Bitcoin Hits $86K, ETF Holders Return to Profit
Bitcoin Hits $86K, ETF Holders Return to Profit
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Bitcoin hit $86,000 for the first time in 45 weeks, marking a major breakout that typically signals the end of bear markets CryptoSlate. The cryptocurrency's 11.65% weekly rebound drew genuine spot and on-chain participation, with ETF holders returning to profit as short-covering accelerated the surge CryptoInsider.
Bitcoin's Historic 45-Week High Breaks Bear Market Pattern
Bitcoin crossed $86,000 for the first time since early 2024, a level that historically marks the end of bear markets in 11 out of 13 previous cycles FXStreet. The breakthrough came after months of consolidation near lower support levels. Analysts say the 50-week moving average is now the critical signal determining whether this rally holds.
ETF Options Market Signals Growing Institutional Confidence
The iShares Bitcoin ETF (IBIT) options market is dominating Bitcoin derivatives, with 148,216 open interest contracts currently active CryptoInsider. Call options account for 110,493 contracts, suggesting traders expect further upside. This massive options activity indicates institutional players are positioning for continued strength.
Traders Bet on $95,000 Bitcoin by Late October
Options traders placed a $3.2 million "bitcoin butterfly" bet on Bitcoin reaching $95,000 by the end of October CryptoNews. This strategy profits when the asset settles near a specific middle strike price at expiration. The aggressive positioning reflects confidence that momentum will continue beyond current levels.
Long-Term Holders Accumulating Above $49K Realized Price
Bitcoin's long-term holder realized price sits at $49,737, while the current price trades far above this level CryptoInsider. In September, Bitcoin hit $76,672, showing strong accumulation by patient investors. The gap between realized price and market price suggests long-term holders still view this level as undervalued and are buying.
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