Bitcoin Demand Data Keeps the Uptober Case Alive

CryptoQuant analysts say Bitcoin may have already set its October low. Exchange reserves are falling, whales are holding, and apparent demand has returned to near-neutral levels. Bitcoin trades around $83,400 today, with US inflation data due. The analysis comes from XWIN Research Japan, a CryptoQuant contributor, and describes onchain conditions as “cautious optimism.” It rests on three charts. The first is exchange reserves. Bitcoin held on exchanges fell from 2.726 million BTC on Sept. 20 to 2.68 million, a 1.7% drop. Fewer coins on exchanges usually means less immediate selling pressure. The second is whale holdings.