Overview

• Bitcoin traded around $122,000 and sat roughly 1%–2% below its August all‑time high near $124,000 after a sharp rebound from late‑September levels.
• Spot Bitcoin ETFs logged five straight days of net inflows, including about $985 million on October 3, while Ethereum funds took in roughly $234 million as ETH moved above $4,500.
• CryptoQuant data show Bitcoin’s UTXO count fell to 166.6 million, the lowest since April 2024, a pattern interpreted as network consolidation with increased long‑term holding and reduced retail churn.
• Derivatives positioning intensified, with Binance Bitcoin open interest reaching a record $14.37 billion, a setup that could accelerate liquidations if prices turn lower.
• Banks outlined wide scenarios: Citigroup projects $133,000 by year‑end with 12‑month upside to $181,000 and downside risk to $83,000, while JPMorgan raised its target to $165,000.