According to @glassnode, BTC net-premium flows show concentrated selling across the 109,000 to 115,000 dollar range, indicating recent upside moves are being used to hedge, source: @glassnode X post Oct 23 2025 link https://glassno.de/3WkStyy. This points to traders positioning defensively into strength as the market consolidates, highlighting a near-term supply zone around 109k to 115k for trade planning, source: @glassnode X post Oct 23 2025 link https://glassno.de/3WkStyy.