Bitcoin Holds Above $83,000 as ETF Outflows and Global Market Caution Weigh on Sentiment

Bitcoin traded near Rs. 79 lakh on Wednesday as the cryptocurrency market faced mixed signals, with institutional outflows and uncertainty over US monetary policy weighing on sentiment despite signs of continued buying by large holders. Ethereum (ETH) was trading near Rs. 2.37 lakh, while major altcoins showed mixed price movements. Market participants said that although spot buying and derivatives positioning were helping absorb institutional selling, demand from US spot Bitcoin exchange-traded funds (ETFs) remained uneven. According to CoinGecko data, Bitcoin traded at $83,500 (roughly Rs. 79.2 lakh), while Ethereum was priced at $2,500 (roughly Rs. 2.37 lakh).

The world's largest cryptocurrency fell 0.6 percent in the last 24 hours, according to the Gadgets 360 price tracker. US spot Bitcoin ETFs recorded $65 million (roughly Rs. 617 crore) in outflows, indicating uneven institutional demand. However, improving on-chain trends and renewed buying by large holders are offering some support. Strive also added 3,311 BTC, taking its total holdings to 32,773 BTC. 

Major Altcoins Show Mixed Momentum on Wednesday

Binance Coin (BNB) was priced around $743 (roughly Rs. 70,500), while Solana (SOL) traded near $107.22 (roughly Rs. 10,100). XRP hovered around $1.37 (roughly Rs. 130), while Dogecoin (DOGE) traded near $0.084 (roughly Rs. 7.5). 

South Korea's Market Slide Adds to Global Risk Concerns

Highlighting the mixed macroeconomic signals and renewed accumulation by large holders, Prateek Gupta, Head of Business, Mudrex, said, “Broader risk sentiment remains fragile, with South Korea's Kospi sliding 5 percent on AI valuation concerns and the dollar index rising to 102.57. Spot Bitcoin ETFs saw $65 million (roughly Rs. 617 crore) in outflows, signalling uneven institutional demand. However, on-chain trends are improving with BTC finding support near $81,500 (roughly Rs. 77.33 lakh), the average cost basis for US ETF investors, while large holders have resumed buying after over a year of selling.”

Commenting on institutional demand, macroeconomic uncertainty and the key support levels, Vikram Subburaj, CEO, Giottus.com, said, “US spot Bitcoin ETFs recorded heavy outflows earlier this month, with withdrawals of $484.9 million (roughly Rs. 4,600 crore) on October 7 and $244.1 million (roughly Rs. 2,316 crore) on October 8. Although flows have since stabilised, demand remains fragile [...] Investors should avoid chasing short-term rebounds. Staggered buying, disciplined position sizing and monitoring ETF flows and US inflation data can help manage volatility.”

Pointing to Bitcoin and Ether's gains despite continued institutional redemptions, Nischal Shetty, Founder, WazirX, said, “Bitcoin and Ether moved higher despite continued institutional outflows, indicating that spot demand remained active [...] INJ also advanced to $8.14 (roughly Rs. 772), with its major daily moving averages continuing to favour buyers. The gains came as US Treasury yields eased towards 5.22 percent and markets expected the Federal Reserve to hold rates in October, although inflation, dollar strength and higher oil prices remained concerns.”

Overall, analysts said Bitcoin's $81,300-$82,000 (roughly Rs. 77.1 lakh-Rs. 77.8 lakh) support zone remains important, while a sustained move above $84,000-$84,500 (roughly Rs. 79.7 lakh-Rs. 80.1 lakh) could strengthen recovery prospects. Investors are also watching US inflation data due on October 14 for clues about the Federal Reserve's next rate decision and the outlook for risk assets.