Bitcoin is back under pressure after a late selloff pushed BTC below $85,000. The move came after Bitcoin failed several times to break above the $87,000 area, while rising Treasury yields, a stronger dollar and higher oil prices added pressure across risk assets.
But the ETF picture is telling a different story. U.S. spot Bitcoin ETFs recorded roughly $118.9 million in net inflows on October 6, reversing the $89.9 million outflow recorded the previous session. BlackRock's IBIT led the latest inflows with about $122 million.
Ethereum ETFs moved in the opposite direction. U.S. spot Ether ETFs recorded roughly $201.9 million in net outflows on October 6, extending their losing streak to six consecutive sessions. BlackRock's ETHA accounted for almost the entire daily withdrawal.
Solana ETFs also recorded another day of outflows, losing roughly $3.7 million on October 6. The contrast between Bitcoin and the major altcoin ETFs shows that institutional demand is becoming more selective across the crypto market.
Bitcoin's ETF rebound is also significant because September ended with a major wave of institutional demand. The latest inflows suggest that capital is still returning to Bitcoin even as the broader market faces pressure from higher yields and a stronger dollar.
Macro conditions are now becoming the biggest short-term storyline. Bitcoin dropped to around $83,700 during the latest selloff, while Ethereum fell below $2,600. The Federal Reserve's September meeting minutes are also due, giving markets another signal to assess the outlook for interest rates.
The market is therefore facing two competing forces. ETF flows are showing renewed demand for Bitcoin, while macro conditions are making risk assets harder to support. Ethereum's heavy ETF outflows add another layer to the growing gap between BTC and major altcoins.
Pro Tip: Watch Bitcoin ETF flows and Ethereum ETF flows separately. The latest numbers show that institutional demand is not moving evenly across crypto, and that difference is becoming an important part of the market narrative.
Bitcoin remains one of the strongest parts of the crypto market despite the latest pullback. The key story now is whether renewed BTC ETF inflows continue while Ethereum and other major crypto assets face heavier institutional withdrawals.