Bitcoin Slides to 17-Day Low Near $82,600 as ETF Outflows Hit $485M and Macro Pressures Mount

Bitcoin fell to its weakest level in 17 days, touching around $82,600 to $82,974, as a confluence of macro and on-chain pressures overwhelmed early October optimism. U.S. spot Bitcoin ETFs recorded their largest single-day outflow in more than a year on October 7, with nearly $485 million leaving the funds, reversing what had been dubbed the market's "Uptober" rally.

The selloff follows a failed breakout attempt, with Glassnode's October 7 report flagging that the share of supply in profit hit a one-year high around October 4, identifying significant potential selling pressure at the breakout level. Thin trading volume during the push higher left the move vulnerable to profit-taking.

Broader macro conditions added to the pressure. Rising tensions around the Strait of Hormuz pushed oil prices higher, while Treasury yields climbed to multi-decade highs, cooling risk appetite across markets and weighing on crypto alongside other growth assets.

Against this backdrop, the TOKEN2049 and LONGITUDE conferences were underway in Singapore, drawing institutional voices from Fidelity Investments, UBS, Securitize, Maple Finance, 21Shares, Bitwise, Grayscale and others to debate tokenization, on-chain asset management and infrastructure for global finance. Nansen CEO Alex Svanevik told the TOKEN2049 audience that the next crypto cycle will look different, singling out AI agents as a key area of bullishness.