The ETF bid is gone again.

It came back in late August, ran for just over three weeks, and has already flipped to net redemptions.

The ETFs bought during and after the rally, but are not currently buying the $BTC dip.

Bitcoin has slipped below its multi-week range just as the Fed decides on rates.

Support under price is thin, but the potential catalyst here is strong.

Our latest Week On-Chain report covers what to watch for.

$BTC has slipped below the bottom of the range.

That floor aligned with the True Market Mean and price needs to reclaim it for conditions to remain bullish.

If it does not, the short-term holder cost basis near $70k becomes increasingly likely.

Read more below 👇
https://twitter.com/glassnode/status/2100232147449811310

In our joint report with Bybit, we analyze how the crypto derivatives landscape has changed shape.

Read the full report

ICYMI: Listed companies added just 5.9K $BTC over three months, versus 89K in July 2025 alone.

With spot just below their $80.5K average cost basis, corporate buyers face modest unrealized losses while providing little fresh demand.

This week's analysis

$BTC has reclaimed the True Market Mean.

That puts price back above a crucial level and back into a bullish regime.

Next major overhead is the corporate treasury cost basis around $80k and finally the ETF cost basis at $85k.

Altcoin leverage is still sitting below its risk threshold.

When the share of altcoin open interest comes within a few percent of Bitcoin's, the market is usually overheated.

That condition is not currently met, indicating a potential for alts to run further.

$BTC is climbing into a thickening liquidation shelf.

The dense cluster sits around $83k–$86k.

If reached, price could move quickly through this zone as shorts are forced to cover.

These shorts have been building for several weeks.

The current bid is strong enough that $BTC can be spent in profit without price immediately rolling over.

A sustained entity-adjusted SOPR above 1 is characteristic of a bull market.

A break back below 1 would signal that this demand is fading.

As expected, $BTC accelerated through the wall of short liquidations.

Shorts accumulated between $82k and $86k for months, however the rejection from this level was shallow.

Now these shorts are the fuel, as these traders are required to buy back BTC.

As $BTC has touched $86k, long leverage is slowly rebuilding in the options market.

Open Interest put/call ratios are moving up.

However, this still remains far from the frothy levels we saw near the BTC top.

Perp speculation also remains muted with funding below neutral.

$BTC remains in a bullish regime, according to various cost basis models and time frames.

Price is trading above both the True Market Mean and the short-term holder cost basis.

Holding above these levels is what historically defines a sustained uptrend.