Overview
- Bitcoin traded near $101,000 after reclaiming $100,000 earlier this week, and Galaxy Digital cut its year-end target to $120,000 citing a leverage wipeout.
- CryptoQuant said the drop below the 365-day moving average near $102,000 puts the uptrend at risk of a deeper pullback.
- U.S. spot Bitcoin ETFs logged multiple consecutive net outflow days of roughly $1.3 billion each, erasing a key source of demand this year.
- On-chain metrics show ‘young’ coins drove about $26 billion of Binance inflows in October versus roughly $18 billion in September, signaling short-term speculative flows as long-term holders stayed off-exchange.
- Options dealers are net short gamma around the $100,000 strike, amplifying volatility, while Fed policy uncertainty and a firm dollar continue to sap risk appetite.