Bitcoin shrugs off ETF outflows to trade above $84,000 as oil falls
In this news:
Key takeaways
- U.S. spot bitcoin ETFs registered $681 million in outflows last week.
- Bitcoin continues to trade above $84,000 despite institutional caution.
- Analysts are closely watching $82,000 as a key support level ahead of inflation data.
The latest decline in fuel prices follows President Donald Trump’s Friday announcement that his administration reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to international and domestic markets. This move marks a partial easing of U.S. sanctions on Russian oil imports.
While Trump also claimed that Russia and Ukraine had agreed to an immediate “energy ceasefire” to halt infrastructure strikes, Ukrainian officials stated they were not consulted, and Russian military strikes on Ukraine’s energy grid have since continued.
Bitcoin spot exchange traded funds register heavy outflows
Still, analysts remained concerned about the ETF outflows. Last week, the U.S.-listed spot bitcoin exchange-traded funds (ETFs) registered an outflow of $681 million, the highest since June, according to data source SoSoValue. Most of it happened on Wednesday and Thursday.
“ETF flows remain volatile. US spot Bitcoin ETFs saw heavy outflows on October 7 and 8, signaling cautious institutional sentiment,” Vikram Subburaj, CEO of India-based Giottus Exchange, told CoinDesk.
Mashru also noted the ETF outflows while stressing that the global macro backdrop remains demanding. “Treasury yields reached 24-year highs during the week ending 9 October,” he said.
Macroeconomic factors and key support levels
Both experts cited $82,000 as key support, a level bulls must defend to avoid deeper losses, and pointed to the Oct. 14 U.S. inflation data as the next major macro catalyst.
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