Bitcoin pulls back from $84,000 as oil recovers, ETFs bleed over $600 million
Bitcoin reversed early gains as oil bounced back to over $92. Analysts express concerns over large outflows from spot ETFs 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 has reversed early gains as analysts express concern over large outflows from spot exchange-traded funds.
As of 10:30 UTC, the leading cryptocurrency by market value traded near $83,400, down from the high of around 84,250 hit early today, according to CoinDesk data. Other cryptocurrencies, such as XRP (XRP), ether and solana (SOL) followed a similar trajectory.
BTC’s early gains came as oil dropped during Asian hours, likely in response to 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 marked 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.
WTI crude futures fell over 1% to under $90 early today, but have since recovered to trade at $92.63 per barrel, up 0.8% on the day.
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.
Still, he pointed to one bright spot: bullish activity is broadening beyond the top coins. In the past 24 hours, tokens like AVAX, NEAR, FIL and ZRO have gained 8% to 12%.
“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.
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.
10:30 UTC: Updates title, DEK, and text to reflect the latest market activity.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
