Key Takeaways
- • U.S. spot Bitcoin ETFs recorded net outflows of approximately $681.11 million across the five trading sessions from October 5 to October 9, according to SoSoValue data cited by Investing.com.
- • Bitcoin traded near $83,007 on Saturday, down about 3% over the week after retreating from nearly $87,000 the prior Sunday.
- • Heaviest withdrawals came on October 7 ($487.07 million) and October 8 ($244.13 million), partly offset by smaller inflows on October 6 and October 9.
- • Macro headwinds included rising oil prices, higher U.S. Treasury yields, and expectations that the Federal Reserve will hold rates at its October 27-28 meeting, with a possible December increase.
- • Ledger-linked security concerns involving reported losses of $86 million to $93.4 million, unconfirmed by Ledger, added pressure to sentiment.
Summary
Bitcoin hovered around $83,000 on Saturday as a late-week rebound lost momentum, according to Investing.com. The world's largest cryptocurrency was trading at $83,007.4 at 11:01 ET, down 0.1% on the day, after moving between $82,537.7 and $83,054. The asset had retreated from near $87,000 the previous Sunday and was down roughly 3% over the week.
Institutional demand showed signs of strain. Data from SoSoValue indicated U.S. spot Bitcoin ETFs recorded net outflows of approximately $681.11 million from October 5 to October 9. Withdrawals were concentrated on October 7 and 8, when funds registered outflows of $487.07 million and $244.13 million, respectively. These were partly offset by inflows of $118.86 million on October 6 and $21.13 million on October 9. Friday's modest inflow did not reverse the cumulative weekly withdrawals, and the uneven flow pattern suggests institutional demand has not yet provided consistent support for prices.
Macro conditions also weighed on risk assets. Rising energy prices and higher Treasury yields reduced the relative appeal of speculative assets. Markets expect the Federal Reserve to leave rates unchanged at its October 27-28 meeting, with a potential 25-basis-point increase in December, and September CPI and PPI reports due next week will inform that outlook.
Security concerns added to market uncertainty. Ledger investigated reports of missing crypto tied to devices sold through Southeast Asian reseller CryptoBilis, which it asked to suspend sales and shipments. Investigators estimated losses of $86 million to $93.4 million, though Ledger has not confirmed the figures or cause and there is no evidence its own systems were compromised.
On the corporate side, Strategy's NASDAQ-listed preferred shares, STRC, rose to $99.71 on Friday, their highest since June. The shares carry a 12% annualized dividend supported by Strategy's dollar reserves, and a move above $100 could enable further preferred-share issuance to fund Bitcoin purchases. Broader crypto prices were mostly higher in the latest snapshot, with Cardano up 8.4% to $0.2578.
Institutional demand showed signs of strain. Data from SoSoValue indicated U.S. spot Bitcoin ETFs recorded net outflows of approximately $681.11 million from October 5 to October 9. Withdrawals were concentrated on October 7 and 8, when funds registered outflows of $487.07 million and $244.13 million, respectively. These were partly offset by inflows of $118.86 million on October 6 and $21.13 million on October 9. Friday's modest inflow did not reverse the cumulative weekly withdrawals, and the uneven flow pattern suggests institutional demand has not yet provided consistent support for prices.
Macro conditions also weighed on risk assets. Rising energy prices and higher Treasury yields reduced the relative appeal of speculative assets. Markets expect the Federal Reserve to leave rates unchanged at its October 27-28 meeting, with a potential 25-basis-point increase in December, and September CPI and PPI reports due next week will inform that outlook.
Security concerns added to market uncertainty. Ledger investigated reports of missing crypto tied to devices sold through Southeast Asian reseller CryptoBilis, which it asked to suspend sales and shipments. Investigators estimated losses of $86 million to $93.4 million, though Ledger has not confirmed the figures or cause and there is no evidence its own systems were compromised.
On the corporate side, Strategy's NASDAQ-listed preferred shares, STRC, rose to $99.71 on Friday, their highest since June. The shares carry a 12% annualized dividend supported by Strategy's dollar reserves, and a move above $100 could enable further preferred-share issuance to fund Bitcoin purchases. Broader crypto prices were mostly higher in the latest snapshot, with Cardano up 8.4% to $0.2578.
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