Bitunix analysts flag $82,800 as pivotal Bitcoin level as ETF demand weakens

US spot Bitcoin ETFs recorded $729 million in net outflows over the past two trading sessions, according to Farside Investors data, as Bitunix analysts warned that stronger spot demand is needed to support a sustained recovery. 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, bringing net outflows across the four sessions beginning October 5 to $700 million. In commentary shared with Crypto Briefing on October 9, Bitunix analysts flagged $82,800 as the first level Bitcoin needs to reclaim to regain momentum. Their analysis placed BTC near $82,500 following a rebound from a low around $80,434. Bitcoin had retreated from its October 5 peak near $86,995, falling approximately 2.6% on October 7 and another 1.9% on October 8, according to Bitunix. The exchange said the recovery remained unconfirmed while the price traded below $82,800. The decline also coincided with a reduction in derivatives exposure. Open interest, which measures outstanding derivatives positions, rose to $28.162 billion on October 6 before falling to $26.972 billion on October 8. By October 9, open interest had recove...