How_to_onchain
Bitcoin: Where could the price go in November?
October closed nearly 4% below its monthly open, pointing to growing weakness in BTC. From October 6 to 31, the 1–3 month holder cohort sold around 25% of their accumulated supply, while the 6–12 month cohort offloaded around 10%. After that, selling activity slowed. ETFs: This week, ETFs sold Bitcoin worth approximately $550 million. Derivatives Pressure: Pressure from the derivatives market on the spot market continues to increase, which may indicate a rise in hedge positioning. The metric incorporates open interest, market buy/sell volume, and funding rates. Key Support Zone: If selling continues, the 97–98k zone is expected to act as the first potential support area.