Bitcoin wallets holding between 10 and 10,000 BTC accumulated 41,025 BTC over 10 days, lifting their combined balance to 13.64 million BTC, or 67.93% of total supply. Santiment said the cohort reached its highest holdings since the mid-August rally, while wallets holding less than 0.01 BTC remained mostly unchanged. Bitcoin traded near $84,000 after recently moving above $87,400, testing the $83,000 range and then rising above the $85,000 upper boundary of its weekly range. CappThesis founder Frank Cappelleri said Bitcoin’s current chart resembles its 2022-2023 recovery, when a roughly 70% decline preceded a 400% gain, although he was not forecasting another 400% return. Bitcoin’s third-quarter gain was about 42%, its strongest Q3 performance since 2017, but the asset remained down 27% year over year. BIT Research said the bear market may have ended after a late-July cycle low, citing Bitcoin’s recovery above $62,900, its 21-week moving average at $69,272 and the March 2024 high of $73,084. The firm estimated the True Market Mean, or average holder cost, at about $76,897 and outlined a bullish scenario of $185,000 to $215,000. US-listed spot Bitcoin ETFs attracted $2.4 billion last week, while Strategy and Strive bought a combined 2,772 BTC. Ali Martinez noted that Bitcoin declined after each of the four previous U.S. midterm elections, with losses ranging from 27% to 72%, leaving the recovery case subject to technical, market and election-cycle risks.