Bitcoin lost its early momentum as oil prices climbed back above $92 a barrel, while analysts warned that heavy spot ETF outflows could weigh on the cryptocurrency market.
Bitcoin (BTC) reversed its initial advance amid concerns about institutional investment flows and ongoing macroeconomic uncertainty.
According to CoinDesk data, Bitcoin was trading around $83,400 at 10:30 UTC, down from an earlier session high near $84,250. Other major cryptocurrencies, including XRP, ether (ETH) and solana (SOL), also pulled back after their initial moves higher.
Bitcoin’s early gains came as oil prices declined during Asian trading. The retreat followed a Friday announcement from U.S. President Donald Trump that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to domestic and international markets. The arrangement amounted to a partial easing of U.S. sanctions on Russian oil imports.
Trump also claimed that Russia and Ukraine had agreed to an immediate “energy ceasefire” intended to stop attacks on energy infrastructure. Ukrainian officials, however, said they had not been consulted on the agreement, while Russian strikes on Ukraine’s energy grid have continued.
WTI crude futures initially dropped more than 1%, falling below $90 per barrel. They later rebounded to $92.63, up 0.8% for the day.
The recovery in oil prices came as market participants continued to assess the impact of substantial withdrawals from spot Bitcoin ETFs.
Data from SoSoValue showed that U.S.-listed spot Bitcoin ETFs recorded $681 million in net outflows last week, marking their largest weekly outflow total since June. Most of the withdrawals took place 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, chief executive of India-based Giottus Exchange, told CoinDesk.
Mashru also pointed to the ETF withdrawals, noting that challenging global economic conditions continued to pressure financial markets.
“Treasury yields reached 24-year highs during the week ending 9 October,” he said.
Despite the uncertain backdrop, Mashru observed that the latest cryptocurrency rebound was extending beyond the largest digital assets. During the preceding 24 hours, AVAX, NEAR, FIL and ZRO posted gains ranging from 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,” Mashru, lead analyst at BitDelta India, told CoinDesk.
Both analysts highlighted $82,000 as an important Bitcoin support level. A failure to hold above this threshold could expose the market to further losses. They also identified the U.S. inflation report scheduled for October 14 as the next significant macroeconomic event that could shape cryptocurrency prices.
