The BTC reserves on exchanges have been pretty decent over the past month. Throughout almost all of September, there was a net outflow, showing that investors still have a good appetite for BTC. However, starting from October 4th, when BTC hit a new all-time high, we can clearly see more BTC being transferred into exchanges. This is a very common fear-of-heights phenomenon. This has happened many times in history. The key now is to see whether investors can absorb this supply of BTC moving forward. We also know that this recent price surge was mainly driven by the combination of Trump’s shutdown + layoff expectations, which forced the Fed into a labor market data slump. So, if a rate cut really happens by the end of the month, it should be relatively easy to consume this supply. But if bearish sentiment continues to grow, we might see a return to the consolidation range. This post is sponsored by Bitget ｜ @Bitget_zh