TechFlow news, CryptoQuant released a market outlook analysis indicating that over the past three weeks, Bitcoin's price has risen more than 23% from $52,500, breaking above $65,000. This strong momentum is partly driven by increasing demand for spot Bitcoin ETFs. Last week, institutions including BlackRock, Fidelity, and Ark reported a combined positive inflow of $324 million on September 26, reflecting robust demand from U.S. investors.
Short-term holders have now returned to profitability. These investors purchased Bitcoin within the past 155 days at an average cost of $63,000, which is expected to form a support level.
Futures markets are showing signs of overheating, with open interest reaching approximately $19.1 billion. Since March 2024, there have been six previous instances where open interest exceeded $18 billion, each followed by price declines—this marks the seventh occurrence. Meanwhile, supply from spot Bitcoin ETFs is shifting toward long-term holder accumulation, a shift that typically occurs in the later stages of a bull market.
