Bitcoin traded near $84,000 on Monday, maintaining weekend gains as oil prices fell and most major cryptocurrencies advanced. The rebound came despite significant institutional outflows from exchange-traded funds tracking the asset.
U.S.-listed spot bitcoin ETFs recorded $681 million in outflows last week, marking their largest weekly withdrawal since June. The majority of the outflows occurred on Wednesday and October 7 and 8, according to data from SoSoValue.
Other cryptocurrencies also posted gains during the period. Ether traded higher, while tokens including Avalanche, Chainlink, Solana, BNB, XRP, Dogecoin, and Cardano advanced. Avalanche led with a 5.1% jump to $10.91.
Oil prices softened on Monday, with WTI futures falling 1.8% to $90.28. The decline followed President Donald Trump's announcement on Friday that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to international and domestic markets, representing a partial easing of U.S. sanctions on Russian oil imports.
Despite the cryptocurrency price recovery, analysts expressed caution about the ETF outflows, noting institutional sentiment remained cautious. Treasury yields reached 24-year highs during the week ending October 9, adding to broader economic headwinds.
Market participants identified $82,000 as a critical support level for bitcoin, with analysts pointing to U.S. inflation data due October 14 as the next major catalyst that could influence price direction.
