Bitcoin holds above $84,000 despite $681 million in ETF outflows

Bitcoin ETF outflows — Bitcoin maintained its position above $84,000 on Monday, holding onto weekend gains as recent outflows from U.S.-listed spot ETFs and falling oil prices failed to dampen its momentum.

The leading cryptocurrency traded near $84,050, close to Sunday’s high, according to CoinDesk data. The market absorbed over $681 million in net outflows from spot bitcoin ETFs last week, marking the largest weekly withdrawal since June. Analysts pointed to $82,000 as a crucial technical support level for BTC.

Other major cryptocurrencies, including ether (ETH) and XRP, also traded higher, signaling a broadening of the recovery beyond just bitcoin. Market participants are now looking ahead to key U.S. inflation data due on October 14th, which is seen as the next potential catalyst for a significant market move.

The market’s resilience comes alongside a decline in oil prices, which may be easing some macroeconomic pressure on risk assets. The combined ETF outflows and external market movements highlight bitcoin’s current strength, as it continues to trade in a high valuation range despite significant capital leaving the ETF vehicle.