“U.S. equities saw sharp declines in the last session, while Chinese stocks showed relative resilience,” the firm noted. Still, institutional appetite remains intact: spot Bitcoin ETFs recorded a net inflow of $258.46M in the past 24 hours, breaking a two-day streak of outflows.
Bitcoin ETF flows dynamics. Source: SoSoValue
“Dip-buying sentiment persists. The options market is dominated by call contracts with strike prices around $118,000,” analysts added.
With the start of Q4—historically a stronger period—markets show moderate optimism, supported by loose credit conditions. “Participants expect two 25bp rate cuts in October and December. If next week’s nonfarm payrolls data doesn’t beat forecasts, this outlook will likely hold,” QCP said.
Market Awaits Confirmation
CryptoQuant analyst Axel Adler Jr. highlighted that the MVRV Z-Score “has dropped into the baseline zone,” currently sitting at –0.3 with a downward bias. “This suggests that market cap is close to its ‘fair value’ relative to realized price and volatility. No signs of overheating—valuation looks neutral to moderately cheap compared to last year,” he explained.
MVRV Z-Score (365D) has dropped to the base zone and holds at −0.3 with a downward bias.
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) September 25, 2025
This means that market capitalization is trading close to "fair" value relative to realized price adjusted for annual volatility: there is no overheating, valuation is… pic.twitter.com/AH229s9L2e
BRN researcher Timothy Mizir, speaking with The Block, noted a potential “Double Bottom” pattern forming on Bitcoin’s chart, with key support near $111,115. “It’s a market full of ‘ifs’—if the pattern holds, if ETF flows stabilize, if ETH regains its range.”
He identified nearby resistance at $115,000, but warned on-chain metrics point to possible declines toward the $90,000–105,000 zone. For Ethereum, he called $4,000 a “fragile” level—if lost, price could retreat toward $3,600–3,800.
At the time of writing, Bitcoin trades near $109,212 (–1.94% daily), while Ethereum hovers around $3,940 (–1.8%)
Bitcoin came close to slipping under $110,000, but the more important shift was in market sentiment: the aggregate spot bid/ask ratio swung back toward buyers. The measure, which tracks the balance between buy and sell orders in the order book, ranges from –1 to 1, with zero reflecting perfect balance. A move above zero points to demand starting to outweigh selling pressure at current levels.
According to Hyblock,
“A bid/ask ratio above 0 signals that buy orders outweigh sell orders in the order book, suggesting stronger demand for the asset at current price levels.”