Bitcoin Slips Below $83,000 After Major Spot ETF Withdrawals
Bitcoin fell under $83,000 as U.S. spot Bitcoin ETFs recorded a $484.9 million net outflow on October 7, the largest single-day withdrawal since June 25. BlackRock's IBIT led the exits with $207.7 million, followed by Fidelity's FBTC and Ark Invest's ARKB. Rising oil prices and a 10-year Treasury yield of 5.31% added pressure to crypto markets.
Bitcoin traded near $82,910 after falling below $83,000, its weakest close in 17 days and third straight losing session. U.S. spot Bitcoin ETFs saw $484.9 million leave on October 7, the biggest daily redemption since June 25. BlackRock’s IBIT lost $207.7 million, Fidelity’s FBTC $105.1 million, and Ark’s ARKB $101.7 million; several other funds also bled.
Macro pressure compounded the move: Brent rose about 2% to $102 on reports of possible military planning involving Iran, while the 10-year Treasury yield reached 5.31%. XRP, Ether, and Dogecoin also declined. Roughly $550 million in leveraged crypto positions were liquidated a day earlier, mostly longs. Binance’s order book showed $80 million of buy-side depth within 5% of price, per analyst Murphy.
The drop could weigh on retail and institutional crypto investors, especially those holding spot ETF shares or leveraged positions. It may dampen short-term confidence and prompt some to reduce risk, while lower prices could attract bargain hunters. Broader financial markets may feel spillover if oil and yields stay elevated, though crypto remains a small part of household wealth.