Bitcoin Holds Above $84,000 Amid ETF Outflows and Oil Price Decline
- U.S.-listed spot bitcoin exchange-traded funds (ETFs) experienced an outflow of $681 million last week, the highest since June.
- Heavy outflows occurred on October 7 and October 8, indicating cautious institutional sentiment according to Vikram Subburaj, CEO of Giottus Exchange.
- Treasury yields reached a peak not seen in over two decades during the week ending October 9.
- Experts identified $82,000 as crucial support for bitcoin to prevent deeper losses.
- The decline in fuel prices follows President Trump’s announcement of a deal with Russia for diesel fuel supply.
The recent volatility in bitcoin prices comes amid significant ETF outflows and rising treasury yields, which are affecting market sentiment. The upcoming U.S. inflation data on October 14 is anticipated as a potential catalyst for further market movements.
Despite the $681 million in ETF outflows, bitcoin remains above $84,000, highlighting its resilience amidst macroeconomic pressures.(Source)
