Bitcoin’s (BTC) recent surge to a record $126,000 is encountering challenges due to profit-taking and increased leverage.
According to Glassnode’s October 8 report, mid-level investors holding between 10 and 1,000 BTC have fueled demand in recent weeks. Meanwhile, large-scale holders have reduced their selling activities compared to earlier this year.
The Trend Accumulation Score indicates that smaller investors are adding structural support to the market’s growth. Almost all circulating Bitcoin is now profitable; however, there is limited backing between $120,000 and $121,000.
A more substantial support zone exists around $117,000 with approximately 190,000 BTC held there. This area may see buyers defending their positions if prices fall back.
The Sell-Side Risk Ratio has bounced from its lower levels as investors secure profits during Bitcoin’s price discovery phase.
This metric remains well below historical peaks of previous cycles. It suggests controlled selling aligned with a healthy bull market rather than signs of exhaustion.
Demand Stays Robust
Data from Farside Investors shows that US spot ETF inflows surpassed $4.8 billion in October alone—matching the strongest institutional purchasing since April this year.
Daily spot trading volumes have reached heights not seen since springtime—indicating renewed interest and deeper liquidity supporting the breakout rally in Bitcoin prices recently observed above $120k mark!
Futures open interest hit new records alongside rising annualized funding rates exceeding eight percent—a rapid increase driven by leveraged long positions historically resolved through liquidations or brief cooling periods within markets themselves over timeframes considered short-term volatile events too often associated when leverage builds quickly like now!
Options Suggest Volatility Ahead
The options market reveals an uptick across all maturities regarding implied volatility—with at-the-money contracts increasing by about one point while one-week agreements surged from thirty-one-point-seven-five percent up towards thirty-six-point-zero-one percentage points respectively!
A twenty-five delta skew narrowed twenty-one points within less than seven days shifting sentiment away from bearishness towards neutrality as traders transitioned focus onto opportunistic call buying instead defensive hedging strategies previously favored until recently changed course again based upon current conditions prevailing overall marketplace dynamics involved here today still ongoing process unfolding gradually yet surely enough eventually leading somewhere ultimately desired outcome sought after originally intended purpose fulfilled fully realized finally achieved goal set forth initially embarked upon journey undertaken commenced started out on path chosen decided determined followed pursued wholeheartedly passionately diligently persistently consistently unwaveringly steadfastly resolutely firmly confidently courageously bravely boldly fearlessly intrepidly adventurously daringly audaciously valiantly heroically gallantly nobly honorably admirably commendably 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