The 85,000 wall of sell orders was dismantled yesterday.
It wasn’t smashed through by buy-side pressure.
Glassnode’s data shows that of the batch of sell orders stacked around 85,000, some were absorbed, while the remaining order holders simply withdrew their orders themselves. Near 87,000, the sell pressure that’s left is only about half the original size; above that, you can hardly see any sizable sell orders on the order book.
Even more interesting is the options market. On Deribit:
- 90,000 strike: about $2.1 billion in call options
- 95,000 strike: about $2.4 billion
- 100,000 strike: about $1.8 billion
$6.3 billion is staked in the 90,000 to 100,000 range. This isn’t retail spare change—it’s institutional money placing bets early on the direction.
There’s also a rare on-chain signal: CryptoQuant’s Bitcoin accumulation trend chart shows that the volatility band has narrowed sharply. This pattern has only appeared twice in 2025—once in April, when BTC climbed from 84,000 all the way to 109,000. The sample size is small, so it can’t be a holy grail, but it’s worth watching.
How to interpret this: This structure looks healthier than the one from the past couple of days when BTC spiked to 87,200. That move was driven by a short-squeeze (in the past 24 hours, liquidations across the whole network totaled $570 million, and 99% were longs). It surged fast and gave it back just as quickly.
This time, sell-side supply is actively disappearing while options positioning is being placed early—meaning the supply side is improving.
But here’s some cold water: 86,000 is the breakeven line for US spot ETFs overall, and the price is currently standing right on that level. As for the batch of coins stuck at a loss for one year—bought 18 months to 2 years ago—between 88,350 and 89,200, they’re about to reach their breakeven. Whether they sell or not will determine whether 90,000 can hold.
Good data doesn’t mean you can charge ahead with your eyes closed—size your position accordingly.
I’ll keep tracking this kind of data. Follow me so you won’t get lost.
Do you think we can see 90,000 this month? $BTC
Data as of: 2026-10-03 11:30 UTC
Source: Zhigtong Finance (Sina Finance); BlockBeast (Glassnode data compilation)
For information sharing only and does not constitute investment advice.
It wasn’t smashed through by buy-side pressure.
Glassnode’s data shows that of the batch of sell orders stacked around 85,000, some were absorbed, while the remaining order holders simply withdrew their orders themselves. Near 87,000, the sell pressure that’s left is only about half the original size; above that, you can hardly see any sizable sell orders on the order book.
Even more interesting is the options market. On Deribit:
- 90,000 strike: about $2.1 billion in call options
- 95,000 strike: about $2.4 billion
- 100,000 strike: about $1.8 billion
$6.3 billion is staked in the 90,000 to 100,000 range. This isn’t retail spare change—it’s institutional money placing bets early on the direction.
There’s also a rare on-chain signal: CryptoQuant’s Bitcoin accumulation trend chart shows that the volatility band has narrowed sharply. This pattern has only appeared twice in 2025—once in April, when BTC climbed from 84,000 all the way to 109,000. The sample size is small, so it can’t be a holy grail, but it’s worth watching.
How to interpret this: This structure looks healthier than the one from the past couple of days when BTC spiked to 87,200. That move was driven by a short-squeeze (in the past 24 hours, liquidations across the whole network totaled $570 million, and 99% were longs). It surged fast and gave it back just as quickly.
This time, sell-side supply is actively disappearing while options positioning is being placed early—meaning the supply side is improving.
But here’s some cold water: 86,000 is the breakeven line for US spot ETFs overall, and the price is currently standing right on that level. As for the batch of coins stuck at a loss for one year—bought 18 months to 2 years ago—between 88,350 and 89,200, they’re about to reach their breakeven. Whether they sell or not will determine whether 90,000 can hold.
Good data doesn’t mean you can charge ahead with your eyes closed—size your position accordingly.
I’ll keep tracking this kind of data. Follow me so you won’t get lost.
Do you think we can see 90,000 this month? $BTC
Data as of: 2026-10-03 11:30 UTC
Source: Zhigtong Finance (Sina Finance); BlockBeast (Glassnode data compilation)
For information sharing only and does not constitute investment advice.
