Analysis: Bitcoin buying demand has reached 29,670 coins, supporting further price increase

On October 9th, on-chain data analyst Murphy stated that since September 26th, BTC has begun a rebound. This rebound is largely driven by funds in the US region. It is similar to the situation when BTC broke through $100,000 in May this year. At that time, Asian funds started to gradually withdraw while US funds remained strong. US investors are the most important participants and decision-makers in this cycle. US funds have been the core driving force of the market for the most part. However, as the market value of BTC continues to grow, in order to maintain upward momentum, there should be other funding sources joining in. Looking back at historical data, if Asian funds continue to be absent and US funds weaken and exhaust, BTC and other mainstream coins will gradually weaken. Currently, US funds are still showing positive performance. The Spot ETF is one of the key reference factors. With continuous net inflows in the past two weeks, the spot exposure (buying demand) between ETFs and CME open interest has reached 29,670 BTC. This scale is on a par with April and June 2025 and slightly lower than October 2024. From this perspective, the sentiment and net capital inflows of US investors have met the prerequisites to support the further rise in the price of BTC. The current large-scale deviation of MVRV and UPUL has not been broken, so it cannot be considered the starting point of a new trend but rather an extension of the April market. In terms of price conditions, the lower support level of $121,000 is the standard. As long as it does not fall below this level, the upward expectation can be maintained. This analysis is for learning and communication purposes only and should not be construed as investment advice.