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BTC Bitcoin oscillates around $84,300, Binance whale activity intensifies
Bitcoin recovered to near $84,300 after briefly falling to around $83,680, according to LSEG data cited by Barron's Weekly. The correction marks another failure of the cryptocurrency to break through the $87,000 resistance level that has limited price gains since late September.
Exchange fund flows show dynamic changes
According to CryptoQuant, the number of bitcoins flowing into Binance in the past seven days fell to 32,642 as of October 5. This figure is at the 11th percentile over the past year, indicating a significant decrease in deposit activity on the world's most traded cryptocurrency exchanges.
At the same time, Binance's "seven-day exchange giant whale ratio" climbed to 0.515, reaching its highest point since August. This ratio tracks the proportion of the top ten largest deposits as a proportion of total exchange inflows and provides insight into the activities of large households.
A higher whale ratio may suggest that large players play a more active role in exchanges, which may increase seller liquidity. However, due to the abnormally low overall deposit volume, even if the absolute transfer volume of giant whales remains stable, they will account for a larger proportion of inflows.
CryptoQuant, a leading blockchain analysis platform, recommends that caution should be exercised when interpreting the rising whale ratio as a direct sell signal given the sluggish overall volume.
Mini Dictionary: Exchange Whale Ratio - A measure of the amount of cryptocurrency deposited by the top ten entities relative to inflows from all exchanges. A higher ratio may indicate that large households are having a growing influence on short-term price dynamics.
Spot and Futures Market Update
Glassnode's latest market pulse points out that the cumulative trading volume spread (CVD) of Bitcoin spot has turned from negative $102.8 million to positive $33.2 million over the past week. The shift points to a new round of aggressive spot buying activity, signaling buyers are back in control after recent weakness.
In the derivatives market, open interest in futures fell to US$36.6 billion from US$38 billion, indicating a reduction in leverage after a rebound in September. The reduction in position size may help stabilize the market after recent fluctuations.
ETF inflows rebound
In another sign of recovery in institutional interest, U.S. spot bitcoin exchange-traded funds (ETFs) recorded a net inflow of $118.8 million on October 6. The recovery followed a reported outflow of $89.8 million the previous trading day.
贝莱德（BlackRock）的iShares比特币信托（IBIT）几乎吸纳了所有新投资，巩固了其作为机构比特币敞口主要渠道的地位。这些流入推动了美国上市现货比特币ETF在第三季度的强劲表现，该季度 collectively 吸引了63.4亿美元的资金。
Glassnode的分析指出，现货市场动能已经回归，而期货中的杠杆头寸在最近反弹后已趋于温和。与此同时，像贝莱德的IBIT这样的领先ETF继续受到投资者的强烈需求。
