Bitcoin was trading near $80,560 on Saturday afternoon in Riyadh, about 1.2% lower over 24 hours and well below the $84,800 it briefly touched on Wednesday night. Two days of heavy withdrawals from US spot bitcoin ETFs, a sell-off in technology shares and a jump in oil prices have kept the whole market on the back foot, with XRP and Solana falling further than bitcoin.
| Coin | Price (USD) | Price (SAR) | 24h change |
|---|---|---|---|
| Bitcoin (BTC) | $80,561 | SAR 302,104 | -1.20% |
| Ethereum (ETH) | $2,365.64 | SAR 8,871 | -1.16% |
| BNB (BNB) | $732.30 | SAR 2,746 | -1.77% |
| Solana (SOL) | $101.35 | SAR 380 | -2.57% |
| XRP (XRP) | $1.28 | SAR 4.80 | -3.04% |
Key points
- Bitcoin traded between about $80,455 and $81,939 over the past 24 hours, according to CoinGecko, and is roughly 1.3% lower than a week ago.
- The total crypto market was valued at about $2.69 trillion, with bitcoin holding roughly 60.1% of it and ether about 10.7%.
- US spot bitcoin ETFs lost a net $635.6 million on Thursday 22 October, the largest daily outflow since June, and another $137.9 million on Friday, based on Farside Investors data.
- The next scheduled test is the US Federal Reserve meeting on 27 and 28 October; the decision is due on Wednesday 28 October.
What moved the market
- MacroA tech-led sell-off on Thursday 22 October, after quarterly results from Tesla and Meta revived doubts about AI spending. The Nasdaq Composite closed 2.6% lower, its worst day since June, and Brent crude later climbed above $116 a barrel, its highest level since late April.
- FlowsUS spot bitcoin ETFs swung from a $528.4 million inflow on Wednesday to a $635.6 million outflow on Thursday, then lost a further $137.9 million on Friday. BlackRock's IBIT led both days of withdrawals.
- Crypto-specificLeverage was flushed out on both sides. CoinDesk, citing CoinGlass, counted about $431 million of liquidations in 24 hours as bitcoin rose towards $85,000 and then fell back.
The week started with real optimism. Bitcoin pushed through the $84,000 area that had stopped it in mid-October and reached about $84,800 late on Wednesday 21 October (US time). The move did not hold. Within hours, weak guidance from chip equipment maker Lam Research and a lower spending forecast from Tesla pulled Nasdaq futures down, and bitcoin gave back the entire breakout. CoinDesk reported that traders betting on a fall were squeezed on the way up, and traders betting on a rise were forced out on the way down, which is why the liquidation total was so large for a move of only about $3,000.
Oil added a second layer of pressure. Higher energy prices feed into inflation, and inflation shapes what the Fed does with interest rates, which matters for risk assets such as crypto. On Friday the University of Michigan survey showed one-year inflation expectations edging up to 4.7%, and Brent's jump to above $116 came on the same day. Gold also slipped below $4,000 an ounce for the first time since July, so the selling was not limited to crypto.
Percentages can hide the real size of these moves. A 1.2% drop in bitcoin is close to $1,000 per coin, while XRP's 3% fall is only about four US cents per token. To check a daily change yourself, subtract the old price from the new one, divide by the old price and multiply by 100.
ETF outflows: why Thursday's number stands out
Spot bitcoin ETFs are now one of the clearest public windows into how large investors in the US are positioning. Every trading day, issuers publish how many shares were created or redeemed, and data trackers such as Farside Investors and SoSoValue add those figures up. A net outflow means more money left the funds than came in.
Thursday's $635.6 million withdrawal was the biggest single day of outflows since late June, according to The Block. It more than cancelled out Wednesday's inflow and pushed October back into negative territory for the funds. Fidelity's FBTC and the ARK 21Shares fund also saw large withdrawals that day, while Morgan Stanley's young fund, MSBT, was one of the few to take in money. On Friday the outflows slowed to $137.9 million, mostly from IBIT and FBTC. Even after those two days, the funds finished the week with a net gain of around $300 million, because Monday and Wednesday had brought in more than $1 billion between them.
