Bitcoin Partly Clears $85,000 Sell Wall as ETF Inflows Slow

Bitcoin (BTC) traded near $86,000 on Oct. 5 after a Sunday rally lifted its weekly close about 2% from the prior week, as U.S. spot ETF inflows and spot trading volume eased. The move followed a partial clearing of Binance spot sell orders between $85,000 and $85,500 earlier in the week, a price area that had built into near-term resistance.

The Binance spot sell orders between $85,000 and $85,500 appeared Sept. 24 and had tripled by Sept. 30. Bitcoin topped $87,000 on Oct. 2; some asks around $85,000 were filled, and the remaining orders were pulled.

For the week through Oct. 4, U.S. spot Bitcoin exchange-traded funds recorded $208.1 million in net inflows, down 87.7% from the prior week. Spot trading volume declined 2% to $5.9 billion. ETF flows remained positive despite the sharp weekly drop.

Profit-taking by longer-term holders also increased during the September advance. In the week through Sept. 29, holders of coins held for more than 155 days nearly doubled realized profit compared with the breakout week. Their share of all realized profit climbed to 55% from 34%.

By the week through Oct. 4, 73.6% of Bitcoin’s supply was in profit, up from 73.0% a week earlier. The realized profit-to-loss ratio rose to 1.3 from 1.2.

A sell wall is a group of limit orders to sell at or near a price. Orders can be filled, canceled or moved, so the partial clearing of a cluster does not establish a lasting shift in market structure. The True Market Mean, an estimate of the average price paid by active investors, stood at $77,200 in the Sept. 30 analysis and was identified as the first support level below the market.