Bitcoin has slipped back to around $83,350 after peaking near $87,200 in September. The recent pullback lines up with two shifts the market is tracking: ETF demand has softened, and US Treasury yields have risen. In late September, spot Bitcoin ETFs pulled in roughly $3.08 billion over 9 straight sessions, helping price test resistance. But on September 30, that streak reversed with about $148.69 million in net outflows. Early October still showed inflows, but not enough to push Bitcoin cleanly through the $87,000 area. As Lacie Zhang put it, ETF demand remains supportive, but not strong enough on its own to force a breakout.
The other pressure point is the bond market. Rising Treasury yields matter because Bitcoin does not offer income, so higher government bond returns can make risk assets less compelling by comparison. For now, the market is watching whether ETF demand strengthens again while yields stay elevated.