Overview

• Bitcoin fell to about $119,714 on Thursday before stabilizing near $121,000, retreating from last week’s record above $125,000 as the latest rally cooled.
• U.S. spot Bitcoin ETFs logged consecutive days of net inflows totaling billions this week, with some sessions exceeding $400 million, reinforcing institutional demand even as flows slowed from early-week peaks.
• On-chain data show long-term holders sold roughly 295,000 BTC over 30 days, a notable distribution that analysts say has been largely absorbed by ETF and institutional buying.
• Derivatives volatility picked up with more than $600 million in leveraged positions liquidated over 24 hours and roughly $4.7 billion in Bitcoin options set to expire on Oct. 10, a setup that could swing prices short term.
• Macro cross-currents include a U.S. government shutdown and a rebounding dollar, while gold’s run above $4,000 has sharpened the safe-haven narrative; traders are watching $117,000–$120,000 as key support and $125,000–$126,000 as the near-term ceiling.