Bitcoin Holds Above $83,000 as ETF Outflows and Rising Yields Weigh on Market

Bitcoin traded near Rs. 79.3 lakh on Tuesday as the cryptocurrency market faced renewed selling pressure, with elevated Treasury yields, a stronger US dollar, and rising oil prices weighing on investor sentiment. Ethereum (ETH) was trading near Rs. 2.39 lakh, while most major altcoins also recorded losses over the past 24 hours. Market participants said institutional buying and selective spot demand provided some support, though recent outflows from US spot Bitcoin exchange-traded funds (ETFs) suggest cautious institutional participation. According to CoinGecko data, Bitcoin traded at $83,600 (roughly Rs. 79.5 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, even as institutional purchases continue. Strategy bought 250 BTC, while Bitmine added 12,532 ETH, suggesting some large investors are continuing to accumulate digital assets despite near-term volatility. However, recent outflows from US spot Bitcoin ETFs and elevated borrowing costs are weighing on sentiment. 

Major Altcoins Face Selling Pressure on Tuesday

Binance Coin (BNB) was priced around $745 (roughly Rs. 70,900), while Solana (SOL) traded near $108 (roughly Rs. 10,280). XRP hovered around $1.37 (roughly Rs. 130), while Dogecoin (DOGE) traded near $0.084 (roughly Rs. 7.6). 

US Inflation Data in Focus as Crypto Markets Face Renewed Selling

Highlighting the opposing pressures from institutional accumulation and macroeconomic conditions, the CoinSwitch Markets Desk said, “Rising Treasury yields and a stronger dollar are making financial conditions less favourable for risk assets, while uncertainty ahead of the US midterm elections is adding to investor caution. Yet institutional buying continues in the background, with Strategy purchasing 250 BTC and Bitmine adding 12,532 ETH, signalling that longer-term accumulation remains intact despite near-term volatility [...] Headline inflation is expected at 3.7 percent, with core inflation at 2.5 percent.”

Commenting on the market downturn and the importance of Bitcoin's support level, Vikram Subburaj, CEO of Giottus.com, said, “Recent outflows from US spot Bitcoin ETFs point to cautious institutional demand [...] Investors are also watching US inflation data due on October 14, which could influence expectations for the Federal Reserve's next rate decision [...] Investors should avoid chasing rebounds or making large bets during heightened volatility [...] Staggered buying, disciplined position sizing, and close monitoring of ETF flows and US inflation data can help manage risk.”

Pointing to Bitcoin's price gains despite weakness in global markets and mixed institutional flows, Nischal Shetty, Founder, WazirX, said, “Bitcoin and Ethereum traded higher, showing stability despite pressure across global markets [...] The moves came against a macro backdrop, with India's inflation rising to 5.54 percent, US Treasury yields near 5.24 percent, and Brent crude holding above $106 (roughly Rs. 10,100). Institutional flows were divided: US Bitcoin ETFs added $21.13 million (roughly Rs. 201 crore), while Ethereum ETFs recorded $56.10 million (roughly Rs. 534 crore) in outflows. The price gains despite weaker Ethereum fund flows suggest that spot buying, short-covering, and derivatives positioning helped absorb institutional selling.”

Overall, analysts said Bitcoin's $82,000 support zone (roughly Rs. 78 lakh) remains an important level to watch, while a sustained recovery towards the $86,000-$87,000 resistance band (roughly Rs. 81.8 lakh-Rs. 82.8 lakh) could improve sentiment. Investors are also monitoring US CPI data due on October 14, which could influence expectations for the Federal Reserve's next rate decision and determine whether cryptocurrencies can regain upward momentum.