Bitcoin trades back above $84,000 despite $681M weekly ETF outflows
In brief
- Bitcoin traded near $84,050 Monday after dipping to about $83,500, CoinDesk data showed.
- U.S. spot bitcoin ETFs saw $681 million in net outflows last week, per SoSoValue.
- WTI crude futures fell 1.8% to $90.28, reversing Thursday's spike.
- Two analysts named $82,000 as key support and October 14 inflation data as the next catalyst.
ETF outflows didn't drag price lower
U.S.-listed spot bitcoin ETFs registered $681 million in net outflows last week, the largest weekly total since June, according to SoSoValue data reported by CoinDesk. Most of that money left on Wednesday and Thursday.
Vikram Subburaj, CEO of India-based Giottus Exchange, said the midweek selling pointed to caution among institutions.
"ETF flows remain volatile. US spot Bitcoin ETFs saw heavy outflows on October 7 and 8, signaling cautious institutional sentiment,"
Price didn't follow the flows down.
CoinDesk reported that ether and XRP also drew buyers on Monday, which it described as a sign of growing investor interest in tokens other than bitcoin and ether. Purvang Mashru, lead analyst at BitDelta India, said nine of the top ten crypto assets rose over 24 hours. By his count, Avalanche led with a 5.1% gain to $10.91, Chainlink added 2.4% to $13.35 and Solana rose 1.2% (BNB, XRP, Dogecoin and Cardano also gained).
Oil slips after Trump's diesel deal
WTI crude futures fell 1.8% to $90.28 at the start of the week, reversing Thursday's spike. On Friday, President Donald Trump announced that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to international and domestic markets. CoinDesk called the move a partial easing of U.S. sanctions on Russian oil imports.
Trump also claimed that Russia and Ukraine had agreed to an immediate "energy ceasefire" to stop strikes on infrastructure. Ukrainian officials said they weren't consulted, and Russian strikes on Ukraine's energy grid have continued since then.
Analysts are watching $82,000
Mashru said Treasury yields reached 24-year highs in the week ending October 9. Both he and Subburaj named $82,000 as key support for bitcoin, a level they said bulls must defend to avoid deeper losses, and they pointed to the October 14 U.S. inflation data as the next major macro catalyst.
Until that release, $82,000 is the level they're watching.
