Oil Rebound Weighs on Bitcoin as Spot ETFs Record More Than $600M in Outflows

Bitcoin’s early rally faded as oil prices climbed back above $92 a barrel, with analysts highlighting last week’s heavy withdrawals from spot Bitcoin ETFs as a growing concern for the market.

Bitcoin (BTC) reversed course after rising earlier in the day, as traders weighed institutional fund outflows against ongoing macroeconomic pressures.

At 10:30 UTC, Bitcoin traded near $83,400, retreating from an earlier high of approximately $84,250, according to CoinDesk data. XRP, ether (ETH) and solana (SOL) recorded similar price movements.

The initial Bitcoin advance came as crude oil prices declined during Asian trading. The move followed U.S. President Donald Trump’s Friday announcement that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to domestic and international markets. The arrangement marked a partial easing of U.S. sanctions on Russian oil imports.

Trump also claimed that Russia and Ukraine had agreed to an immediate “energy ceasefire” to stop attacks on infrastructure. Ukrainian officials said they had not been consulted about the arrangement, while Russian military strikes on Ukraine’s energy infrastructure have continued.

West Texas Intermediate (WTI) crude futures dropped more than 1% earlier, slipping below $90 per barrel. They later recovered to $92.63, up 0.8% for the day.

Despite the temporary improvement in risk sentiment, analysts remained concerned about declining investment flows into Bitcoin ETFs.

Data from SoSoValue showed that U.S.-listed spot Bitcoin ETFs posted $681 million in net outflows last week, the largest weekly withdrawal since June. Most of the money left the funds on Wednesday and Thursday.

“ETF flows remain volatile. US spot Bitcoin ETFs saw heavy outflows on October 7 and 8, signaling cautious institutional sentiment,” Vikram Subburaj, CEO of India-based Giottus Exchange, told CoinDesk.

Purvang Mashru, lead analyst at BitDelta India, also flagged the ETF outflows, noting that broader economic conditions remained challenging.

“Treasury yields reached 24-year highs during the week ending 9 October,” Mashru said.

Still, Mashru pointed to signs of improving breadth across the cryptocurrency market. Over the previous 24 hours, AVAX, NEAR, FIL and ZRO gained between 8% and 12%, indicating that the rebound was extending beyond the largest digital assets.

“The recovery broadened across major virtual digital assets, with nine of the top ten advancing during the last 24 hours. Avalanche led with a 5.1% jump to $10.91 and Chainlink rose 2.4% to $13.35. Solana added 1.2%, while BNB, XRP, Dogecoin and cardano gained,” Mashru told CoinDesk.

Both analysts pointed to $82,000 as an important support level for Bitcoin. Buyers will need to defend this price area to reduce the risk of a deeper sell-off. The next major event on the economic calendar is the U.S. inflation report due on October 14, which could influence the direction of financial and cryptocurrency markets.