TLDR
- U.S. spot Bitcoin ETFs recorded $487.1 million in outflows, their largest daily withdrawals since June 25.
- Bitcoin Price struggles near $82,500 as selling pressure raises concerns about further declines.
- Crypto analyst Rekt Capital identifies $82,500 as a crucial support level for Bitcoin’s next move.
- Analysts warn that losing key support could expose Bitcoin to further declines toward $80,000, $76,000, or $72,000.
- Bitcoin ETFs have recorded $165.6 million in net outflows in October, reversing September’s $2.65 billion inflows.
Bitcoin ETFs recorded their largest daily withdrawals since June as Bitcoin struggled to hold above $82,000. The decline comes as analyst Rekt Capital identifies $82,500 as a critical level for Bitcoin’s next price move.
Bitcoin ETFs Record $487 Million Outflows
U.S. spot Bitcoin ETFs lost $487.1 million on Wednesday, October 7, according to SoSoValue. The withdrawals marked their largest daily outflow since June 25, reversing the stronger demand recorded throughout September.
The funds attracted approximately $2.65 billion in September but have lost $165.6 million during October. Their yearly net inflows now stand at $717 million, while total inflows since January 2024 reach $57.33 billion.
Earlier this week, Bitcoin ETFs recorded $89.8 million in withdrawals on October 5. ARK 21Shares and Fidelity led those withdrawals, while BlackRock attracted fresh investment despite the broader decline.
Rekt Capital Identifies $82,500 Bitcoin Support
Crypto analyst Rekt Capital identified $82,500 as a key price level for Bitcoin’s current market structure. Holding this level could establish a higher trading range, while losing support could return Bitcoin toward 60,000–80,000.
Source: X
The analyst compared Bitcoin’s current chart with the accumulation pattern seen during 2022 and 2023. His September analysis suggested that maintaining support above previous highs would strengthen the case for further recovery.
Bitcoin traded around $82,600 on Thursday, following a decline below $83,000 amid rising Treasury yields. Analysts also identified $87,000 as a resistance level that would require stronger buying demand to overcome.
Analysts Watch $80,000 as Market Pressure Grows
FxPro chief market analyst Alex Kuptsikevich identified $80,500 to $81,500 as a possible test area. That range includes September’s local highs and the 50-day moving average. He said buyers could return there, although further selling could push Bitcoin lower.
Kuptsikevich identified $76,000 and $72,000 as possible downside targets if buyers fail to defend support. Meanwhile, September’s strong ETF inflows showed how quickly fund activity changed before October’s withdrawals. The reversal followed a period when ETF demand supported Bitcoin’s August and September gains.
Treasury yields and tensions between the United States and Iran remain additional factors affecting crypto markets. Higher oil prices have also raised inflation and borrowing-cost concerns. Traders continue monitoring Bitcoin’s $82,500 level, daily ETF flows, and whether buyers return near $80,000.
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