Bitcoin ETFs post biggest outflow since June, can BTC price hold $82K?

U.S. spot Bitcoin ETFs have suffered $484.9 million in net withdrawals on Oct. 7, their largest daily outflow since June, as Bitcoin fell toward $82,700 and erased its early-October price gains.

Farside Investors data show BlackRock’s iShares Bitcoin Trust led the withdrawals with $207.7 million, followed by Fidelity’s FBTC at $105.1 million and ARK 21Shares’ ARKB at $101.7 million. Bitwise’s BITB lost another $27.6 million, while Grayscale’s GBTC recorded $39.3 million in redemptions.

The reversal came one day after the funds attracted $118.8 million, including $122 million into BlackRock’s IBIT. Wednesday produced the biggest daily withdrawal since June 25, when U.S. Bitcoin ETFs shed $691.7 million.

Bitcoin ETF outflows wipe out October’s early gains

Bitcoin ETFs had accumulated $321.6 million across the first four U.S. trading sessions of October. The total came from $102.7 million on Oct. 1, $189.9 million on Oct. 2, an $89.8 million withdrawal on Oct. 5 and $118.8 million of inflows on Oct. 6.

Wednesday’s $484.9 million exit more than erased that amount, leaving the funds with roughly $163.3 million in net outflows for October through Oct. 7. The change follows a sharp cooling in ETF demand after stronger institutional buying during late September.

As crypto.news previously reported, Bitcoin ETF buying had already slowed sharply before the latest withdrawal. Bitfinex analysts said earlier this week that ETF inflows had fallen roughly 90% from the preceding week and that fresh spot demand was needed to support another attempt toward $90,000.

The latest redemptions take that slowdown further. BlackRock’s IBIT alone accounted for roughly 43% of Wednesday’s net withdrawal. Fidelity and ARK 21Shares together lost another $206.8 million.

Bitcoin price tests $82K as buyers defend support

Bitcoin traded at approximately $82,674 at the latest CoinGecko reading, down around 1.7% over 24 hours. Its daily range stretched from $82,317 to $84,340, while trading volume approached $39.4 billion.

The decline follows BTC’s failure to hold above $85,000 earlier in the week. CoinGecko historical data show BTC closed at $85,771 on Oct. 5, slipped to $85,540 on Oct. 6 and finished Oct. 7 at $83,282.

Trader Daan Crypto Trades said BTC had swept liquidity around its September lows and identified $83,000 as the level bulls now need to recover and hold. In his scenario, continued weakness could bring $75,000 and $72,000 into focus. Those figures are analyst targets, not confirmed price destinations.

Separately, Ted Pillows described BTC as trading inside a range between roughly $82,500 and $87,500. He said repeated failures around 86,000–87,000 had left $82,500 as an important lower boundary. His projected downside level near $77,500 depends on BTC breaking below that range with confirmation.

In related coverage, crypto.news had previously identified weakening ETF demand and repeated resistance near $87,000 before the latest drop. The market has since moved below the earlier 83,300–84,600 support zone discussed in that analysis.

Glassnode sees thin Bitcoin demand near $81K

Glassnode’s latest market report gives a cautious reading of the move. The analytics firm said combined Bitcoin spot-exchange and U.S. ETF volume averaged approximately $6.8 billion per day over seven days, lower than nine out of every ten trading days since January 2024.

Its data place the nearest major liquidation cluster between $81,700 and $83,300, almost exactly where Bitcoin is trading now. Glassnode found another large block of Binance spot bids between $81,000 and $81,250, making that area an important level in its current market map.

If BTC moves higher, Glassnode identified a large sell block around 86,500–86,750. A settled close back above $85,500 would recover the level lost earlier this week, according to the firm’s analysis. The largest one-year short-liquidation cluster above price sits between $87,100 and $95,900, with the heaviest concentration near $92,000.

Exchange balances provide a different signal. Santiment recorded a net 24,073 BTC withdrawal from exchanges on Oct. 5, the largest daily outflow in seven months. The analytics company said exchange-held supply had fallen to roughly 6.5% of total Bitcoin supply.

Santiment views sustained exchange withdrawals as supportive because fewer coins remain immediately available for sale, though it cautioned that outflows alone do not guarantee higher prices. Crypto.news previously covered the same exchange-balance change in its report on Bitcoin’s latest market selloff and falling exchange supply.

An analyst posting under Wealthmanager described the separation between BTC supply held in profit and supply held at a loss as evidence that the “market cycle [is] turning bullish again.” The claim is a technical interpretation and does not establish that BTC has formed a final bottom.

Ether ETFs extend losses to seven straight sessions

Institutional selling has not been limited to Bitcoin. U.S. spot Ether ETFs recorded another $160.9 million in net withdrawals on Oct. 7, extending their outflow run to seven consecutive trading sessions beginning Sept. 29.

BlackRock’s ETHA accounted for $116.1 million of Wednesday’s total, while Grayscale’s ETHE lost $25.8 million. VanEck, Bitwise, 21Shares and Invesco products recorded smaller withdrawals.

Adding the seven negative sessions from Sept. 29 through Oct. 7 gives approximately $568.8 million in Ether ETF outflows. The run includes $201.9 million leaving the funds on Oct. 6 and $160.9 million the following day.

Earlier in the month, crypto.news reported that Ether ETF demand had already turned negative while Bitcoin funds were still attracting money. At that stage, Ether products had recorded $118 million in weekly withdrawals.

For BTC, Glassnode’s data leave 81,000–81,250 as the next visible block of large Binance bids if $82,000 fails. A recovery would first need to push BTC back through $83,000 before the heavier resistance around 85,500–86,750 returns to focus.

The next Federal Reserve policy meeting is scheduled for Oct. 27–28, with the policy statement and press conference due Oct. 28. The Fed released minutes from its September meeting on Oct. 7.

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