Analysis: ETF inflows rebound, but Bitcoin remains constrained by the $84,300 cost basis

On October 21, Bitfinex stated in a post that although Bitcoin has repeatedly faced downward pressure, it has continued to hold the lower end of its range, and BTC is expected to remain range-bound between $81,300 and $84,400 ahead of the Federal Reserve's FOMC rate decision on October 28. If the price tests the upper end of the range, profit-taking by short-term traders could bring some selling pressure.

On the market data front, Bitcoin spot ETFs saw net inflows of $526.7 million on October 19, indicating strengthening spot demand, but BTC's price is still fluctuating narrowly between $81,724 and $83,470, and the current price remains below the $84,333 average cost basis of ETF investors. Meanwhile, futures open interest on major exchanges has rebounded 4.2% from its October 12 low to 645,410 BTC, and funding rates are normalizing, indicating that leveraged long positions have somewhat recovered.