Bitcoin managed to maintain its weekend gains despite declining oil prices. Last week, ETF funds flowed out by over $600 million.
As oil prices fell, Bitcoin rebounded to nearly $84,000, and most other major cryptocurrencies also rose in tandem.
US-listed spot Bitcoin exchange-traded funds (ETFs) saw a capital outflow of $681 million last week, marking the largest weekly withdrawal since June.
Analysts regard $82,000 as a key support level and suggest that the U.S. inflation data to be released on October 14 could become the next major catalyst for the market.
As of press time, Bitcoin BTC is trading at $84,048.79, once again exceeding the $84,000 mark. Despite significant capital outflows last week ETF, it has managed to maintain its strength against the backdrop of declining oil prices. Earlier on Monday, Bitcoin fell back to around $83,500 before rebounding to near its Sunday high of $84,145.
Ethereum at ETH reports $2,561.83, and XRP also sees buying interest. The market indicates that investors' interest in tokens other than Bitcoin and Ethereum is on the rise.
BitDelta India Chief Analyst Purvang Mashru said to CoinDesk: "The rebound has spread to major virtual digital assets, with nine of the top ten assets rising in the past 24 hours. Avalanche led the gains, rising 5.1% to $10.91; Chainlink rose 2.4% to $13.35. Solana rose 1.2%, and BNB, XRP, Dogecoin, and cardano also saw increases."
WTI Crude oil futures opened weaker this new week, falling 1.8% to $90.28, reversing the gains seen on Thursday. The rise on Thursday had injected new uncertainty into the market.
At the same time, Trump also stated that Russia and Ukraine had agreed to immediately implement a "cease-fire on energy" to stop attacks on infrastructure; however, Ukrainian officials said they were not consulted on this decision, and Russian military strikes on Ukraine's energy grid have continued since then.
Nevertheless, analysts still express concerns about the outflow of funds from ETF.
According to data provider SoSoValue, last week, there was a net outflow of $681 million in spot Bitcoin ETF listed in the United States, which is the highest level since June. The majority of this outflow occurred on Wednesday and Thursday.
The CEO of Giottus Exchange in India, Vikram Subburaj, stated regarding CoinDesk: "The cash flow of ETF is still volatile. On October 7th and 8th, there was a large-scale outflow of funds from US spot Bitcoin ETF, indicating that institutional sentiment is cautious."
Mashru also mentioned the outflow of funds from ETF, while emphasizing that the global macroeconomic backdrop remains severe.
He said, "As of the week of October 9th, the yield on U.S. Treasury bonds rose to a 24-year high."
Both experts regard $82,000 as a key support level, believing that the bulls must hold this level to avoid further declines, and pointed out that the US inflation data released on October 14 will be the next major macroeconomic catalyst.
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