Bitcoin News Today: Nigeria's Crypto Boom and ETF Swings Signal Market Crossroads

Bitcoin's liquidity surge and Ethereum's cautious rebound are shaping a pivotal moment for crypto markets as traders brace for signals that could redefine the asset class. On October 23, spot Bitcoin ETFs attracted $90.60 million in inflows, with Fidelity's FBTC and BlackRock's IBIT leading gains of $57.92 million and $32.68 million, respectively, according to a CoinPedia report. Meanwhile, Ethereum ETFs faced $93.60 million in outflows, driven largely by BlackRock's ETHA shedding $100.99 million, though Grayscale's ETH saw a modest $7.40 million inflow, the same report added. Bitcoin's price edged up 0.5% to $111,382.03, while Ethereum rose 0.32% to $3,932.12, reflecting a broader market recovery amid lingering volatility.

Technical analysts see further upside potential for both cryptocurrencies. Bitcoin, trading near $114,975, has broken above key Fibonacci retracement levels and the 50-day EMA, with bulls targeting $120,000 if it clears $115,137 resistance, according to an FXStreet analysis. Ethereum, meanwhile, has surged 5% in a week, with momentum indicators like RSI and MACD suggesting bullish traction, the same analysis noted. However, market fragility persists. Earlier this week, $950 million in Bitcoin ETF outflows accelerated a sell-off, underscoring liquidity risks amid trade tensions and regulatory uncertainty, a TradingView report found.

The narrative extends beyond North America. Nigeria's crypto ecosystem has emerged as a global powerhouse, with $92.1 billion in transactions between July 2024 and June 2025—nearly two-thirds of the country's equities market cap, according to a Nairametrics report. Stablecoins dominate these trades, serving as a hedge against Naira devaluation and facilitating remittances. Chainalysis data ranks Nigeria second globally in crypto transaction volume, behind India, while the IMF upgraded its growth forecast to 3.9% for 2025, citing improved fiscal policies and investor confidence, as reported by CryptoNews.

Traders are also watching geopolitical developments. The U.S. government shutdown, now in its 25th day, has left 79% of traders anticipating its continuation until November 5, 2025, the earlier CoinPedia report noted. This uncertainty, coupled with thin ETF liquidity, has kept markets on edge. Yet, Bitcoin and Ethereum's 6.78% and 5.55% shares of their respective market caps highlight ETFs' growing influence.

As the crypto market navigates these crosscurrents, Nigeria's crypto boom and technical indicators for Bitcoin and Ethereum suggest a pivotal inflection point. Traders will closely monitor regulatory shifts, ETF flows, and macroeconomic signals to gauge whether this recovery gains lasting traction.