Bitcoin fell to $103,700 as long-term holders sold approximately 400,000 BTC valued at $41.6 billion during October, according to CryptoQuant data. The selling pressure from wallets inactive for over six months, combined with whale distributions and weakening demand, pushed the asset toward the $100,000 level. Market demand has failed to keep pace with the ongoing distribution, with metrics showing negative growth over the past 30 days.

Bitcoin rose 1.28% to cross $110,000 on October 12, the first breach of that level since the same date. The advance follows a 0.87% monthly expansion in China's M2 money supply and $20 million in net inflows to U.S. spot Bitcoin ETFs this week, according to market data. Hong Kong's approval of a Solana ETF reflects growing regional demand for digital asset products.