Onchain data from CryptoQuant suggests Bitcoin could form a local bottom, with exchange reserves remaining 1.7% lower than mid-September while whales refrained from selling despite BTC dropping from $87,000 to near $80,000. BTC exchange reserves fell from 2.726 million on September 20 to 2.68 million, while whale holdings remain above 3 million BTC. Apparent demand is approaching neutral after being negative throughout 2026. Ki Young Ju, CEO of CryptoQuant, stated in late August that the bear market was over.
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