[Analyst: BTC Whales Are Closer to Position Adjustment Rather Than Large-Scale Exit, Optimistic About Year-End Market Due to Leverage Clearance and Rate Cut Expectations] BlockBeats News, October 16, BRN Research Director Timothy Misir pointed out: 'Bitcoin is testing the critical support level of $110,000, accompanied by whale sell-offs and a surge in demand for bearish options. Large bearish options trading volume has exceeded $1.15 billion, accounting for 28% of fund flows, while bullish options remain concentrated in the $115,000 to $130,000 range. This is selective position adjustment, not panic selling.' He added that holders of 10,000–100,000 BTC have reduced their holdings by approximately 17,500 BTC but remain net buyers for the year, with cumulative purchases exceeding 318,000 BTC. This is closer to position adjustment rather than large-scale exit. 21Shares Research Strategist Matt Mena emphasized: 'Bitcoin has demonstrated resilience amid macro headwinds and aggressive deleveraging, proving that structural demand anchored by ETF inflows and dovish policy expectations continues to support the market.' Over the past month, U.S. ETFs have attracted over $6 billion in inflows. He noted, 'With leverage clearance and policy easing approaching, the year-end outlook is increasingly positive.' If institutional demand persists, Bitcoin could still aim for $150,000. However, the short-term technical outlook remains fragile: if it effectively breaks below $110,000, it may test the $104,000–$108,000 range; if it recovers $115,000, it could regain bullish momentum.