Bitcoin is back above $85,000–$86,000 and has gained about 2–3% in the last 24 hours.
The market has already priced in the seasonal rally, and those waiting for the "perfect pullback" risk watching the rise from the sidelines.
It is still far from the all-time high. At the current $86,000, this is not the finish line but the midpoint of the journey.
The sell wall at $85,000 has been absorbed, short positions worth hundreds of millions have been liquidated in the last 24 hours, and exchange-traded funds saw the best inflows of the year last week. Exchange supply is low, and demand from funds is not ending.
The only brake today is the evening US employment report.
Weak figures will open the road to $90,000 before the weekend, while strong figures may dampen the momentum.$BTC
Short-term holders are the most likely to sell into a rally, and almost all of them are now in profit. Their share of supply in profit is above the sell line, where their selling has picked up in the past. The line has been crossed early in recoveries, such as 2019 and 2023, and near tops, such as 2021 and 2025. On its own, it does not show which way price goes next.
Realized profit across all holders is still low, so the incentive to sell has not yet turned into heavy selling. A drop back below the sell line, together with rising realized profit, would be the first sign that recent buyers are taking profits. $MAGMA $ENJ $GTC
A September preprint puts $SOL /USDC execution costs at 0.26 basis points for professional propAMMs versus 2.59 for public AMMs. Traders can receive cheaper fills while passive depositors remain exposed to stale-quote arbitrage.
Two-second maker markouts measure pricing risk, not net depositor returns. Fees, inventory and other position costs still need accounting. The study does not establish that professional pools caused aggregate passive-LP losses.