Bitcoin ETFs See $485M Outflow as BTC Nears $82K
MissedBlock Desk · · 2 min read
Updated
Bitcoin ETFs See Largest Outflow Since June Amid Geopolitical Tensions
U.S. spot Bitcoin exchange-traded funds (ETFs) experienced their largest single-day net outflow in over a year on October 7, with nearly $485 million withdrawn from the funds. The significant selling pressure coincided with a drop in Bitcoin’s price to near $82,000, reversing early “Uptober” gains as escalating tensions in the Strait of Hormuz weighed on risk assets.
On October 7, U.S. spot Bitcoin ETFs recorded net outflows totaling $484.9 million, marking the most substantial single-day withdrawal since June 25. BlackRock’s iShares Bitcoin Trust (IBIT) was the primary driver of this selling, with $207.7 million exiting the fund. Fidelity and Ark Invest’s Bitcoin ETF products also saw outflows exceeding $100 million each. This substantial outflow occurred just one day after the same ETFs had registered net inflows of $118.8 million.
The selling extended to Ethereum ETFs as well. U.S. spot Ethereum ETFs reported net outflows of $160.9 million on the same day, indicating a broader trend of divestment across cryptocurrency investment products.
Geopolitical Concerns Fuel Selling Pressure
The ETF outflows intensified as Bitcoin fell below $83,000, reaching its lowest daily close in 17 days. Reports from Coinpedia News indicated that increased missile and drone attacks by Iran on commercial oil tankers near the Strait of Hormuz contributed to the rising geopolitical tensions. These developments pushed December Brent crude futures above $104 a barrel, reigniting concerns about potential inflation.
Technical Outlook for Bitcoin
On the daily chart, Bitcoin is currently trading around $83,025 and is forming a bearish “M” pattern, with the price approaching the pattern’s neckline. A critical support level to monitor is $81,108. A daily close below this level could confirm the bearish setup and expose Bitcoin to the next significant support zone around $76,141. Current market data shows BTC testing the $82,000–$83,000 range, which is considered an important demand area.
Conversely, if buyers successfully defend the $81,108 support, Bitcoin could regain momentum. The weekly chart is also exhibiting a cup-and-handle pattern, which could signal a potential recovery. A decisive break above $87,000 would challenge the bearish M-pattern and could pave the way for a move towards the January high of $97,952.