Bitcoin ETFs received a significant boost with $663 million in inflows during a recent trading session, marking the largest single-day inflow in the past two months. BlackRock's IBIT captured all of these investments, reversing the cumulative outflows seen in October.
The inflow occurred while Bitcoin traded near $82,500, having recovered from lows around $60,000 in June. According to market analysis, sustained ETF purchasing activity could provide support for the market and help sustain the recovery, though analysts cautioned that a single strong week does not establish long-term market shifts.
Switzerland Expands Bitcoin Access to Retail Investors
Switzerland's financial regulator, FINMA, approved a new fund that holds actual Bitcoin for public shareholders on October 20. This marks an expansion of Bitcoin investment options, as previous products were limited to qualified or institutional investors.
The new product allows investors to own Bitcoin directly while avoiding the need to manage private keys themselves. This differs from futures-based products, where customers do not own the underlying asset. The fund will trade under the ticker BBIT on the SIX Swiss Exchange and is expected to begin trading next month.
FINMA waived traditional diversification requirements for the fund, citing Bitcoin's historical price movements and liquidity as justification for the exemption.
Bitcoin Tests Key Resistance Levels
Bitcoin's recovery is being tested at the $84,300 resistance level. After climbing near $87,000 in late September, Bitcoin fell below $84,000 in October, where buyers have struggled to regain momentum.
Bitcoin has repeatedly defended the $79,800 support level and recovered to around $83,376. For buyers to establish control, they must break through resistance at $84,300. Successfully breaching this level could allow Bitcoin to test resistance at $87,400. If buyers fail to break through, prices could fall back toward $82,560 or $79,800, potentially allowing sellers to resume downward pressure.
