### BTC Drops Toward $80K as ETF Outflows Put Pressure on the Market 📉
Bitcoin is facing stronger selling pressure. BTC is trading around $81,700, after touching a low of $80,345 last night. Just two days ago, I thought the price might consolidate around $82K, but the latest move brought it much closer to the critical $80K level.
💸 **ETF Outflows Are Worth Watching**
On October 7, U.S. spot Bitcoin ETFs recorded net outflows of $484.9 million. BlackRock’s IBIT alone saw $207.7 million leave the fund. The reported figure for October 8 was approximately another $41.5 million in net outflows.
That puts the combined outflows above $500 million across two days. Unlike some previous sessions, when outflows were followed by fresh inflows, this trend deserves closer attention. The next few days could tell us whether selling pressure continues.
🏛️ **Did the U.S. Government Move $1 Billion in BTC?**
In a development linked to the Bitfinex hacking case, approximately 12,267 BTC, worth around $1 billion, was transferred.
However, a transfer does not automatically mean a sale. The coins reportedly moved to an unidentified wallet, and there is no confirmed evidence that they were sold on an exchange.
🌍 **Macroeconomic Pressure Remains**
Brent crude closed at $104.28, gaining roughly 4%. U.S. Treasury yields also remained elevated during the session, although demand at the 30-year Treasury auction provided some relief. The reported 10-year yield later eased to 5.227%.
These developments continue to influence broader market sentiment and investors’ appetite for risk.
📊 **Bitcoin Market Positioning**
- BTC Open Interest: 93.3K BTC
- Previous OI: Approximately 95.8K BTC
- OI Change: Down roughly 2,470 BTC
- Retail long-account ratio: 65.2%
- Large-holder long-position ratio: 62.2%
- Funding rate: +0.00177%
- Recent 4-hour active buy/sell ratio: 0.93
Bitcoin’s price decline alongside falling open interest suggests that some leveraged positions have been removed from the market.
But there is another interesting signal: the percentage of long accounts has increased from around 62% to 65.2%, even as the price continues to fall. Traders may still be betting on a rebound, but crowded long positioning can also increase liquidation risks if prices fall further.
🎯 **My Key Level: $80,000**
Bitcoin is approaching an important psychological support zone. Will buyers defend $80K, or will continued selling pressure push BTC below it?
For now, I’m watching ETF flows, open interest, and price action closely. The next move matters more than trying to predict the bottom.
