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 recovered modestly to $27.134 billion but remained about 3.7% below its October 6 peak. Bitunix said the small increase alone did not establish renewed buying interest.

Whether Bitcoin reclaims $82,800 remains the more important signal.
Liquidations showed that bullish positions absorbed most of the losses. Bitunix reported approximately $220.17 million in Bitcoin long liquidations against $45.71 million in shorts, a ratio of roughly 4.8 to one.

Across the broader crypto market, the commentary cited $930.49 million in long liquidations and $162.06 million in shorts. The exchange cautioned that heavy liquidations alone do not confirm a market bottom. Price stabilization and renewed spot demand would provide stronger evidence.

Trader positioning remained divided. Two of the larger account groups tracked in the analysis held substantially more short exposure than long exposure, while groups labeled “Super Whales” and “Smart Money” leaned long.

Bitunix said these classifications reflect reported positions rather than investors’ complete strategies. They can include hedges and should not be treated as standalone price forecasts.

A sustained move above $82,800, accompanied by healthier derivatives positioning and easing ETF outflows, could support another test of the $85,000 to $87,000 region, according to the exchange.

Repeated rejection below that threshold, followed by a break beneath the recent low near $80,400, would shift attention toward the $79,700 to $77,000 demand zone. Bitunix identified $70,500 to $72,900 as a deeper potential support area if selling intensifies.

For now, the exchange views Bitcoin’s rebound as a test of its recent breakout rather than a confirmed recovery. Reclaiming $82,800 and improving spot flows would strengthen the case for a relief rally after the reduction in leveraged exposure.