Bitcoin drops below $82,000 as US spot ETFs see $635 million in outflows

Bitcoin fell below $82,000 during Asian trading on Friday, dropping 1.3% to $81,623, as renewed global market selling pressured cryptocurrencies following $635 million in outflows from US spot Bitcoin ETFs. The outflows on Thursday ended a three-day streak of positive inflows, signaling a shift in institutional demand. The decline coincided with a sharp selloff in US technology stocks, including a 6.7% drop in the Philadelphia Semiconductor Index, while rising oil prices and Middle East tensions fueled inflation concerns. Bitcoin remains roughly a third below its record high of over $126,000 from a year ago. The broader market faces additional uncertainty from upcoming US midterm elections, as investors weigh potential implications for interest rates and financial conditions.