Experts highlight several support levels, from $83,000 down to $72,000, that Bitcoin may need to test in a bearish start to Uptober.
The wallet sold 262.78 Ether for $643,000 in USDC before depositing the funds on Hyperliquid and taking a 40x leveraged position.
Institutional reassessment of Bitcoin ETFs amid macroeconomic shifts may signal caution, impacting future investment strategies and market stability. Bitcoin ETFs shed hundreds of millions as Bitcoin holds near $81,500.
Net withdrawals reached $484.9 million on Oct. 7 and $244.1 million on Oct. 8 as Bitcoin closed below $82,000.
Bitcoin recovered toward $82,500 after Trump ruled out striking Iran before November 3, but remained roughly 4% lower than a week earlier. Crypto liquidations reached $1.09 billion, including $931 million in longs, while Bitcoin futures open interest fell 1.9% to $27.1 billion amid weak leverage demand.
Santiment's on-chain data shows elevated selling activity as Bitcoin faces renewed downward pressure.
Bitcoin price hovered at $83,000 on Friday as cryptocurrencies recovered from Thursday's selloff following a week of losses. Ethereum price rose to over $2,500, and XRP recovered to $1.40 as the larger market began to stabilize.
Bitcoin was trading at $82,994 on Binance spot at 8:58 a.m. ET (12:58 UTC) Friday, down from $83,100 15 minutes earlier.
ETF Withdrawals: Bitcoin ETFs recorded $244.1 million in net outflows on Thursday after $484.9 million in withdrawals on Wednesday, which was the largest daily outflow since June 25. Ether Weakness: Ethereum ETFs lost another $72.5 million and extended their negative streak to eight consecutive trading sessions, with roughly $641.
Short-term holders moved about 45,600 BTC to exchanges over 24 hours, with the tracked wallet balance ending near 174,481 BTC.
The miner held 13,530 BTC at month-end and will replace monthly operating updates with quarterly reports.
The amount transferred fell about 66% from a previous peak of 32,000 BTC as selling pressure eased.