Bitcoin fell back from its early highs as oil prices rebounded above $92 per barrel, while analysts warned that significant outflows from spot Bitcoin ETFs were adding to market uncertainty.

Bitcoin (BTC) reversed its initial upward move as traders assessed weakening ETF flows and a challenging global economic environment.

At 10:30 UTC, BTC was trading at approximately $83,400, down from an earlier high of around $84,250, according to CoinDesk data. XRP, ether (ETH) and solana (SOL) also retreated along a similar path.

Bitcoin’s early advance coincided with falling oil prices during Asian trading hours. The decline came after U.S. President Donald Trump announced on Friday that his administration had reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to both domestic and international markets. The arrangement represented a partial easing of U.S. sanctions on Russian oil imports.

Trump also said Russia and Ukraine had reached an immediate “energy ceasefire” intended to stop attacks on infrastructure. Ukrainian officials disputed the account, saying they had not been consulted, while Russian strikes against Ukraine’s energy grid have continued.

WTI crude futures initially declined by more than 1%, falling below $90 a barrel before recovering to $92.63. The benchmark was up 0.8% on the day.

Attention also remained on institutional demand for Bitcoin, following a sharp increase in withdrawals from spot exchange-traded funds.

SoSoValue data showed that U.S.-listed spot Bitcoin ETFs suffered $681 million in net outflows last week, their largest weekly total since June. Most of the withdrawals were recorded on Wednesday and Thursday.

“ETF flows remain volatile. US spot Bitcoin ETFs saw heavy outflows on October 7 and 8, signaling cautious institutional sentiment,” Vikram Subburaj, CEO of India-based Giottus Exchange, told CoinDesk.

BitDelta India lead analyst Purvang Mashru also cited the ETF outflows as a concern, pointing to the difficult macroeconomic conditions facing investors.

“Treasury yields reached 24-year highs during the week ending 9 October,” Mashru said.

However, he noted that the market recovery was spreading across a broader range of cryptocurrencies. Over the previous 24 hours, AVAX, NEAR, FIL and ZRO had risen by between 8% and 12%.

“The recovery broadened across major virtual digital assets, with nine of the top ten advancing during the last 24 hours. Avalanche led with a 5.1% jump to $10.91 and Chainlink rose 2.4% to $13.35. Solana added 1.2%, while BNB, XRP, Dogecoin and cardano gained,” Mashru told CoinDesk.

Both analysts identified $82,000 as a critical support level for Bitcoin. Holding above that threshold could help limit further losses, while a breakdown could leave the cryptocurrency vulnerable to a deeper decline. The next major market catalyst is expected to be the U.S. inflation report scheduled for October 14.