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

BlockBeats News, October 9th, On-chain data analyst Murphy stated that since September 26th, BTC has initiated a rebound, largely led by funds in the U.S. region, similar to the situation when BTC broke $100,000 in May this year, and Asian funds started to gradually withdraw, while U.S. funds remained strong. U.S. investors are the most important participants and decision-makers in this cycle, with U.S. funds being the core driving force of the market for the majority of the time. However, as BTC's market value continues to grow, to sustain upward momentum, there should be other funding sources joining in.

Looking back at historical data, if Asian funds continue to be absent, once U.S. funds weaken and exhaust, BTC and other mainstream coins will gradually weaken. Currently, U.S. funds are still showing positive performance, with the Spot ETF being one of the key reference factors. With continuous net inflows over the past two weeks, the spot exposure (buying demand) between ETFs and CME open interest has reached 29,670 BTC. This scale is on par with April and June 2025, slightly lower than October 2024. From this perspective, U.S. investors' sentiment and net capital inflows have met the prerequisites to support BTC's price rise further.

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, and as long as it does not fall below, the upward expectation can be maintained. This analysis is for learning and communication purposes only and should not be construed as investment advice.