[Analysis: Bitcoin Buy Demand Reaches 29,670 BTC, Supporting Further Price Growth for BTC] BlockBeats News, October 9 — On-chain data analyst Murphy stated that since September 26, BTC has initiated a rebound trend, primarily driven by U.S.-based capital, resembling the situation in May this year when BTC broke through $100,000 and Asian capital began gradually retreating while U.S. capital continued to surge forward. U.S. investors are the most critical participants and decision-makers in this cycle, with U.S. capital serving as the core driving force behind the market for the majority of the time. However, as BTC's market capitalization grows larger, sustained upward momentum will require additional sources of capital to join in. From historical data, if Asian capital continues to remain absent, once U.S. capital exhausts its strength and declines, BTC and other mainstream cryptocurrencies will gradually weaken. Currently, U.S.-based capital remains active, with spot ETFs serving as an important reference factor. Over the past two weeks, continuous net inflows have pushed the spot exposure (buy demand) between ETFs and CME open interest contracts to 29,670 BTC. This scale is comparable to levels seen in April and June 2025, slightly lower than October 2024. From this perspective, U.S. investors' sentiment and net capital inflows have already met the prerequisites to support BTC prices for another upward move. At present, the major divergence between MVRV and UPUL has yet to be resolved, making it difficult to consider this the starting point of a new trend. It can only be understood as a continuation of the April market trend. In terms of price conditions, the lower support level of $121,000 remains the benchmark; as long as this level is not breached, upward expectations can temporarily be maintained. This analysis is for learning and discussion purposes only and does not constitute investment advice.