Bitcoin Rally Stalls at $83K as ETF Outflows Raise Concerns

The near-flat price action helped cap total liquidations for the cryptocurrency below $67 million. Data from Coinglass shows liquidations were nearly evenly split: wiped-out long positions totaled nearly $34 million, while short bets stood just under $33 million. This balanced liquidations pattern played out across most major digital assets, with the notable exception of ether ($ETH), where short liquidations reached $73 million compared to $42 million in longs.

Across the broader crypto market, total liquidations reached $334 million, led by $173 million in erased long positions.

While some analysts had warned of potential market fallout coinciding with the 39th anniversary of Black Monday—the infamous stock market crash from 1987—bitcoin’s initial surge undercut those fears. Still, the asset’s familiar range-bound price action offers further evidence that a broader “Uptober” rally has yet to take shape.

ETF Outflows and Glassnode Onchain Analysis Signal Caution

Institutional flows mirror this cautious sentiment. Spot bitcoin exchange-traded fund (ETF) data indicates institutional investors remain net sellers in October. As reported by Bitcoin.com News, U.S. bitcoin ETFs recorded $228.6 million in net outflows last week, following a $681 million drawdown the week prior. Overall, crypto ETFs lost about $593 million last week, led by ether ($ETH) with $320 million in outflows.

Onchain analytics firm Glassnode noted that while the heavy selling behind early October’s decline has abated, new demand has not stepped in to replace it. According to Glassnode, spot and ETF buyers remain absent, with ETF trading volumes slipping below their lower range despite narrowing outflows. Meanwhile, options traders continue buying downside protection as implied volatility outpaces realized volatility. Onchain data also highlights capital shifting toward newer market entrants, even as network fees and transfer volumes fell about 10% and profit-taking slowed.