Odaily Planet Daily reported that BRN research director Timothy Misir pointed out: "Bitcoin is testing the key support level of $110,000, with whales reducing their holdings and demand for put options soaring. The trading volume of large put options exceeded $1.15 billion, accounting for 28% of the capital flow, while call options are still concentrated in the range of $115,000 to $130,000. This is a selective position adjustment, not panic selling." He added that although large investors holding 100,000 to 10,000 BTC reduced their holdings by about 17,500, they are still net buyers this year, with a cumulative increase of more than 318,000, which is closer to a position adjustment rather than a large-scale withdrawal.

Matt Mena, research strategist at 21 Shares, emphasized, "Bitcoin's resilience amidst macro headwinds and aggressive deleveraging demonstrates that structural demand, anchored by ETF inflows and dovish policy expectations, remains supportive." Over the past month, US ETFs have attracted over $6 billion. He noted, "With leverage unwinding and policy easing approaching, the year-end outlook is becoming increasingly positive." If institutional demand persists, Bitcoin could still reach $150,000. However, short-term technicals remain fragile: a break below $110,000 could lead to a drop to the $104,000-$108,000 range; a recapture of $115,000 would rekindle bullish momentum. (The Block)