Bitcoin price holds steady above $81,000, ETF outflows suppress market sentiment

Bitcoin's trading price remained above $81,000 on Saturday, as investors assessed the mixed situation of U.S. spot Bitcoin ETF fund flows and continued market concerns about institutional demand. The world's largest cryptocurrency by market capitalization fell 0.73% to $81,558.1. The market had been volatile in the previous week, with prices briefly falling below $80,000 before recovering.
Bitcoin hit a weekly high above $84,000 earlier this week, but was unable to hold on to gains amid strong U.S. economic data and market expectations for further interest rate hikes by the Federal Reserve.
According to Coinfomania data, on October 16, U.S. spot Bitcoin ETFs had a total net outflow of $82.39 million, of which BlackRock’s iShares Bitcoin Trust (NASDAQ) had a net outflow of $71.78 million.