Analysts at Bitfinex foresee Bitcoin potentially hitting about $140,000 in November if ETF inflows reach roughly $10–$15 billion, with catalysts including potential Federal Reserve easing, doubled ETF inflows, and seasonal Q4 strength, while risks encompass tariffs and geopolitical tensions.

Bitcoin miners are expanding operations, with a rising hashrate and large purchases signaling a long‑term bullish trajectory, including American Bitcoin's acquisition of 17,280 ASICs for around $314 million.

Onchain demand is driven by Bitcoin treasury firms and exchange-traded funds (ETFs), according to CryptoQuant CEO Ki Young Ju.

Despite about $8 billion in new inflows, investor sentiment remains fearful after the October crash, with upside contingent on renewed ETF inflows and potential Federal Reserve easing.

Price recovery may stall without renewed large-scale ETF inflows and active MicroStrategy buying, as ongoing momentum depends on those channels returning.

Bitcoin’s realized cap rose by over $8 billion to a total above $1.1 trillion, with the realized price moving past $110,000, signaling strong demand among holders and miners.