Institutional Bitcoin activity escalated as major asset managers received significant BTC transfers. Fidelity's FBTC ETF wallet received 282.63 BTC valued around $23.08 million from Binance, while BlackRock's ETF wallets received 384.77 BTC valued at approximately $31.4 million, according to onchain data.
Beyond direct institutional transfers, accumulation activity intensified among newly created wallets. Since October 1st, 40 newly created wallets withdrew 9,458 BTC from Wintermute, totaling roughly $771.5 million. This concentration of withdrawals across multiple addresses suggests potential coordination among large market participants, with such transfers often indicating longer-term custody strategies.
Exchange Supply Shrinking
Bitcoin's spot market registered approximately $465.55 million in negative netflows on October 22nd, indicating that more BTC left exchanges than entered during the period. The USD-denominated exchange reserves fell 1.35% over 24 hours, reaching roughly $226.33 billion. Continued withdrawals from trading platforms could reduce immediately available selling supply if holders maintain coins away from exchanges.
Technical Position
On its daily timeframe, Bitcoin traded around $81,764 at the time of reporting, maintaining a position above a key demand zone near the $81,000 region. The Parabolic SAR indicator flipped below price at $80,001, suggesting improving bullish conditions. The Money Flow Index stood at 53.74, indicating moderately positive buying pressure.
The combination of institutional transfers, large holder withdrawals, and declining exchange balances supported recovery attempts, with technical support levels reinforcing the broader accumulation narrative.
