US spot Bitcoin ETFs saw net outflows of $729 million over two trading sessions, with losses of $484.9 million on October 7 and $244.1 million on October 8. These withdrawals followed a $118.8 million inflow on October 6, resulting in a net outflow of $700 million over the four sessions starting October 5.
Bitunix analysts identified $82,800 as a critical level for Bitcoin to regain momentum. The asset retreated from an October 5 peak of $86,995, dropping 2.6% on October 7 and 1.9% on October 8. Open interest in derivatives fell from $28.162 billion on October 6 to $26.972 billion on October 8, recovering slightly to $27.134 billion by October 9.
Market liquidations showed a significant impact on bullish positions, with $220.17 million in Bitcoin long liquidations compared to $45.71 million in shorts. Across the broader crypto market, long liquidations reached $930.49 million against $162.06 million in shorts.
Analysts suggest that reclaiming $82,800 could lead to a test of the $85,000 to $87,000 range. Conversely, failure to hold this level, combined with a drop below the recent low of $80,400, could shift focus to the $79,700 to $77,000 zone, with further support identified between $70,500 and $72,900.
