Bitcoin’s recovery toward $80,000 rapidly returned previously loss-making supply to profit, with the 90-day rate of change in supply in profit rising from -19% in early August to +41% in September. On-chain analyst Axel Adler Jr. said readings above the current level occurred during only about 4% of Bitcoin’s trading days, but cautioned that a meaningful part of the repricing was mechanical and driven by a short squeeze rather than confirmed sustained spot buying. Separately, Blockchain.com’s Global Head of OTC Trading Mark Sishka said traders had shifted from selling rallies to buying dips after the advance, although rebuilt long leverage could set up a short-term move toward $70,000-$72,000 before another attempt at $82,000-$85,000. Options positioning also improved, with long-dated skew moving from a sustained put preference toward flat or slight call premium and demand emerging for short-dated calls around $82,000-$85,000. Sishka said another cycle low below $60,000 remains possible if Bitcoin’s historical four-year cycle repeats closely, while institutional demand remains strong at lower levels.