Understood✅ You are concerned about the liquidity of Bitcoin and its upward support, which is indeed key to judging its trend. Currently, the liquidity scale of Bitcoin is showing a positive trend, and there are multiple factors supporting its rise.

---

### 📊 Bitcoin liquidity status
1. **Strong Inflow of ETF Funds**
- Data from September 2025 shows that global Bitcoin exchange-traded products (ETP) had a net inflow of 20,685 Bitcoins in a single week, reaching a new high since July. The total holdings of Bitcoin ETFs in the United States surpassed 1.32 million Bitcoins, setting a new historical record (Source: 2025-09-17 Sohu Finance).
- In early October, the net inflow of the U.S. Bitcoin ETF reached $3.24 billion in a single week, the second highest in history, indicating a continued influx of institutional funds (Source: 2025-10-06 Jinronjie).

2. **Market Liquidity Indicators**
- As of September 2025, the 24-hour trading volume of Bitcoin is approximately $16.924 billion, with a turnover rate of 0.74%. Although it has declined from historical highs, it remains overall active (Source: Script Home, 2025-09-01).
- Off-exchange block trades (such as HashKey Exchange) saw a year-on-year surge of 400% in trading volume in the first quarter, reflecting an increase in institutional liquidity (Source: 2025-05-22 Tonghuashun Finance).

---

### 🚀 Analysis of Factors Supporting the Rise
#### 1. **Institutional capital-led structural demand**
- **Public Company Increase Holdings**: MicroStrategy (MSTR) has accumulated 640,418 Bitcoins as of October 2025, with a total purchase cost of 47.4 billion USD, continuously increasing its position through tools such as convertible bonds (Source: 2025-10-21 Sina Finance).
- **ETF Capital Siphoning Effect**: The inflow of funds into Bitcoin ETFs in the United States accounts for nearly 97% of the global total, and the inflow amount is 8.93 times the new issuance of Bitcoin during the same period, significantly skewing the supply-demand relationship (Source: 2025-09-17 Sohu Finance).

#### 2. **Strengthening of Macroeconomic and Hedging Attributes**
- **U.S. Government Shutdown and Policy Uncertainty**: During the U.S. government shutdown in October 2025, Bitcoin surged past $125,000 to reach a historical high due to safe-haven demand. Analysts believe its characteristic as a "non-sovereign asset" attracts funds looking to hedge against inflation and political risks (Source: 2025-10-06 Jinrongjie).
- **Traditional Asset Substitution Effect**: JPMorgan noted that Bitcoin's annual increase (61.76%) far exceeds that of gold (21.59%), and institutions are beginning to include it in their "digital gold" allocation (Source: 2025-05-22 Tonghuashun Finance).

#### 3. **Regulatory Environment and Market Sentiment**
- **Positive Policy Signals**: The United States is advancing the GENIUS Act, providing a clearer regulatory framework for cryptocurrencies, while the SEC initiates a new round of rulemaking to enhance market confidence (Source: 2025-05-23 Securities Times).
- **Seasonality and Technical Support**: The "October Effect" for Bitcoin is significant, with 9 out of the last 10 Octobers showing an increase; the technical indicators show a MACD "golden cross" and a solid key support level ($107,000), with the long-term upward trend not being broken (Source: 2025-09-16 Dongfang Caifu Wang, 2025-05-23 Securities Times).