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On-chain analyst Murphy noted that since September 26 BTC has experienced a rebound largely supported by flows from the U.S. funds cohort, mirroring earlier episodes where U.S. investors provided the bulk of market momentum. On-chain metrics indicate that U.S. capital remains the primary decision-making force this cycle, while participation from Asian funds has been relatively subdued—an important factor for cross‑regional liquidity dynamics.
Recent metrics record continuous net inflows into Spot ETF products over the past two weeks, with combined spot exposure versus CME open interest around 29,670 BTC, a level comparable to April and June. The existing divergence in MVRV and UPUL has not normalized, suggesting an extension of prior market structure; the cited lower support near $121,000 remains the relevant technical reference. This report is for informational purposes and does not constitute investment advice.
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