--- title: "Bitcoin Rebounds to $81,700 as Memecoins Lead Broader Market Recovery" description: "Digital assets stabilized after equities volatility, while US spot bitcoin ETFs recorded $635 million in daily net outflows." url: https://basisdesk.news/news/bitcoin-rebound-memecoins-lead-etf-outflows published: 2026-10-23T11:06:37.630Z modified: 2026-10-23T11:06:37.630Z section: Bitcoin author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC, ETH, PEPE, BNB, SUI] tags: [bitcoin, etf, derivatives, options, altcoins] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Bitcoin Rebounds to $81,700 as Memecoins Lead Broader Market Recovery Digital assets stabilized after equities volatility, while US spot bitcoin ETFs recorded $635 million in daily net outflows. ## At a glance - **What happened:** Bitcoin rebounded from $81,000 to near $81,700 on Oct. 23 as memecoins led a market recovery following a tech equity sell-off. - **Why it matters:** The stabilization comes alongside $635 million in spot bitcoin ETF redemptions and persistent macro pressure from high oil prices. - **Who is affected:** Bitcoin derivatives traders, US spot bitcoin ETF investors, and altcoin market participants. - **Takes effect:** 2026-10-27 - **What's next:** The Federal Reserve convenes its policy meeting on Oct. 27-28. - **Primary source:** [Bitcoin (BTC) price recovers to $81,700 as memecoins lead altcoin rebound](https://www.coindesk.com/markets/2026/10/23/bitcoin-steadies-near-usd81-700-as-altcoins-rebound-pepe-climbs-13) — coindesk.com ## Key points - Bitcoin rebounded to roughly $81,700 following an intraday drop to $81,000, while memecoins led broader market performance [1]. - US spot bitcoin ETFs logged $635 million in net outflows on Thursday after taking in over $1 billion earlier in the week [1]. - Crypto futures volume declined 19% as options traders favored Bitcoin upside calls while loading downside puts on Ether [1]. ## Editorial remark - **Context:** Cryptocurrency markets had tracked equities lower after a 2.6% drop in the Nasdaq Composite, which prompted $635 million in net withdrawals from US spot bitcoin ETFs following three consecutive sessions of net inflows exceeding $1 billion. - **Impact:** Derivatives positioning reflects growing asymmetry: Bitcoin downside skew has normalized toward 4% as call open interest rises, whereas Ether traders maintain elevated put protection ahead of upcoming macroeconomic decisions. - **Watch:** The Federal Reserve's Federal Open Market Committee meeting scheduled for Oct. 27-28, alongside daily US spot ETF net flow data and crude oil prices. Digital asset markets stabilized on Oct. 23 following a sharp pullback in equity markets, with $BTC recovering from an intraday low near $81,000 to trade around $81,700 [1]. The modest 0.5% advance from midnight UTC was outpaced by broader altcoin gains, including a 1.4% rise in the CoinDesk 80 index and a 13% surge in frog-themed token $PEPE [1]. The move follows a steep 2.6% drop in the tech-heavy Nasdaq Composite on Thursday, which marked its largest single-day retreat since June [1]. At the time of writing, Bitcoin was trading at $81,528, while Ether traded at $2,391. Institutional flows mirrored the preceding equity turbulence. US spot bitcoin exchange-traded funds recorded $635 million in net outflows on Thursday, according to SoSoValue data, interrupting a three-day streak that had generated more than $1 billion in total inflows [1]. Macro headwinds also remain prominent as Brent crude oil hovered near $113 per barrel, sustaining elevated inflation concerns ahead of the Federal Reserve’s upcoming policy gathering on Oct. 27-28 [1]. Meanwhile, recent price action follows a stretch where [Bitcoin retreats to $82,800 following brief run near $85,000](https://basisdesk.news/news/bitcoin-retreats-after-run-near-85000), testing key support zones as markets recalibrate macro expectations. ## Derivatives Signal Divergent Positioning Activity across crypto futures moderated considerably, with aggregate trading volume contracting 19% over a 24-hour window and liquidation volumes dropping 23% [1]. Open interest posted a slight 1% uptick alongside muted price fluctuations, indicating that market participants are establishing fresh exposure rather than purely liquidating positions [1]. Funding rates for Bitcoin increased to 0.0067% from 0.0041%, signaling that long traders are paying slightly more to preserve exposure, while $ETH funding stayed flat [1]. Funding rates for $BNB and $SUI also pivoted back to positive territory following prior negative prints [1]. Options markets showed contrasting sentiment between the two largest assets. Bitcoin positioning leaned heavily toward out-of-the-money upside calls, led by contracts targeting $98,000 expiring Nov. 27 and $88,000 expiring Dec. 25 [1]. Bitcoin's one-week 25-delta put-call skew retreated toward 4% from an earlier monthly high near 14% [1]. Conversely, Ether options registered strong downside demand, with its one-week skew hovering near 13% and heavy put concentration led by the Oct. 26 $2,200 strike [1]. ## Sources 1. [Bitcoin (BTC) price recovers to $81,700 as memecoins lead altcoin rebound](https://www.coindesk.com/markets/2026/10/23/bitcoin-steadies-near-usd81-700-as-altcoins-rebound-pepe-climbs-13) — coindesk.com, 2026-10-23 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai