Bitcoin price traded around $110,000 today as ETF flow and the $107,000 support gain focus.
Demand for spot ETFs remains the key. BlackRock’s IBIT is approaching $100 billion in assets, approximately 799,000 BTC, as the largest US fund complex continues to concentrate supply.
U.S. spot products saw net inflows of $102 million yesterday and only two days of outflows in the past ten days – a reminder that flow clusters, rather than individual prints, tend to drive the sustainability of trends.
Academic work on exchange traded products finds that daily price changes often precede money flows, with a documented price-to-flow lead creating reflexive feedback once momentum is moving. That framework fits this quarter’s picture, where billion-dollar flow days during previous outbreaks helped extend rallies.
Rotation on the chain shows the distribution in strength, while mid-range accumulation improved after the October push. Spending by long-term holders rose to new highs, a typical pattern late in the momentum phase, while demand for ETFs acted as the biggest absorber.
Cost-based clustering locates close realized support in the $107,000 to $109,000 range, with an air pocket toward $93,000 to $95,000 if that area fails at close.
Above this level, supply from previous buyers has tended to resurface around $114,000 to $117,000, with profit-taking in recent weeks limiting progress, as discussed in The latest weekly magazine from Glassnode.
Derivatives add structure to the debate about crash risks.
The 30-day DVOL index remains elevated from previous months, and the 25-delta skew has turned from call-rich to put-rich during stress episodes before rebounds have subsided, per Deribit.
A skew that quickly turns positive after being negative tends to coincide with downside protection.
At the same time, financing and leverage remain more moderate than in previous deleveraging phases, reducing the likelihood of cascade-driven deleveraging from an entry point of overcrowded long positions. This mix points to vulnerability around shocks without the tinder of extreme, ongoing influence.
Liquidity still tilts the balance toward Bitcoin versus alt-beta during stress.
US locations have the largest share of a 1 percent market depth, which creates a thicker top-of-book that better absorbs flows trustworthy than offshore counterparts. That depth of concentration, plus the steady creation and redemption of the ETF wrapper, helps explain why BTC has weathered macro shocks this year with smaller drawdowns than many high-beta tokens.
Macros remain the main source of jump risk.
Stock valuations are being flagged as too high, and tariff and trading issues have returned to the headlines as drivers of risk swings. Last week’s tariff headlines sparked a mechanical crypto unwind, with tens of billions in liquidations reported as traders rushed to hedge again. This background argues for wider margins in the short term, and then a reassessment once the flow and volatility data reset after the risk of an event.
Against this backdrop, the path splits into three clearly defined tracks.
A continuation phase begins if the spot can close and hold above $117,000, while US ETFs see a series of multi-day net inflows, keeping absorption ahead of the long-term distribution to holders and bringing the October high back near $126,000.
A digestion path remains the base case as flows are mixed and spot fluctuates between $107,000 and $126,000, while the DVOL average returns and financing remains subdued.
A crashy tail will emerge if the risk of a policy shock actually returns, the skew becomes sustainably put-rich, ETFs see outflow clusters and the spot closes below $107,000, which would expose the realized cost gap towards $93,000 to $95,000.
Street frames provide context rather than direction.
Standard Chartered still estimates a range of $150,000 to $200,000 by 2025 if demand for ETFs continues. Banks also have on the gold parity lenswith gold near record highs around $3,700 per ounce, to chart the upper limits via volatility scale comparisons. The usefulness of these targets depends on whether ETF inflows keep pace and whether macroeconomic tails remain contained.
Options and flow metrics help translate these conditions into everyday conversations. Traders are watching to see if call crowding diminishes as the price moves higher, or if downside hedging prevails as macro dates approach.
DVOL spikes continue to mark jump windows, a pattern evident in Deribit term structure and risk reversals. Funding that remains centered reduces the fuel for foreclosures, keeping withdrawals closer to realized support bands rather than disorderly margins.
The forward checklist is narrow and testable. ETF flow bars set the tone, lopsided options show whether there is demand for crash insurance, and on-chain cost clusters mark the zones where absorption should occur if the uptrend resumes after shocks.
Liquidity depth in US markets rounds out the offering, as thin books during upward moves increase risk and increase realized volatility.
Metric | Trigger to watch | Implication | Source |
---|---|---|---|
Net flows from US spot ETFs | 3-5 consecutive intake days | Clears inventory of $114,000-$117,000, revisits ATH zone | flow tracker |
25Δ skew, DVOL | Skew goes put-rich as DVOL jumps | Crash risk window opens, reach lows in the game | Deribit |
Realized price bands | Closes below $107,000 | Airbag towards $93,000 – $95,000 | Glass junction |
Liquidity depth | The depth in the US decreases in upward movements | Volatility increases as slippage increases | Kaiko |
Macro tape | Tariff and inflation headlines | Systematic deleveraging, ETF outflow clusters | On the other side |
Stablecoin plumbing provides a medium-term tailwind for demand absorption during risk phases as settlement balances increase, with projections seeing a base of $1 trillion to $2 trillion by 2027.
That theme doesn’t determine next week’s path, although it does raise the ceiling for how much ETF and immediate demand the market can handle during future inflow cycles.
The short-term map therefore relies on two ports and one data set.
A hold above $107,000 keeps the range intact, closes above $117,000 with multi-day ETF inflows reaching the high again, and skew plus DVOL determines whether stress turns into a disorderly slide or a routine reset.
At the time of printing 17:24 UTC on October 15, 2025Bitcoin is number 1 in terms of market capitalization and so is its price down 1.81% in the last 24 hours. Bitcoin has a market capitalization of $2.21 trillion with a 24-hour trading volume of $80.46 billion. Learn more about Bitcoin ›
At the time of printing 17:24 UTC on October 15, 2025the total crypto market is valued at € $3.76 trillion with a 24-hour volume of $222.47 billion. Bitcoin’s dominance currently stands at 58.78%. Learn more about the crypto market ›