Bitfinex Blog/
Bitcoin Enters Q4 Needing Stronger Spot Demand
Bitcoin (BTC) is entering Q4 with reduced leverage in the futures market and a need for stronger spot demand to sustain a move higher. While the third quarter was strong, current market structure shows low implied volatility and slowing ETF inflows, which have compressed the ability to absorb overhead supply between $84,000 and $86,500.
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The market is transitioning from a speculative futures-driven move to a spot-driven move, meaning price action will depend heavily on the ability of ETFs and spot buyers to absorb the 1.39 million BTC of overhead supply.