Bitcoin dips to about $79,300 and steadies near $80,000 as $774 million left US ETFs in two days and the Fed decides Wednesday

Bitcoin spent Monday morning around the $80,000 line. It dipped to about $79,300 during the Asian session and was near $80,400 at about 5am Pacific, FXStreet reported in a CoinDesk-sourced article.

The pressure is partly coming from ETFs. Farside Investors shows US spot bitcoin funds took out $635.6 million on October 22 and $137.9 million on October 23, about $773.5 million in two days. Adding Farside's five sessions from October 19 to 23 gives a net inflow of about $301 million, so the week was still positive. Farside had no figure for Monday when we checked.

The next event is the Federal Reserve. Its meeting runs October 27 and 28, with the decision due Wednesday at 2pm Eastern, COINTURK reported. FXStreet said CME FedWatch showed about a 90% chance the Fed holds, and about an 80% chance of another increase in December. US crude fell about 2% to near $101 a barrel.

Options show hedging: the busiest bitcoin contract was the October 28 $77,000 put, and the one-month put skew eased to about 12.5% from about 14.5%.