Overview

• Bitcoin trades near $122,000–$124,000 after five straight ETF inflow days, including roughly $985 million on October 3.
• Weekly net flows into U.S. spot Bitcoin ETFs reached about $3.24 billion, led by BlackRock and Fidelity, reversing late‑September outflows.
• JPMorgan raised its year‑end 2025 target to $165,000, Citi outlined $133,000 by year‑end with $181,000 12‑month upside, and Standard Chartered sees a quick move to $135,000 with a $200,000 case if inflows persist.
• On‑chain metrics show reduced long‑term holder selling and renewed accumulation, while elevated futures open interest and crowded longs heighten liquidation risk if momentum fades.
• Traders focus on $125,000 as near‑term resistance with supports around $118,000–$117,000, as the U.S. government shutdown and safe‑haven flows reinforce the ‘digital gold’ narrative.