Bitcoin Slips Below $84,000 as Oil Rebounds and Crypto ETFs Lose $600M

Bitcoin gave up its early gains as oil prices rebounded above $92 per barrel, while analysts raised concerns about substantial outflows from spot Bitcoin ETFs last week.

Bitcoin (BTC) reversed its initial advance as investors weighed persistent macroeconomic pressures and significant withdrawals from spot exchange-traded funds.

At 10:30 UTC, Bitcoin was trading near $83,400, retreating from an earlier high of approximately $84,250, according to CoinDesk data. Other major cryptocurrencies, including XRP, ether (ETH) and solana (SOL), also followed a similar pattern.

Bitcoin’s early rally coincided with a decline in oil prices during Asian trading hours. The drop may have followed U.S. President Donald Trump’s Friday announcement 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 represented a partial relaxation of U.S. sanctions affecting Russian oil imports.

Trump also said Russia and Ukraine had agreed to an immediate “energy ceasefire” aimed at stopping attacks on infrastructure. However, Ukrainian officials said they had not been consulted, and Russian military attacks on Ukraine’s energy infrastructure have continued.

West Texas Intermediate (WTI) crude futures initially fell more than 1%, slipping below $90 per barrel. Prices subsequently recovered to $92.63, representing a 0.8% gain on the day.

Despite the initial improvement in cryptocurrency prices, analysts remained cautious about the scale of recent ETF withdrawals.

U.S.-listed spot Bitcoin ETFs recorded $681 million in net outflows last week, their largest weekly withdrawal since June, according to data from SoSoValue. Most of the outflows occurred 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, CEO of India-based Giottus Exchange, told CoinDesk.

Purvang Mashru, lead analyst at BitDelta India, also highlighted the ETF withdrawals and said the broader global economic environment continued to present challenges for financial markets.

“Treasury yields reached 24-year highs during the week ending 9 October,” Mashru said.

However, he identified a positive development in the broader cryptocurrency market: gains were spreading beyond Bitcoin and other leading tokens. Over the previous 24 hours, AVAX, NEAR, FIL and ZRO had advanced between 8% and 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 told CoinDesk.

Both analysts identified $82,000 as a crucial support level for Bitcoin. Buyers need to defend that price zone to prevent a potentially deeper decline. They also pointed to the release of U.S. inflation data on October 14 as the next major economic event likely to influence market direction.