Analysis: Bitcoin buying demand has reached 29,670 BTC, supporting another upward move in BTC price
ChainCatcher news, on-chain data analyst Murphy stated that since September 26, BTC has started a rebound trend, which has been almost entirely driven by US-based funds. This situation is similar to May this year, when after BTC broke through $100,000, Asian funds began to gradually withdraw, while US funds continued to surge forward.
US investors are the most important participants and decision-makers in this cycle, and US funds have been the core driving force of the market most of the time. However, as BTC's market capitalization grows larger, sustained upward momentum requires the participation of other sources of capital. According to historical data, if Asian funds continue to be absent, once US funds are exhausted and decline, BTC and other major coins will gradually weaken.
Currently, US-based funds are still performing actively, with spot ETFs being an important reference factor. With continuous net inflows over the past two weeks, the spot exposure (buying demand) between ETFs and CME open interest has reached 29,670 BTC. This scale is on par with April and June 2025, and slightly lower than October 2024. From this perspective, US investor sentiment and net capital inflows have already met the preconditions to support another upward move in BTC price.
At present, the large-scale divergence between MVRV and UPUL has not yet been broken, so it cannot be considered the starting point of a new trend, but rather a continuation of the April market. In terms of price conditions, the lower support level of $121,000 remains the benchmark; as long as it is not breached, the upward expectation can temporarily be maintained.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Rare in 25 years! The 10-year U.S. Treasury yield surpasses the S&P 500 earnings yield
The 10-year US Treasury yield has surpassed 5%, making bonds more attractive relative to stocks than at any point in the past 25 years. The earnings yield of stocks, as measured by the inverse of the S&P 500’s price-to-earnings ratio, is now lower than the 10-year US Treasury yield, resulting in a clear yield suppression effect on the stock market from bonds. According to the Shiller model, the S&P 500 may outperform bonds by only about 1% annually over the next decade. The 20-year paradigm of stocks outperforming bonds has officially come to an end.
Iron ore retreats, copper takes the lead: Australian mining stocks find a new growth story
Analysts state that the rapid growth in copper demand driven by power infrastructure and artificial intelligence (AI) provides a new rationale for investors to allocate to the mining sector. Australian mining stocks are expected to continue their upward trend.
The IRS May Be Coming for Crypto ETFs Next: Which Funds Are at Risk?
Crypto prices
More
