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BTC Consolidates, ETH Supply Shrinks as Crypto Awaits New Demand

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Key takeaways

  • BTC range trading between $100,000–$105,000, currently $103,409.
  • ETF divergence: Bitcoin spot ETFs added $524 million, while Ethereum spot ETFs lost $107 million. Solana streak continued with a $7.98 million inflow for 11 consecutive inflow days.
  • De-risking backdrop: since early October many ETF trading days have seen heavy net outflows (up to $700 million).
  • Derivatives muted: futures open interest remains low; leverage rebuild is limited.
  • ETH supply: Binance ETH balances at lowest since May which is typically an accumulation signal.
  • Macro divergence: since Aug 11, Gold +21%, S&P 500 +7%, Bitcoin −15,  pointing to non-uniformity in capital allocation.

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