ZetaPeakBitcoin is holding on to its weekend gains as oil trades lower. ETFs lost over $600 million in outflows last week.
Bitcoin shrugs off ETF outflows to trade above $84,000 as oil falls
Bitcoin is holding on to its weekend gains as oil trades lower. ETFs lost over $600 million in outflows last week.
Bitcoin rebounded to nearly $84,000 as oil prices declined, while most other major cryptocurrencies also advanced. U.S.-listed spot bitcoin exchange-traded funds recorded $681 million in outflows last week, their largest weekly withdrawal since June. Analysts identified $82,000 as a key support level and said U.S. inflation data due Oct. 14 could be the market’s next major catalyst.
Bitcoin BTC$83,496.77 is back above $84,000, shrugging off big ETF outflows last week as oil prices slip.
As of this writing, the leading cryptocurrency by market value traded near $84,050, according to CoinDesk, after slipping to around $83,500 earlier Monday. That is close to Sunday’s high of around $84,145. Other major currencies such as ether ETH$2,565.51 and XRP (XRP) were bid, with signs of growing investor interest in tokens other than bitcoin and ether.
“The recovery broadened across major virtual digital assets, with nine of the top ten advancing during the last 24 hours. Avalanche led with a 5.1% jump to $10.91 and Chainlink rose 2.4% to $13.35. Solana added 1.2%, while BNB, XRP, Dogecoin and cardano gained,” Purvang Mashru, lead analyst at BitDelta India, told CoinDesk.
WTI futures began the new week on a soft note, falling 1.8% to $90.28 and reversing the spike on Thursday that injected fresh uncertainty into the market.
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.
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.
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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