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.
Bitcoin is now positive for 2025, but rising Japanese bond yields and potential capital repatriation threaten to drain liquidity from global markets, posing new risks for cryptocurrencies and stablecoins.
