Analysts: BTC whales are closer to position adjustments rather than large-scale withdrawals, as leverage liquidation and interest rate cut expectations remain, and the market remains optimistic at the end of the year.

Timothy Misir, head of research at BRN, pointed out: "Bitcoin is testing the key support level of $110,000, as whales reduce their holdings and demand for put options soars. The trading volume of large put options exceeded $1.15 billion, accounting for 28% of the capital flow, while call options are still concentrated in the range of $115,000 to $130,000. This is a selective adjustment of positions, not panic selling." He added that although large holders of 100,000 to 10,000 BTC reduced their holdings by about 17,500, they are still net buyers this year, with a cumulative increase of more than 318,000, which is closer to a position adjustment rather than a large-scale withdrawal. Matt Mena, research strategist at 21 Shares, emphasized, "Bitcoin's resilience amidst macro headwinds and aggressive deleveraging demonstrates that structural demand, anchored by ETF inflows and dovish policy expectations, remains supportive." US ETFs have attracted over $6 billion in the past month. He noted, "With leverage unwinding and policy easing approaching, the year-end outlook is becoming increasingly positive." If institutional demand persists, Bitcoin could still reach $150,000. However, short-term technicals remain fragile: a break below $110,000 could lead to a drop to the $104,000-$108,000 range; a recapture of $115,000 would rekindle bullish momentum. (The Block)