ETF Demand Surge Fuels the Breakout
U.S. spot Bitcoin ETFs recorded $3.24 billion in inflows this week – the largest since January 2025 – led by BlackRock’s iShares Bitcoin Trust, which absorbed $524 million in a single day. This wave of institutional buying has created a sharp 20:1 demand-to-supply imbalance, as ETFs are purchasing roughly 8,200 BTC daily, while miners produce just 450 BTC.
Analysts say this sustained accumulation phase resembles the pre‑bull run conditions of late 2020, when institutional capital first entered the market at scale.
Exchange Supply Crisis Intensifies
Glassnode data shows the total Bitcoin balance across centralized exchanges has fallen to 2.83 million BTC, the lowest since 2019. Over $14 billion worth of Bitcoin has been withdrawn from exchanges in the past two weeks alone.
VanEck’s Head of Digital Research, Matthew Sigel, remarked, “Exchanges are out of Bitcoin,” highlighting growing scarcity that could further amplify price moves as demand outpaces liquid supply.
Technical Indicators Confirm Bullish Strength
On the charts, Bitcoin has reclaimed all major moving averages, with the 7‑day SMA at $117,800 and the 200‑day EMA at $105,511 acting as strong support. The MACD histogram (+1,127) and RSI (69.21) reflect bullish but not overbought momentum.
Traders are now eyeing a move toward the $128,000 resistance zone, with the next Fibonacci extension target set around $139,000, should momentum persist into mid‑October.
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