Analysis: The buying demand for Bitcoin has reached 29,670 coins, supporting BTC price to rise further

ChainCatcher news, on-chain data analyst Murphy stated that BTC has been rebounding since September 26, almost entirely driven by U.S. funds. This situation is similar to May of this year when BTC broke through $100,000, and Asian funds began to gradually withdraw, while U.S. funds continued to surge forward.

U.S. investors are the most important participants and decision-makers in this cycle. U.S. funds have been the core driving force of the market for the majority of the time. However, as BTC's market capitalization continues to grow, other sources of funds should also join in to sustain upward momentum. Historical data shows that if Asian funds remain absent, once U.S. funds are exhausted and decline, BTC and other mainstream coins will gradually weaken.

Currently, U.S. funds are still performing positively, with spot ETFs being one of the important reference factors. With continuous net inflows over the past two weeks, the spot exposure (buying demand) between ETFs and CME open contracts has reached 29,670 BTC. This scale is on par with April and June 2025, slightly lower than October 2024. From this perspective, the sentiment of U.S. investors and net capital inflows have reached the prerequisites for supporting BTC prices to rise further.

The current large-scale divergence of MVRV and UPUL has not been broken, so it cannot be considered the starting point of a new trend; it can only be understood as a continuation of the April market. In terms of price conditions, the lower support level of $121,000 remains the standard; as long as it does not fall below this level, the upward expectation can be maintained temporarily. This analysis is for learning and communication purposes only and should not be considered as investment advice.