Bitcoin ETFs saw $82.39M in outflows on October 16, as analysts compared the potential $10,000 BTC decline with historical market drawdowns.
Fears of Bitcoin falling to $10,000 have resurfaced as stock market volatility raises concerns about another cryptocurrency downturn. However, historical data suggests that such a decline would rank among Bitcoin’s worst recorded losses.
The discussion follows $82.39 million in US spot Bitcoin ETF outflows on October 16, according to SoSoValue. Despite these withdrawals, cumulative net inflows stood at $56.88 billion, while total ETF assets reached $104.29 billion.
Meanwhile, analysts are watching for a broader stock market correction and potentially more BTC losses. However, on-chain analyst Darkfost has questioned the $10,000 prediction, citing past declines and structural shifts in the Bitcoin market.
Bitcoin ETFs Record $82M Outflows
According to SoSoValue, Bitcoin ETFs recorded $82.39 million in net withdrawals during the latest reporting session. Meanwhile, despite weaker net flows, trading volume hit $2.66 billion.
The total value of all ETF holdings was $104.29 billion, about 6.35% of the total market capitalization of Bitcoin. The latest withdrawals suggest lesser exposure while cumulative inflows suggest that a considerable amount of capital continues to be invested through these funds.
The outflows were also accompanied by renewed volatility in traditional financial markets, which could indicate additional selling pressure. But one withdrawal doesn’t necessarily mean investors are still going to cut back on their bitcoin holdings.
Bitcoin’s Past Crashes Challenge $10K Fears
To determine if a 20% stock market correction could bring Bitcoin prices to $10,000, Darkfost studied the previous Bitcoin bear markets. His calculations suggest such a step would mark an 87% cut from the price he used in his analysis.
Alright, let’s take stock with a few numbers to see whether this makes sense.
The idea is to check whether bitcoin:native could fall to $10 000 if the stock market were to correct by -20%.
To start, Bitcoin going to $10,000 would represent a -87% drawdown from its current price… https://t.co/CH6UxrI6mD pic.twitter.com/DIc2vrTRol
— Darkfost (@Darkfost_Coc) October 17, 2026
Moreover, the Bitcoin drop would mark a drop of roughly 92% from its previous record price, putting the crash in line with some of the worst historical drops in Bitcoin. Bitcoin recorded a 92.9% drawdown in 2011, followed by losses of 82.5% in 2015 and 82.6% in 2019.
In comparison, the bear market of 2022 saw a drop of 74.4%, Darkfost said, citing a 54.2% drawdown for 2026. As can be seen on these numbers, these Bitcoin crashes have been quite different in terms of intensity.
Darkfost also analyzed the growing size of the Bitcoin market, noting that its highest valuation was $117 million in 2011, and that by 2025 it would reach $2.45 trillion. In particular, Bitcoin has seen its price drop more than 22% in April 2025, whereas the S&P 500 has seen a correction of more than 19%.
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Bitcoin Faces Key Test at $80K
Meanwhile, Market analyst Adam noted that the cryptocurrency was relatively stable even though the stock markets were seeing renewed weakness. He said he was seeing buying at his near-term lows while demand for short-dated put options was rising.
Bitcoin held quite well yesterday during yet another traumatizing event in the stock market.
Solid absorption at the lows with a shorter tenor put demand also spiking into the lows while price is not really going much lower.
As long as we are above 80k, we are back; below it’s… pic.twitter.com/TykwrY2uXw
— Adam (@abetrade) October 17, 2026
Adam says $80,000 is key in the current trading model of Bitcoin. He also indicated that the trading range upper threshold would be around $86,000, whereas $84,000 would be the point of control.
These levels mark where the Bitcoin market may find support or where further downward pressure could emerge. If the shares become weaker and more ETFs withdraw, however, it could impact market sentiment.
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