Bitcoin recovered to around $82,500 after President Donald Trump ruled out U.S. military strikes against Iran before the November 3 midterm elections. According to CoinDesk data, Bitcoin was trading near $82,500 with a 24-hour trading volume of approximately $40.43 billion and market capitalization of $1.65 trillion. Trump wrote on Truth Social: "We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd." The president described discussions with Iranian officials as "productive," though he maintained that the U.S. blockade would remain in force. Before the announcement, Bitcoin had struggled to maintain support above $82,000 as traders responded to renewed geopolitical concerns, with prices briefly approaching $80,300 before recovering toward $81,000 on Thursday. The Bitcoin recovery coincided with a retreat in crude oil prices, with Brent crude slipping below $103 a barrel on Trump's Iran remarks, taking some heat off inflation fears that pushed Fed minutes toward another interest-rate increase.
Bitcoin fell nearly 4% over the past week to $82,400 after reports emerged of significant government-linked transfers that have intensified market speculation about potential institutional selling pressure. Reports describe U.S. government transfers to Coinbase Prime totaling 17,733 BTC and 750 WBTC over three days, worth about $1.54 billion. Separate reporting on October 7–8 identified roughly 9,261 BTC, valued near $770 million, including coins tied to the Bitfinex hack and other seizures. The transfers coincided with a sharp drawdown: BTC briefly fell to about $80,500 last night, while crypto liquidations topped $1 billion in 24 hours. Coinbase Prime also provides custody and trading services to the U.S. Marshals Service, adding to the speculation about potential government involvement in market movements.
Bitcoin's recovery above $82,500 follows Trump's Iran announcement, with technical indicators showing renewed buying interest at critical support levels. At the peak of its decline on Thursday, Bitcoin fell to $80.4K, touching its lowest level in the past three weeks and its 50-day moving average, where the balance shifted in favour of buyers, according to FxPro chief market analyst Alex Kuptsikevich. "This moving average is often regarded as an indicator of the medium-term trend. It has performed this function admirably since July, when the price consolidated above it, and then the 50-day moving average acted as support in August. Yesterday's dip provided further confirmation of buying interest during pullbacks," Kuptsikevich explained. The key support is now BTC's 50-week exponential moving average (EMA) of around $78,000, with the 50-day moving average at $82,402 representing the next technical level.
The broader cryptocurrency market showed mixed performance with Bitcoin leading gains while altcoins faced pressure. Solana (SOL) was the laggard among major coins, losing nearly 4% over the same period to around $110, while XRP and HYPE remained little changed. The broader CoinDesk 20 index slipped about 2%, with the decline testing levels traders watch for the medium-term trend. Meanwhile, broader markets showed signs of recovery from earlier week drawdowns, with S&P 500 index futures rising less than 0.5% and Nasdaq 100 contracts gaining nearly 1% amid reports that OpenAI expects to reach $70 billion in annualized revenue by year-end.
Institutional demand remained weak during the latest market decline, with U.S. spot Bitcoin ETFs recording another day of net withdrawals. SoSoValue data showed approximately $244 million leaving spot Bitcoin ETFs on October 8, with Franklin Templeton's Franklin Bitcoin ETF (EZBC) reportedly the only fund recording a net inflow. The withdrawals followed a much larger $484.9 million outflow on October 7, the biggest daily net withdrawal since June, with BlackRock's IBIT accounting for $207.7 million of the earlier losses. Ethereum investment products faced similar pressure, with spot Ether ETFs recording $72.54 million in net withdrawals on October 8, extending their losing streak to eight consecutive trading sessions. Blockchain analytics firm Santiment reported that Bitcoin holders had realized approximately $1.03 billion in profits, the second-highest daily amount recorded in 2026, coming close to the year's previous peak of $1.04 billion.
