Bitcoin fell to around $80,000 on October 8, 2026 — a one-month low — as U.S. spot ETFs shed roughly $729 million across two sessions and government-linked wallets moved 12,267 BTC worth about $1.01 billion. BTC later recovered into the $82,000–83,000 range, but the selloff marked the market's roughest stretch in weeks.
Key Takeaways
- BTC hit roughly $80,000–80,300 on Oct 8, down about 4% in 24 hours and about 8% from around $87,000 just four days earlier, before recovering into the $82,000–83,000s.
- U.S. spot Bitcoin ETFs saw about $485M in outflows on Oct 7 and about $244M on Oct 8 — roughly $729M across two sessions and about $681M for the week.
- Fidelity's FBTC bore most of the Oct 8 redemptions ($197M), while BlackRock's IBIT saw only $5.5M leave.
- Government-linked wallets moved 12,267 BTC (about $1.01B) on Oct 8 — a confirmed transfer, not a confirmed sale, according to Santiment data.
- Holders realized about $1.03B in profits on Oct 8, mostly short-term holders, and liquidations topped $1B.
- On Oct 2, the SEC approved a Cboe BZX rule change clearing six triple-leveraged ETPs — the first 3x crypto ETPs in the U.S., including 3x Bitcoin (BITH) and 3x Ether (ETHK) alongside gold, silver, oil, and natural gas products. Trading still requires S-1 effectiveness.
The Drop to $80,000
October 8 was the day the floor fell out. Bitcoin slid to roughly $80,000–80,300, its lowest level in a month — a 4% drop in 24 hours and an 8% slide from the roughly $87,000 level it had traded at just four days earlier. The move put BTC about 34% below its roughly $126,000 all-time high from October 2025, though it remained up about 44% from the roughly $58,000 low it hit early in 2026.
The bounce came quickly: BTC climbed back into the $82,000–83,000 range. But the speed of the decline — and the volume behind it — signaled something more than routine volatility.
ETF Investors Head for the Exits
The selling pressure was concentrated in the U.S. spot Bitcoin ETFs. The funds saw roughly $485 million in outflows on October 7, followed by another roughly $244 million on October 8 — about $729 million across two sessions and about $681 million for the week as a whole.
The distribution of the redemptions was striking. Fidelity's FBTC bore the brunt on October 8 with $197 million in outflows, while BlackRock's IBIT — the largest fund in the category — saw only $5.5 million leave. That divergence suggests the selling was concentrated among a subset of holders rather than a broad-based exit from the asset class.
The $1.01 Billion Transfer — and $1 Billion in Liquidations
Adding to the market's nerves, on-chain data from Santiment showed U.S. government-linked wallets moving 12,267 BTC — worth about $1.01 billion — on October 8. Headlines quickly framed it as a sale, but the data confirms only a transfer: the coins moved, not necessarily to market.
What did move to market was profit-taking. According to Santiment, holders realized roughly $1.03 billion in profits on October 8, mostly short-term holders cashing out. Combined with leveraged positions getting stopped out, liquidations topped $1 billion — a classic washout pattern where falling prices trigger more falling prices.
A Regulatory Bright Spot: SEC Clears 3x Crypto ETPs
Amid the carnage, one development pointed the other way. On October 2, the SEC approved a Cboe BZX rule change clearing six triple-leveraged exchange-traded products — including 3x Bitcoin (BITH) and 3x Ether (ETHK), plus leveraged gold, silver, oil, and natural gas products. These would be the first 3x crypto ETPs available in the United States.
The approval doesn't mean trading starts tomorrow: the products still need their S-1 registration statements to become effective. But the green light marks a notable shift in the SEC's comfort level with leveraged crypto exposure.
Frequently Asked Questions
How low did Bitcoin fall in October 2026?
BTC fell to roughly $80,000–80,300 on October 8 — a one-month low — down about 4% in 24 hours and about 8% from roughly $87,000 four days earlier, before recovering into the $82,000–83,000 range.
How much did U.S. spot Bitcoin ETFs lose?
About $485 million in outflows on October 7 and about $244 million on October 8 — roughly $729 million across two sessions and about $681 million for the week. Fidelity's FBTC saw $197 million leave on Oct 8; BlackRock's IBIT saw only $5.5 million.
Did the U.S. government sell Bitcoin?
On October 8, government-linked wallets moved 12,267 BTC (about $1.01B). Per Santiment data, that is a confirmed transfer — not a confirmed sale.
When can I buy 3x Bitcoin ETPs?
The SEC approved a Cboe BZX rule change on October 2 clearing six triple-leveraged ETPs, including 3x Bitcoin (BITH) — the first 3x crypto ETPs in the U.S. But trading still requires S-1 effectiveness, so they are not trading yet.
