The chart does not give an exact observation time, and the reserve figure alone does not explain why coins left exchange wallets.
After Bitcoin witnessed a brief price recovery recently, reclaiming its previous high around $87,000, the sharp price rally has driven demand for the asset.
Matthew Sigel described quantum computing as a long-term risk. He also pointed to the potential value of miners' long-term power agreements as AI data centers need stable electricity.
Bitcoin's (BTC) long-term valuation model, the Bitcoin Rainbow Chart, is suggesting that the cryptocurrency remains below its historical trend valuation as October begins.
The SEC approved the listing and trading of the 3x Bitcoin ETF and 3x Ether ETF, alongside four other 3x commodity-linked products under the VS Trust. The approval expands access to leveraged crypto exposure through US-listed ETFs.
The CryptoQuant founder sees the market in an early bull-market phase and pointed to on-chain activity as a gauge of overheating.
The orders were placed over three days and remained open when reported. Bitcoin traded near $84,593 on Oct. 3.
Ali identified about $82,500 as the lower edge of a price channel that has held for more than two weeks.
Coinbase spot also had more bids than asks, while Binance and Hyperliquid perpetual books showed heavier asks.
The Nasdaq-listed miner produced 292.3 BTC during the week ended Oct. 2 and sold the same amount.
Bitcoin price has slipped toward $84,000 after failing to hold its latest push above $87,000, while daily momentum has weakened and liquidation clusters have formed on both sides of the market. CoinGecko recorded Bitcoin at approximately $84,575 on Oct.
Bitcoin surged beyond the $87,000 threshold on Friday, October 2, 2026, driven by disappointing US employment figures that triggered a decline in Treasury bond yields.