In October, ETFs saw net outflows of $615 million, while BTC’s MVRV dropped back to the 25.7th percentile. Bitcoin repeatedly stalled near $87,000 from late September to early October, and on October 18, its cycle-adjusted MVRV percentile fell to 25.7%, re-entering its historical accumulation zone. On October 19, during Asian trading hours, the price stood at approximately $82,400, oscillating between $80,700 and $82,800 over the past 24 hours. MVRV is the ratio of market capitalization to realized capitalization. Realized cap values each coin at the price it last moved on-chain, making this denominator represent the network’s average holding cost. A decline in this ratio can occur through either a price drop or through low-price handovers that reset the overall cost basis. Both occurred during this cycle: recent selling exhibited signs of capitulation; after high-cost positions were cleared, unrealized gains for remaining holders were compressed, reducing their incentive to realize further profits.