Bitcoin (BTC) fell 1.5% on October 8, changing hands at $82,492 at the time of writing, as outflows from United States spot Bitcoin exchange-traded funds (ETFs) rose to their highest level since June, according to a CoinGape report carried by CryptoNewsNet.

The decline coincided with weakening sentiment across the broader crypto market and a strengthening US dollar.

ETF Flows in Focus

The report linked the price drop to rising daily outflows from spot Bitcoin ETFs, which have reached their highest level since June. Net outflows mean redemptions from the funds outpaced new creations on the days in question, and the "highest since June" designation makes this the strongest daily outflow reading in roughly four months, per the report.

US spot Bitcoin ETFs launched in January 2024 following approval by the Securities and Exchange Commission (SEC). The funds hold Bitcoin directly and disclose daily creations and redemptions, with net flows tracked and published each trading day by data providers such as Farside Investors and SoSoValue. This daily flow data is widely followed as an indicator of institutional demand for Bitcoin through these vehicles, which is why shifts in the flow picture tend to draw close attention on days when prices pull back.

A Firmer Dollar

The pullback came as the US dollar strengthened. A firmer dollar is often cited as a headwind for assets priced in dollars, as it can reduce the relative appeal of alternative holdings such as cryptocurrencies.

With flows published every trading day, upcoming updates from Farside Investors and SoSoValue will show whether the outflow pace persists, eases, or reverses, while the dollar's direction remains the other variable the report flagged behind the move.

All figures are as of the time of writing on October 8; cryptocurrency prices can move sharply over short periods.

Source: Bitcoin Price Prediction as ETF Outflows Hit Highest Since June Amid Strengthening Dollar — CoinGape via CryptoNewsNet.