Bitcoin traded back above $84,000 on October 12, 2026, holding firm despite US spot ETF products suffering heavy capital withdrawals last week.
Data from SoSoValue shows that US spot Bitcoin ETFs recorded $681 million in outflows last week - the highest weekly withdrawal since June. Most of the outflows occurred on Wednesday and Thursday (October 7-8). Giottus Exchange CEO Vikram Subburaj noted that ETF outflows remain volatile, and the withdrawals on October 7-8 signaled cautious institutional sentiment.
However, instead of tumbling, Bitcoin’s price rebounded, lifting most of the broader crypto market along with it.
Nine Out of Top Ten Assets Also Gain
BitDelta India analyst Purvang Mashru noted that the recovery broadened across major digital assets, with nine out of the top ten assets gaining over the past 24 hours.
Avalanche led altcoin gains with a 5.1% jump to $10.91. Chainlink climbed 2.4% to $13.35, while Solana rose 1.2%. Other large-cap assets such as BNB, XRP, Dogecoin, and Cardano also posted gains across the board.
Market participants are now watching $82,000 as a key support level that must be defended to prevent steeper declines should selling pressure return.
Mysterious Wallet Maneuver Swaps BTC for ETH
Amid Bitcoin’s efforts to defend its ground, on-chain data from Lookonchain captured a contrasting move from a large capital holder. A mysterious wallet sold 410.14 BTC worth $34.16 million on the Hyperliquid exchange.
The wallet owner did not move the proceeds into cash. Instead, the funds were immediately used to buy 14,341 ETH worth $36.14 million via a DEX. The rotation was executed while ETH traded in the $2,555-$2,563 range per token.
Pressure from Bond Yields and Contrasting Geopolitical Signals
US Treasury bond yields touched 24-year highs during the week ending October 9, dampening risk appetite across global markets.
Commodity markets also saw volatility. WTI crude oil futures fell 1.8% to $90.28 early in the week, reversing the price spike seen the previous Thursday.
Geopolitical uncertainty added to market hesitation after Donald Trump claimed an energy ceasefire deal between Russia and Ukraine. However, President Volodymyr Zelensky stated that Ukraine was not consulted, while Russian military attacks against Ukraine’s energy grid continued on the ground.
The next major macro catalyst is now focused on the upcoming US inflation (CPI) release on October 14. For traders, Bitcoin holding above the $82,000 support level remains the primary benchmark before inflation numbers dictate the market’s broader trend.
Reported by CoinDesk.
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Read also: Early October Opened with $292 Million Inflows - Major US Crypto ETFs Now Turn Red
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
