Bitcoin fell below $81,000 on Thursday, while Ethereum dropped toward $2,400. Major cryptocurrencies across the top ten recorded losses over the past seven days. Significant daily declines were noted for Zcash, which fell 11%, NEAR with a 16% drop, Pump.fun at 11%, and Venice Token at 10%. Dogecoin and Chainlink also saw double-digit weekly losses.
Institutional outflows accelerated, with spot Bitcoin funds losing $484.9 million on Wednesday and an additional $244 million on Thursday. This brought the monthly total for October to a net outflow of $400 million. Ethereum funds experienced eight consecutive sessions of outflows, totaling $640 million. Market pressure was compounded by negative funding rates for Ethereum.
Market dynamics shifted as Tom Lee reported that Bitmine plans to cease Ethereum purchases once its holdings reach 5% of the total supply. Additionally, rising oil prices following geopolitical tensions prompted investors to move capital away from risk assets. Despite these factors, Bitcoin recovered to over $82,000 and Ethereum moved toward $2,500 within the last 12 hours.
