Bitcoin's rise lacks volume and new capital support, with short-term investors choosing to take profits during the rally.

BlockBeats news, October 7 — Glassnode released a report noting that when Bitcoin broke through the $85,000 sell wall, trading volume was low and incremental capital was limited, after which it has since pulled back. The 7-day average of combined daily spot exchange and U.S. spot ETF trading volume is about $6.8 billion, lower than about 90% of trading days since January 2024. In the 30 days ending October 5, ETFs, stablecoin growth, and corporate treasury purchases brought in about $4.9 billion in new capital, less than 40% of the $12.8 billion increase in realized market cap over the same period.

On October 4, profitable short-term holders contributed about 86% of that day's exchange inflows, a one-year high, indicating that recent buyers are taking profits. The options market has shifted back toward bullish positioning, with the open put-to-call ratio at about 0.56.

Recent liquidation levels are mainly concentrated below the price, with the largest cluster recently at $81,700 to $83,300, and Binance's largest buy order range at $81,000 to $81,250. If spot trading volume and ETF buying recover and price firmly closes above $85,500, it would show that the breakout has real support, and the short liquidation cluster near $92,000 could also come into range. If the $81,000 bid is broken, lower liquidation clusters could be triggered; altcoin leverage remains elevated, and a sustained decline could trigger forced liquidations.