Bitcoin Slides as ETF Outflows, Oil Surge, and Robinhood Buy Reshape Markets

Bitcoin fell to $82,622 at 7 a.m. ET on Thursday, October 8, down more than 1% from the prior session, as a confluence of macroeconomic headwinds drove the largest rush of Bitcoin ETF outflows in months. U.S. spot Bitcoin ETFs recorded $89.9 million in net outflows, reversing a prior $293 million inflow surge, while open interest in Bitcoin perpetual futures swelled to $69.29 billion, signaling heightened risk of further price swings.

The selling pressure arrived alongside surging oil prices, with Brent crude climbing above $102 a barrel on reports of renewed Iranian attacks in the Strait of Hormuz. Rising Treasury yields and a stronger dollar added to the strain, weighing broadly on risk assets. CoinGlass data showed that 101,831 traders were liquidated over the past 24 hours, totaling $550.65 million, with long positions accounting for 88% of those forced exits. Bitcoin has now failed to break above $87,000 on every rally attempt since late September, leaving price action confined to a two-week range between roughly $83,000 and $87,000.

Robinhood and Thailand Signal Confidence in Crypto

Not all of Thursday's headlines pointed downward. Robinhood added $25 million worth of Bitcoin to its balance sheet, the latest sign that publicly traded fintech firms are treating BTC as a treasury asset as the platform deepens its broader crypto push. The move follows a pattern set by corporate buyers accumulating Bitcoin during price dips, with on-chain data from Santiment showing that wallets holding between 10 and 10,000 BTC accumulated an additional 86,702 BTC over the past three weeks.

On the regulatory front, Thailand's Securities and Exchange Commission officially issued guidelines supporting the establishment of crypto ETFs, formalizing a framework with stated priorities of investor protection and market integrity. The Thai SEC's action opens a path for regulated crypto investment products in Southeast Asia, and analysts say that clearer rules could draw greater institutional participation in the country's digital asset market. With Bitcoin's market capitalization sitting at roughly $1.33 trillion and dominating about 61% of total crypto market value, any expansion of regulated access channels abroad could provide longer-term demand support even as near-term macro forces remain the dominant story.