Overview

• U.S. spot bitcoin ETFs took in about $985 million on Oct. 3, capping five straight inflow days and helping push BTC to roughly $122,000–$124,000 near the August peak (~$124,450).
• JPMorgan increased its year-end BTC target to $165,000, and Standard Chartered reaffirmed $200,000, citing renewed ETF demand and potential support from U.S. shutdown risk.
• Options markets tilted bullish after last week’s expiry reset, with net call buying concentrated around $136,000–$145,000 strikes and shorter-dated implied volatility easing.
• On-chain and market structure data indicate lighter sell pressure and fresh accumulation as long-term holders slow distribution and late-August supply between $114,000–$118,000 is absorbed, though clustered liquidity near $125,000 and high open interest keep liquidation risk in play.
• BNB set a record near $1,111 following BNB Chain fee cuts and roughly $400 million in liquidations, with derivatives activity jumping and Kazakhstan’s state-linked Alem Crypto Fund selecting BNB as its first investment asset.