Bitcoin is trading near $109,700, approximately 20% below the power law model's fair value of $136,100, data show. The model places BTC within a rising channel with support at $48,300 and resistance near $491,800. Recent exchange-traded fund flows have introduced volatility that could drive price toward either boundary.

Bitcoin Lightning Network public capacity stands at approximately 4,132 BTC with 16,294 nodes and 41,118 channels, data show. Exchange integrations by Coinbase, OKX, Kraken, and Binance now route material payment volumes through private channels that do not appear in public capacity statistics. Merchant adoption has expanded, with Lightning-routed Bitcoin payments nearly doubling from 2023 to mid-2024.

Bitcoin trades near $115,000 ahead of the Federal Reserve's October 29 policy decision at 2 p.m. ET. Markets anticipate a 25 basis point rate cut, with CME FedWatch data showing easing expectations into year-end. U.S. spot Bitcoin ETFs recorded mixed flows recently, with IBIT accumulating $65.3 billion in cumulative net inflows since launch.