct. 15 selloff before recovering.

Glassnode’s Oct. 21 report placed the average acquisition cost for U.S. spot Bitcoin ETFs at about $81,500. Publicly traded corporate treasuries covered by the analytics firm held Bitcoin at an estimated average cost of about $80,200. The figures represent the average prices paid for existing holdings; future purchases depend on each fund’s or company’s investment policy.

The largest block of displayed buy orders on Binance during the selloff was near $80,000. Most of those orders were filled, and smaller bids had reappeared by Oct. 20. Displayed orders can be canceled and do not guarantee continued support.

Farside Investors recorded combined net ETF inflows of $549.9 million on Oct. 19 and Oct. 20, with both sessions ending positive. The daily decline therefore reflected slower new inflows rather than net withdrawals across the two sessions.

Glassnode placed average spot ETF trading volume over the past 30 days at less than one-quarter of its level a year earlier. Corporate treasury purchases since June were below 10% of their November 2024 peak.

Glassnode identified potential Bitcoin supply between $85,000 and $87,500. Coins bought six to 12 months ago had an average cost near $86,700, while modeled futures liquidations were concentrated between $85,000 and $87,000.

Below $80,000, Glassnode identified a liquidation cluster near $79,600. Its True Market Mean, an estimate of the market’s broader average cost basis, was near $77,600. A daily close below $80,000 would place those levels in focus.

A $26 billion five-year Treasury Inflation-Protected Securities auction is scheduled for Thursday, Oct. 22. Flash purchasing managers’ indexes and the final University of Michigan inflation-expectations survey are scheduled for Friday, Oct. 23.

September consumer prices rose 3.7% from a year earlier. The preliminary Michigan survey showed one-year inflation expectations of 4.7% and longer-term expectations of 3.5%.

The Federal Reserve raised its target range to 3.75%-4% in September. A survey of 100 economists found that 94 expected the central bank to leave rates unchanged on Oct. 28.

The two-year Treasury yield was near 4.8% on Oct. 20 and had risen by more than one percentage point in 2026, according to Glassnode. Higher inflation readings or stronger expectations can affect short-term Treasury yields and the dollar, while weaker readings can reduce pressure on those markets.