TLDR
- Bitcoin rose about 1.2% to $80,948 on Wednesday, helped by a tech and chip stock rally.
- BTC is on track for a 3.2% loss in October, its second straight year of October declines.
- The Fed is expected to hold rates at 4.0%, with traders watching for any hint of a December hike.
- Galaxy’s Alex Thorn says the bear market ended in June and bitcoin is in an accumulation phase.
- Spot Bitcoin ETFs have seen $203M in outflows so far in October.
Bitcoin rose on Wednesday as a rally in technology and chipmaking stocks lifted risk appetite ahead of a Federal Reserve rate decision. The world’s largest crypto gained 1.2% to $80,948 by 01:27 ET, according to Investing.com. It had recovered from a low of $79,496.80 earlier this week.
Other major coins also moved higher. ZEC led the majors, jumping 8% to about $1,320, according to CoinDesk data. HYPE added nearly 5% to about $81, while XRP and DOGE rose roughly 3%.
Ether gained 2% to just above $2,350, and SOL climbed about 2% to $102. BNB rose 1%, and TRX gained less than 1%.
Tech Rally Gives Crypto a Lift
The gains followed a jump in tech stocks after strong earnings from memory chip maker SK Hynix. Its shares rose 10.89%. The report reinforced the artificial intelligence trade and sparked buying across tech stocks.
Crypto often moves in step with tech, so some of that buying spilled over. However, the AI trade has also pulled money away from crypto in recent months. Investors have favored AI stocks with clearer fundamentals over more speculative crypto plays.
Gains were limited by caution before the Fed decision. The central bank is widely expected to leave rates at 4.0%. Investors remain wary of a hawkish outlook due to sticky U.S. inflation and rising energy prices linked to the Middle East war.
Higher rates tend to weigh on risk assets like crypto. The European Central Bank and the Bank of Japan are also expected to hold rates this week while signaling a hawkish stance.
Bitcoin is set to lose 3.2% in October. That would mark a second straight year of losses in a month that has often been strong, known as “Uptober.”
Analyst Daan Crypto Trades said bitcoin was “another day sitting at the $80K support.” He said neither bulls nor bears can get the market moving. He believes that once the upcoming events pass, the market will have certainty, which helps bulls more than bears.
$BTC Another day sitting at the $80K support.
Neither bull or bear seems to be able to get this market moving in any direction at this point.
I do stand by my point of yesterday. Even in a non ideal outcome of all the upcoming events, once they are done with, the market has… https://t.co/iCx6LEd4iy pic.twitter.com/eEn9t47moT
— Daan Crypto Trades (@DaanCrypto) October 27, 2026
He added that if bears want lower prices, it should happen soon. The more selling gets absorbed without a breakdown, the more likely it is that sellers become exhausted and the market starts to grind higher.
Crypto Patel pointed to ETF flows as a key factor. Spot Bitcoin ETFs saw $4.5B in outflows in June, then took in $6.2B across August and September. October has turned negative again, with $203M in outflows so far.
BITCOIN ETF FLOWS JUST HIT A CRITICAL TURNING POINT!
After $4.5B in June outflows, spot Bitcoin ETFs attracted $6.2B across August & September.
But October? Back to red: -$203M so far.With the Fed rate decision on TODAY, will institutional money return to $BTC or will ETF… pic.twitter.com/oPdowJJwk1
— Crypto Patel (@CryptoPatel) October 28, 2026
Patel said the Fed decision could show whether institutional money returns to bitcoin or outflows deepen.
Galaxy Sees Accumulation Phase
Galaxy told investors on Tuesday that now is the time to accumulate bitcoin. “We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance,” said Alex Thorn, head of firmwide research at Galaxy.
Thorn said the bottom likely came in June, when bitcoin traded under $58,000. He pointed to bitcoin’s move back above its 50-week moving average, lighter selling pressure and rising U.S. debt.
Traders will now listen to Fed Chair Kevin Warsh’s press conference for any hint of a December rate hike. Bitcoin was trading just under $81,000 as of Wednesday morning in Asia.
