The demand for spot has risen since July to more than 62,000 BTC monthly, a level that was previously seen before Rallies in 2020, 2021 and 2024.
Data from the chains show that Bitcoin (BTC) is expected to start Q4 2025 under certain conditions that are comparable to that a year ago. According to a recent cryptoquant report, the Bull Score index has remained between 40 and 50, which corresponds to the reach that was seen at the end of Q3 2024.
It is worth noting that this range is considered a threshold zone, with levels above 50 that mark a clear shift to bullish territory. When BTC broke that point in October 2024, it was going to rise from $ 70,000 to $ 100,000 for the first time in its history.
Buying Pressure Builds
As the new quarter begins, various indicators now point to a supporting environment. A recent cryptoquant report emphasizes the rising Bitcoin question, a steady stablecoin licidity and less non -realized profit for market participants, who can limit sales pressure.
An important engine of this environment is Spot -Question, which has been increasing since July and is now at a monthly pace of more than 62,000 BTC. That expansion is considered a necessary condition for rallies and it was also present at the end of 2020, 2021 and 2024.
In addition to the spot market, large portfolios also contribute to the trend. Whale companies rise at an annual pace of 331,000 BTC, an increase of 255,000 during Q4 2024 and 238,000 at the start of Q4 2020. This is in stark contrast to 2021, when Walvissaldi dropped by around 197,000 BTC. The current data suggests that accumulation remains firm above the trend and far from contractive levels.
In addition to whale activity, the institutional demand by the ETFs established in the US can also be influential in the coming months. During the same quarter last year, ETFs raised their participations by 213,000 coins, equal to an increase of 71 percent.
Main level to view
The on-chain report suggests that the insers are comparable to or larger than cycles are possible in the past if the conditions coordinate in 2025. Such movements would contribute to the already strong basis of demand about whales and spot markets.
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Despite this favorable setup, Bitcoin has not yet caused an outbreak. Cryptoquant notes that the most important level to view is the realizing price of the trader, currently around $ 116,000.
Crossing over that threshold would return the Apex coin to the “bull” phase of the bull bear cycle indicator. On-chain models place the next potential reach between $ 160,000 and $ 200,000 when the momentum builds
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