Spot Bitcoin ETF outflows reached $773.5 million on October 22 and 23, while BTC fell 3.45% over the same period. Onchain data nevertheless indicate an accumulation phase: whales bought approximately 243,000 BTC in less than three months, and exchange flows have been positive since September 22. The MVRV Percentile, which rose from 0% in early July to 32% in late September before retreating to 25%, remains associated with early-to-mid accumulation. The futures positioning index stood at +0.3, indicating an almost neutral market, but net exchange inflows combined with a negative positioning score would signal increased bearish pressure.
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