Bitcoin surrendered its morning gains as crude oil prices climbed above $92 per barrel, while analysts pointed to substantial spot ETF outflows as a source of concern for the crypto market.
Bitcoin (BTC) moved lower after an early advance, with investors monitoring institutional fund flows alongside broader economic developments.
CoinDesk data showed BTC trading near $83,400 at 10:30 UTC, below its earlier peak of roughly $84,250. XRP, ether (ETH) and solana (SOL) also experienced similar price movements.
The initial rise in Bitcoin came as oil prices weakened during Asian trading. The decline may have been linked to U.S. President Donald Trump’s announcement on Friday that his administration had secured an agreement for Russia to provide 300,000 metric tons of diesel fuel to domestic and international markets. The deal represented a partial relaxation of U.S. restrictions on Russian oil imports.
Trump additionally said Russia and Ukraine had agreed to an immediate “energy ceasefire” to suspend strikes against infrastructure. Ukrainian officials said they had not been consulted, however, and Russian attacks on Ukraine’s energy network have continued.
WTI crude futures fell more than 1% earlier in the session, briefly trading below $90 per barrel. Prices subsequently recovered to $92.63, up 0.8% over the day.
Meanwhile, analysts remained wary of the substantial capital leaving U.S. spot Bitcoin investment products.
According to SoSoValue, U.S.-listed spot Bitcoin ETFs experienced $681 million in net outflows last week. This was their biggest weekly outflow since June, with the bulk of withdrawals occurring 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.
Purvang Mashru, lead analyst at BitDelta India, likewise highlighted the ETF outflows and said the global macroeconomic environment remained difficult for investors.
“Treasury yields reached 24-year highs during the week ending 9 October,” Mashru said.
Nevertheless, he noted that the latest recovery was reaching a wider selection of digital assets rather than remaining concentrated in the biggest cryptocurrencies. AVAX, NEAR, FIL and ZRO rose between 8% and 12% over the preceding 24 hours.
“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,” Mashru told CoinDesk.
Both analysts singled out $82,000 as a key support area for Bitcoin. Maintaining this level could help prevent a more pronounced downturn, while a break below it could increase downside pressure. They also highlighted the U.S. inflation figures due on October 14 as the next major economic indicator for cryptocurrency markets.
