Bitcoin is starting October around the $84K area after briefly pushing above $85K.

The interesting part isn't just the price.

U.S. spot Bitcoin ETFs had a strong $2.4B weekly inflow through September 25, but that momentum recently cooled, with $148.7M in net outflows on September 30.

At the same time, high Treasury yields continue to pressure risk assets.

So for BTC, the bigger question right now is:

Will fresh spot demand keep showing up?

Watch the flows. Watch liquidity. Then watch the price.

@bitcoin
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