Ether funds had a harder month. Decrypt reported a $110.6 million outflow from US spot ether ETFs on Thursday, taking their October withdrawals to roughly $1.18 billion. That fits the price picture: ether is down about 2.8% over seven days, a weaker result than bitcoin's.
Flow data describes what investors did; it does not tell us what they will do next. CoinDesk noted that past days with very large outflows were often followed by weak prices, but the funds have existed for less than three years, so that history is short.
Regulation: the SEC's new exam list and the Saudi position
On Friday 23 October the US Securities and Exchange Commission published its examination priorities for fiscal year 2027, the list of areas its inspectors will focus on until September 2027. The official release names tokenization among the "evolving market infrastructure" risks, next to Treasury clearing reforms, and adds advanced technology such as super intelligence. Crypto assets are not listed as a separate focus area in the release's key points. Crypto news sites noted that the priorities document does not mention crypto or digital assets at all, a second year in a row without a standalone item.
That does not mean the SEC has stepped away from the sector. On 1 October the Commission proposed new rules on how investment advisers and regulated funds can hold crypto assets in custody. Chair Paul Atkins called it a step towards a clear framework, and the Federal Register lists 7 December 2026 as the deadline for public comments.
For readers in Saudi Arabia, the official position is worth remembering. A standing committee led by the Capital Market Authority, with SAMA and several ministries as members, has warned that virtual currencies such as bitcoin are not approved as official currency in the Kingdom and that no parties or individuals are licensed by Saudi regulators to deal in them. The committee pointed to high regulatory, security and market risks and to the danger of sending money to unknown parties.
What to watch next
The main date on the calendar is the Federal Reserve's policy meeting on Tuesday 27 and Wednesday 28 October. The statement is normally released at 2:00 p.m. ET on the final day, which is 9:00 p.m. AST (18:00 GMT) on Wednesday 28 October, because the US clocks change back on 1 November. CoinDesk reported that most investors expect the Fed to leave its benchmark rate unchanged, so the tone on inflation and oil may matter more than the decision itself.
The ETF markets are closed for the weekend, so the next flow figures will cover trading on Monday 26 October. They will show whether Thursday's withdrawals were a one-off or the start of a longer run. Oil prices and the remaining big-tech earnings reports will also shape how risk assets trade. Weekend crypto trading is usually thinner than on weekdays, so price swings can look bigger than the volume behind them.
Daily price moves can feel dramatic, but they are a very different thing from slow, predictable growth. To see how regular savings grow at a fixed rate, try our compound interest calculator.
Not financial advice. This article is for general information only. Crypto assets are highly volatile and can lose all their value. WorldScope does not recommend buying or selling any asset. Check the rules that apply in your country and consult a licensed adviser before investing.
Sources
- CoinGecko market data (prices, 24h range, total market value and dominance at 13:03 AST, 24 Oct 2026)
- CoinDesk: live updates, 22 Oct 2026 (Nasdaq, liquidations, Treasury yields)
- CoinDesk: live updates, 23 Oct 2026 (oil, gold, consumer sentiment, ETF outflows)
- The Block: Bitcoin ETFs swing back to net outflows (23 Oct 2026)
- Farside Investors: US spot bitcoin ETF flow data
- Decrypt: Bitcoin and ether ETF outflows (23 Oct 2026)
- SEC: Fiscal Year 2027 Examination Priorities (23 Oct 2026)
- SEC: Chair Atkins statement on the crypto custody proposal (1 Oct 2026)
- Federal Register: Crypto custody rules proposal and comment deadline
- Capital Market Authority (Saudi Arabia): virtual currencies are not regulated in the Kingdom
- Federal Reserve: FOMC meeting calendar
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Related: Bitcoin Falls Below $80K as $400M in Longs Are Wiped Out
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