Reviewed by Reviewed by Saman Waris Updated 19:00 EDT October 7, 2026 Share Share Share Back to Top The current crypto market condition is not going that strong, with the global cryptocurrency market cap trading at $2.92 trillion at press time after a drop of 2.7% in the past 24 hours
Yet, Bitcoin [BTC] stood strong as it recorded its largest net exchange outflow in seven months, with approximately 24,073 BTC leaving cryptocurrency exchanges in a single day on the 5th of October
This was the biggest one-day net withdrawal since the 1st of March, suggesting that a significant amount of Bitcoin is moving away from centralized exchanges and into private wallets, or custody solutions
At the same time, the amount of Bitcoin held on exchanges declined to roughly 6.50% of the total BTC supply, indicating that a relatively smaller portion of the available Bitcoin is immediately accessible for trading
This comes as Bitcoin was trading $83,654.15 at press time after dropping from around the $85,000 level. The chart below further indicates that BTC has seen repeated rejections near $87K, which are being offset by higher lows
While weak U.S. payroll growth has reduced expectations for aggressive Fed tightening, elevated Treasury yields – with the 10-year above 5.3% and 30-year above 5.6% – continue to weigh on Bitcoin
This contrasts with the Nasdaq and S&P 500, which remain near record highs, suggesting that BTC is currently more sensitive to high borrowing costs and bond yields than to equity-market strength
Meanwhile, the ETFs are also going strong, with the month of October seeing $321.48 million
Therefore, the overall scenario paints a picture of a tighter liquid supply environment, which would support Bitcoin’s price
However, the broader market decline and BTC’s pullback toward $83.6K, along with the RSI well below the neutral level, show that bullish momentum is not yet guaranteed
But with AMBCrypto’s recent report highlighting that Bitcoin is up 46% from its July low of $57.8K and could reclaim its $126K ATH by Q1 2027, there appears hope
Ishika Kumari is a Crypto Analyst at AMBCrypto, specializing in regulatory developments, market dynamics, and blockchain’s real-world impact. She breaks down complex protocols and legislation into practical, easy-to-understand insights
