Bitcoin Price Prediction as ETF Outflows Hit Highest Level Since June Amid Strengthening Dollar

Highlights Bitcoin price has dropped below $83,000 as spot demand weakens. Bitcoin ETFs also recorded their highest outflow since June 2026. As Bitcoin price falls, the US dollar index has surged to an 18-month high.

Bitcoin (BTC) price is down 1.5% today, October 8, to trade at $82,492 at the time of writing. This drop coincides with rising outflows from spot BTC ETFs as the crypto market’s sentiment weakens.

The dip also coincides with a rise in the value of the US dollar to a multi-month high following the hawkish tone observed in the recently released FOMC minutes.
BTC ETFs Record Highest Outflows Since June
Data from SoSovalue shows that there were $487 million in outflows from Bitcoin ETFs on October 8. This marks the highest outflows seen by these products since late June 2026.

The BlackRock Bitcoin ETF recorded the highest share of the outflow at $207 million, while Fidelity’s BTC ETF recorded an outflow of $105 million.

Still, Bitcoin ETFs were not the only ones in the red because all altcoin ETFs besides NEAR and Litecoin recorded either outflows or zero inflows.

The outflows surged after the release of FOMC minutes on October 7, which revealed that most Federal Reserve officials are leaning towards another rate hike in 2026.
Bitcoin Price Weakens as Dollar Index Hits 18-Month High
The US dollar index (DXY) has risen to above 102 for the first time since April 2025. The surge comes as markets anticipate another Fed rate hike in 2026.

Data from CoinGape prediction markets shows that 77% of investors expect that there will be a change in interest rates at the December FOMC meeting.

Rate hikes strengthen the dollar, but they also weaken the demand for risk assets such as Bitcoin because investors choose to hold government bonds that offer a higher yield when rates are high, while exposing them to minimal risk.
Bitcoin’s Spot Demand Weakens and Leverage Cools
CryptoQuant data shows that demand for Bitcoin in the spot market is weakening because the Apparent Demand metric has turned negative.

The Coinbase Premium Index is also negative, suggesting that there is weak buying pressure from US-based investors.

The futures market also shows a similar decline in demand, with Bitcoin’s open interest dropping by nearly 10% to $26 billion.

The dropping OI suggests that traders are not willing to open new positions on Bitcoin price as they minimize risk.

However, Bitcoin’s funding rate has risen from 0.0017% on October 7 to 0.0050% at the time of writing, per CoinGlass data, suggesting that long traders are paying short sellers to maintain their positions despite the recent drop to below $83,000.
Bitcoin Prediction as Price Remains Above All Key EMAs
Despite the recent drop in price to below $83,000, Bitcoin price remains above all the crucial weekly EMAs, suggesting that the uptrend remains strong.

However, Bitcoin needs to close above the resistance at $86,500 to confirm the beginning of another bullish leg towards $90,000.

If the short-term future Bitcoin outlook remains bearish, Bitcoin price might retest the psychological support at $80,000 and if it does not hold, it might move to the 100-week EMA of $78,800.

The CMF reading of 0.08 also suggests that the buying pressure remains higher than the selling pressure on the weekly timeframe.