Glassnode said in its latest The Week Onchain report that roughly $4.9 billion in “new capital” flowed into Bitcoin over the 30 days through Oct. 5, including corporate treasury buying, stablecoin growth, and inflows into U.S. spot Bitcoin ETFs. Over the same period, Bitcoin’s realized cap rose by $12.8 billion, more than double the size of those fresh inflows. According to the report, new money accounted for less than two-fifths of that increase, while the rest came from existing market capital changing hands at higher prices. Glassnode added that similar divergences have appeared in Bitcoin rallies since spot ETFs launched in January 2024, though the rallies seen in 2024 and 2025 were accompanied by much larger capital inflows than the current move. The report also said the market will rely on existing holders paying higher prices until inflows recover. Separately, Glassnode noted that on the day Bitcoin posted its first weekly close above $85,000 since January, about 86% of coins sent to exchanges came from short-term holders with holding periods under 155 days, and those holders were in profit. CryptoQuant data showed that as of Oct. 7, the aggregate cost basis for short-term holders was around $78,250, leaving them in net profit.
Crypto research platform Glassnode said in its latest The Week Onchain report that about $4.9 billion in “new capital” flowed into Bitcoin in the 30 days through Oct. 5. The figure includes corporate treasury purchases, stablecoin growth, and inflows into U.S. spot Bitcoin exchange-traded funds, or ETFs.
During the same period, Bitcoin’s realized capitalization increased by $12.8 billion, more than twice the size of the fresh capital inflow. Glassnode said new money covered less than two-fifths of that rise, with the remainder coming from capital already inside the market changing hands at higher prices.
The current move is leaning more on existing capital
Glassnode said Bitcoin rallies have shown a similar split since spot ETFs launched in January 2024. Still, the advances seen in 2024 and 2025 came with much larger inflow volumes than the current one.
Until capital inflows recover, the report said, the market will depend on existing holders being willing to pay higher prices.
Price has failed to clear $87,000, while short-term holders remain in profit
Since Sept. 21, Bitcoin has tried four times to break above $87,000 without success. At the time of publication on Thursday, Bitcoin was trading at about $83,000, down 1% for the month.
Glassnode also said that on the day Bitcoin recorded its first weekly close above $85,000 since January, about 86% of coins transferred to exchanges came from short-term holders who had held them for less than 155 days. Those holders were in profit, and the share marked the highest single-day reading in the past year.
Data from CryptoQuant showed that as of Oct. 7, the aggregate cost basis of short-term holders stood at about $78,250, which still left them in net profit.
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