Bitcoin (BTC) has recovered above $84,000, shrugging off significant ETF outflows from the previous week while oil prices slid lower.
At the time of writing, the leading cryptocurrency by market capitalization was quoted near $84,050, having earlier dipped to around $83,500 on Monday. This is close to Sunday's high of approximately $84,145.
Other major coins such as Ether (ETH) and XRP found buyer support, with signs pointing to growing investor interest in tokens beyond Bitcoin and Ether.
"The recovery is broadening across major virtual digital assets, with nine of the top ten assets gaining over the past 24 hours. Avalanche led the advance, jumping 5.1% to $10.91, while Chainlink rose 2.4% to $13.35. Solana gained 1.2%, and BNB, XRP, Dogecoin and Cardano also moved higher," said Purvang Mashru, Chief Analyst at BitDelta India.
WTI futures opened the new week weakly, falling 1.8% to $90.28, reversing Thursday's surge that had injected fresh uncertainty into the market. The latest oil price decline followed President Donald Trump's Friday announcement that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel to international and domestic markets. The move marked a partial easing of US sanctions on Russian oil imports.
Although Trump also claimed that Russia and Ukraine had agreed to an immediate "energy ceasefire" halting strikes on infrastructure, Ukrainian officials said they were not consulted, and Russian military strikes on Ukraine's energy grid have continued since.
Analysts, however, remain concerned about ETF outflows. According to data source SoSoValue, US-listed spot Bitcoin exchange-traded funds recorded $681 million in outflows last week, the highest since June. Most of this occurred on Wednesday and Thursday.
"ETF flows remain volatile. US spot Bitcoin ETFs saw heavy outflows on October 7 and 8, indicating cautious institutional sentiment," said Vikram Subburaj, CEO of India's Giottus Exchange. Mashru also pointed to ETF outflows while emphasizing that the global macro backdrop remains challenging. "US Treasury yields hit a 24-year high in the week ending October 9," he said.
Both experts mentioned $82,000 as a key support level that bulls must defend to avoid deeper losses, and noted that US inflation data on October 14 is the next major macro catalyst.