[Bitcoin Expected to Surge to $200,000 by Year-End, Whales and ETFs Driving 'Bull Market' Revival] BlockBeats News, October 3: According to CryptoQuant data, Bitcoin's apparent demand is growing at a monthly rate of approximately 62,000 BTC. This scenario is similar to the fourth quarters of 2020, 2021, and 2024, during which prices experienced significant rallies. Historically, sustained demand growth has often supported price increases. This round of expansion is primarily driven by whales and ETFs. The balance held by large holders is growing at an annualized rate of 331,000 BTC, a trend stronger than the 255,000 BTC in Q4 2024, the 238,000 BTC in early Q4 2020, and in stark contrast to the 197,000 BTC reduction during the market weakness of 2021. ETFs may provide additional momentum. In Q4 2024, these products collectively purchased 213,000 BTC, with holdings increasing by 71%. It is expected that further accumulation may occur before the end of this year. However, for demand to truly translate into a breakout, price momentum remains critical. On-chain valuation indicates that traders' 'realized price' at $116,000 is a key threshold. Once the price surpasses this level, it signifies the market re-entering the cyclical indicator range of the 'bull market' phase and could potentially open a valuation range of $160,000 to $200,000 in the fourth quarter.