U.S. spot Bitcoin ETFs recorded their largest single day outflow in more than a year, with nearly $485 million leaving the funds on October 7. The heavy selling came as Bitcoin dropped close to $82,000.
The move also reversed the market’s early “Uptober” gains as rising tensions around the Strait of Hormuz increased pressure on risk assets.
Bitcoin ETFs See $485 Million in Outflow
On 7 October, U.S. spot Bitcoin ETFs recorded $484.9 million in net outflows, marking their largest single-day withdrawal since June 25.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) led the selling, recording $207.7 million in outflows. Fidelity and Ark Invest’s Bitcoin ETF products also recorded withdrawals of more than $100 million each.
The heavy selling came just one day after the BTC ETFs recorded $118.8 million in net inflows.
The selling was also seen across Ethereum ETFs. U.S. spot Ethereum ETFs recorded $160.9 million in net outflows on the same day, pointing to broader selling across crypto investment products.
Bitcoin Falls on Hormuz Crisis as Oil Jumps to $104
The ETF outflows came as Bitcoin fell below $83,000, marking its lowest daily close in 17 days.
Selling pressure increased as geopolitical tensions rose. Coinpedia News reported that Iran had increased missile and drone attacks on commercial oil tankers near the Strait of Hormuz.
The tensions pushed December Brent crude futures above $104 a barrel, raising fresh concerns about higher inflation.
Bitcoin Eyes $81K Support as Bearish Pattern Forms
Looking at the daily chart, Bitcoin is trading around $83,025 and forming a bearish “M” pattern, with the price now moving toward the pattern’s neckline.
The key level to watch is $81,108. However, a daily close below this support could confirm the bearish setup and expose Bitcoin to the next major support around $76,141.
Current market data also shows BTC testing the $82,000–$83,000 area, making this an important demand zone.
On the other hand, if buyers defend the $81,108 support, Bitcoin could regain strength. The weekly chart is also forming a cup-and-handle pattern, which could support a recovery.
A break above $87,000 would weaken the bearish M-pattern and could open the way toward the January high of $97,952.
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