Bitcoin ETFs take in $110M as Galaxy calls an accumulation phase

Money returned to US spot bitcoin ETFs on Monday, but not enough to turn October positive. The funds took in a net $110 million on Oct. 26 after two sessions that saw $774 million leave, according to SoSoValue data cited by Cointelegraph. Month to date, flows are still about $202 million negative.

Where the market stands

• Price: bitcoin was at $79,595 at the time of Cointelegraph's report, down 2.6% over seven days (CoinGecko). Live figures are in the snapshot above.
• Sentiment: the Crypto Fear & Greed Index slipped to 48 from 50, still in "Neutral".
• Exchange flows: CryptoQuant analyst Darkfost noted that retail bitcoin deposits to Binance nearly doubled to $10.8 billion over 30 days, while deposits from large holders fell to $3.8 billion. He read that as smaller investors possibly selling into the recent bounce; big holders are covered in our explainer on crypto whales.

Galaxy: "the fast money has left"

The same morning, Galaxy published a research note titled "Why now is the time to add and hold BTC", reported by CoinDesk. Head of firmwide research Alex Thorn argues that:

• the bear market likely ended in June, below $58,000, and bitcoin is now in an accumulation phase like those before earlier advances;
• bitcoin has posted five straight weekly closes above its 50-week moving average after 44 weeks below it;
• asset managers' net long exposure in CME bitcoin futures is down 57% from the week of the record high, and spot ETFs added 87,000 BTC after the June low;
• rising US debt, deficits and interest costs strengthen the case for a fixed-supply asset.

Galaxy also lists the risks: a broad market sell-off, AI-related disruption and quantum computing. A weekly close below $76,540, without a recovery within a month, would challenge its technical thesis. Bitcoin is still roughly 35% below its record above $126,000.

Our read

Galaxy is a crypto firm with a direct interest in a recovering market, so treat its call as a view, not a forecast. The ETF numbers tell a more cautious story: buyers came back on Monday, but October flows remain negative after last week's $635 million single-day exit. If you are deciding how to get exposure, our guide on bitcoin ETFs vs buying bitcoin compares costs, custody and taxes.