Bitunix analysts flag $82,800 as the first level Bitcoin needs to reclaim to regain momentum, as US spot Bitcoin ETFs post $729 million in net outflows over two sessions. Separate Santiment data shows holders realized net profits, not losses, during the recent dip.
US spot Bitcoin ETFs recorded $729 million in net outflows over the past two trading sessions, according to Farside Investors data. Bitunix analysts warned that stronger spot demand is needed to support a sustained recovery.
ETF outflows reverse an early-week inflow
The funds lost $484.9 million on October 7 and another $244.1 million on October 8. Those withdrawals reversed a $118.8 million inflow on October 6.
Bitunix placed BTC near $82,500 after a rebound from a low around $80,434. Bitcoin had retreated from its October 5 peak near $86,995, and the exchange said the recovery remained unconfirmed while the price traded below $82,800.
Derivatives exposure shrinks, longs take the hit
The decline coincided with a reduction in derivatives exposure. Open interest fell from $28.162 billion on October 6 to $26.972 billion on October 8.
Bitunix reported approximately $220.17 million in Bitcoin long liquidations against $45.71 million in shorts. The exchange cautioned that heavy liquidations alone do not confirm a market bottom.
Realized profit data cuts against capitulation talk
BTC dropped to $80,500, which prompted talk of holders selling at a loss. Santiment data, however, shows holders realized more than $3.3 billion in net profits from October 2 to 8.
Not one day in that period ended with a net realized loss across the network. Aggregate data still cannot show which holders sold profitably and which took losses, so recent buyers could have sold below their purchase prices.
Levels Bitunix is watching
A sustained move above $82,800, with healthier derivatives positioning and easing ETF outflows, could support another test of the $85,000 to $87,000 region, according to the exchange.
Repeated rejection below that threshold, followed by a break beneath the recent low near $80,400, would shift attention toward the $79,700 to $77,000 demand zone. Bitunix identified $70,500 to $72,900 as a deeper potential support area if selling intensifies.
Sources: Crypto Briefing, Coinpedia Fintech News
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