Overview

• Bitcoin trades around $115,000–$116,500, with traders watching $116,000–$118,000 and the $117,000 level as the next hurdle before a potential push toward $120,000–$123,000.
• U.S. spot Bitcoin ETFs logged strong weekly demand, with reports citing $1.15 billion to $1.7 billion of net inflows and a $752 million single-day intake midweek.
• Derivatives risk is elevated as options open interest hit a record near $54.6 billion, a backdrop that has historically preceded sharp moves following expiries.
• On‑chain signals show BTC above mid‑term holders’ realized price near $114,000, short‑term holders realizing losses, and network strength at highs despite mixed miner selling behavior.
• Glassnode flags a major supply wall around $116,963 where 534,000 BTC could break even, as markets eye the FOMC decision this week for the next volatility catalyst.