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

BlockBeats News, October 16th, BRN Research Director Timothy Misir pointed out: "Bitcoin is testing a key support level at $110,000, accompanied by whale selling pressure 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, while call options are still concentrated in the $115,000 to $130,000 range. This is a selective rebalancing rather than panic selling." He further stated that despite whales holding 100,000 to 1 million BTC reducing their holdings by around 17,500 BTC, they have remained net buyers this year, accumulating over 318,000 BTC, indicating a more of a position adjustment rather than a mass exodus.

21Shares Research Strategist Matt Mena emphasized: "Bitcoin has shown resilience in the face of macro headwinds and aggressive deleveraging, proving that structural demand anchored by ETF inflows and dovish policy expectations is still supporting the market." In the past month, over $6 billion has flowed into U.S. ETFs, he noted "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 $104,000 to $108,000 range; reclaiming $115,000 would reignite bullish momentum.