《Three-in-One Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ---- Bulls took advantage of lower rate hike expectations and ate through the sell wall near 85K This is today’s most critical development. The 85K level had been tested for nearly a week without breaking through, but yesterday, buy orders directly absorbed the sell wall. With reduced sell-side liquidity above, the price may accelerate upward. ETF funds are back. On October 2, U.S. Bitcoin spot ETFs saw a net inflow of $102.7M. BlackRock’s IBIT alone had an inflow of $195.6M, while Fidelity’s FBTC saw an outflow of $60.7M, and Grayscale’s GBTC had an outflow of $31.4M. IBIT single-handedly offset the outflows from other products. The whales aren’t sitting idle either. Addresses holding 10 to 10,000 BTC have accumulated a total of 41,025 BTC over the past 10 days, bringing their total holdings to 13.64M BTC, which accounts for 67.93% of circulating supply—a six-week high. On-chain judgment: Sell wall absorbed + ETF inflows + whale accumulation—three positive signals are resonating, with solid support below. However, ETF inflows are still far from the $1B daily levels seen on September 21-22. A true recovery in demand will require seeing daily inflows back at the $1B scale to confirm. Additionally, the order book shows sell orders stacking up, with shorts sharpening their knives. Check out the yellow-highlighted funding bars in the chart below. The big show kicks off tonight at 8:30 PM!