Bitcoin holds above $84,000 as ETF outflows hit $681m
Bitcoin traded near $84,050 after shrugging off $681m of spot ETF outflows, the largest weekly withdrawal since June, while oil prices fell.
Why it matters: ETF outflows of $681m and oil's slide are shaping Bitcoin's price, while inflation data due on 14 October is the next macro test for crypto markets.
Key points
- US-listed spot Bitcoin ETFs lost $681m last week, the biggest weekly outflow since June, per SoSoValue.
- Bitcoin traded near $84,050, close to Sunday's high of about $84,145, with $82,000 cited as key support.
- WTI futures fell 1.8% to $90.28 after Trump said Russia would supply 300,000 metric tons of diesel.
Bitcoin traded back above $84,000, shaking off heavy exchange-traded fund outflows, as oil prices slipped. The largest cryptocurrency by market value changed hands near $84,050, according to CoinDesk, after falling to around $83,500 earlier on Monday. That is close to Sunday's high of roughly $84,145. Ether and XRP were also bid, and analysts saw growing interest in tokens beyond Bitcoin and ether.
US-listed spot Bitcoin ETFs recorded $681m of outflows last week, the largest weekly withdrawal since June, according to the data source SoSoValue. Most of the money left on Wednesday and Thursday. Vikram Subburaj, chief executive of the India-based exchange Giottus, told CoinDesk that ETF flows remain volatile and that the outflows signalled cautious institutional sentiment. Purvang Mashru, lead analyst at BitDelta India, noted that Treasury yields reached 24-year highs in the week ending 9 October.
The recovery broadened across major digital assets, with nine of the top ten advancing over 24 hours, Mashru said.
What to watch: US inflation data due on 14 October is the next major macro catalyst, according to the analysts cited.
Live updates on NewsFeeds:ETFsBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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