Analyst: BTC Whale Closer to Position Adjustment than Large-Scale Exodus, Bullish on End-of-Year Market Due to Leveraged Positions Unwinding and Rate Cut Expectation

On October 16th, Timothy Misir, the research director of BRN, pointed out that "Bitcoin is testing a crucial support level at $110,000, accompanied by the selling pressure of whales and a surge in put option demand. The total trading volume of put options has exceeded $1.15 billion, accounting for 28% of the fund flows. Meanwhile, call options are still concentrated in the range of $115,000 to $130,000. This is a selective rebalancing rather than a panic selloff." He further stated that although whales holding 100,000 to 1 million BTC have reduced their holdings by about 17,500 BTC, they have remained net buyers this year and have accumulated more than 318,000 BTC, indicating a more of a position adjustment rather than a large-scale exodus. 21Shares Research Strategist Matt Mena emphasized that "Bitcoin has demonstrated resilience in the face of macroeconomic headwinds and aggressive deleveraging, proving that the structural demand anchored by ETF inflows and dovish policy expectations is still supporting the market." He noted that in the past month, more than $6 billion has flowed into U.S. ETFs. "With deleveraging and accommodative policies on the horizon, the year-end outlook is increasingly positive." If institutional demand continues, Bitcoin still has the potential to test $150,000. However, the short-term technical outlook remains fragile: a decisive break below $110,000 could lead to a test of the range of $104,000 to $108,000; reclaiming $115,000 would reignite bullish momentum.