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Bitcoin Shuts Out ETF Outflows to Trade Above $84,000
Bitcoin (BTC) has recovered above $84,000, shrugging off significant outflows from U.S. Bitcoin exchange-traded funds (ETFs) last week. The cryptocurrency, which was trading near $84,155 as of this writing, has seen other major cryptocurrencies like Ethereum (ETH) and XRP also showing signs of investor interest. Analysts noted that the recovery was broad, with nine out of the top ten virtual digital assets advancing in the last 24 hours. Avalanche led with a 5.1% jump to $10.91, while Chainlink rose 2.4% to $13.35. The recovery comes as WTI futures fell 1.8% to $90.28, reversing a previous spike that added uncertainty to the market. Analysts remain concerned about the ETF outflows, with U.S. spot Bitcoin ETFs registering an outflow of $681 million last week, the highest since June. The global macro backdrop remains challenging, with Treasury yields reaching 24-year highs. Key support for Bitcoin is seen at $82,000, a level bulls must defend to avoid deeper losses, with the October 14 U.S. inflation data expected to be a significant macro catalyst.