(Bloomberg) -- Bitcoin retreated below $83,000 Thursday, giving up the previous session’s gains even as investors returned to US spot exchange-traded funds.
The original cryptocurrency fell as much as 2.4% in early Asia trading, standing around $82,700 as of 1 p.m. in Singapore. Smaller tokens Ether, Solana and XRP also saw falls of roughly 2% to 3.5%.
The retreat coincided with renewed pressure on risk assets as investors weighed mixed technology earnings and escalating Middle East tensions that have pushed oil prices higher. Asia equities and US stock futures were down, while Brent crude climbed above $110.
Weakness in equities has pushed Bitcoin “back to its recent range,” said Caroline Mauron, co-founder of Orbit Markets. “We expect $85,000 to be retested again in the coming days, though conviction is likely to stay limited,” she added, noting that hawkish signals from the Federal Reserve could weigh on sentiment.
Institutional demand for Bitcoin looked to be returning in recent days with strong ETF inflows. US-listed spot Bitcoin ETFs have seen $1.1 billion in net inflows so far this week, recovering from the $909.6 million in outflows from the previous two weeks.