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Bitcoin shrugs off ETF outflows to trade above $84,000 as oil falls
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- DeepHorus
Bitcoin traded near $84,050 on Monday, holding weekend gains after rebounding from about $83,500 earlier. The largest cryptocurrency approached Sunday’s high of roughly $84,145, according to CoinDesk. The advance came as U.S. oil prices fell, easing pressure on risk assets.
The recovery spread across major digital assets, with nine of the top ten gaining in 24 hours. Avalanche led with a 5.1% jump to $10.91, while Chainlink rose 2.4% to $13.35. Solana added 1.2%, and BNB, XRP, Dogecoin and Cardano advanced, according to BitDelta India’s Purvang Mashru.
Oil weakened as West Texas Intermediate futures fell 1.8% to $90.28. The decline reversed a Thursday spike that had injected uncertainty into markets. It followed President Donald Trump’s Friday announcement that Russia would supply 300,000 metric tons of diesel fuel, easing U.S. sanctions on Russian oil imports.
Trump also claimed Russia and Ukraine had agreed to an immediate “energy ceasefire” to halt infrastructure strikes. Ukrainian officials said they were not consulted, and Russian strikes on Ukraine’s energy grid have continued. The mixed signals left investors weighing geopolitical risks and inflation concerns.
Despite bitcoin’s rebound, ETF outflows remained a worry. U.S.-listed spot bitcoin ETFs lost $681 million last week, the largest weekly withdrawal since June, according to SoSoValue. Most outflows occurred on Wednesday and Thursday, signaling cautious institutional sentiment, said Giottus CEO Vikram Subburaj.
Analysts identified $82,000 as key support that bulls must defend to avoid deeper losses. They pointed to U.S. inflation data due Oct. 14 as the next major macro catalyst. Treasury yields reached 24-year highs in the week ending Oct. 9, BitDelta’s Mashru noted.
Bitcoin’s ability to stay above $84,000 may depend on whether ETF flows stabilize and inflation data ease rate fears. A break below $82,000 could expose the market to further declines. Traders are watching oil, macro data and institutional demand.
