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AI summary of a third-party reportNeutralNewsDesk

Bitcoin new money inflows hit $4.9bn as rally stalls

Glassnode data shows fresh capital covered less than two fifths of Bitcoin's $12.8bn realised cap growth in the 30 days to 5 Oct, with existing holders driving most of the rise.

Why it matters: The data suggests Bitcoin's recent price gains rest on existing holders rather than fresh capital, a mix Glassnode says leaves the rally dependent on continued buying.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: Bitcoin new money inflows hit $4.9bn as rally stalls
Image: Cointelegraph
Original reporting: William Suberg, Cointelegraph

Key points

  • Rolling 30-day new money inflows reached $4.9bn on 5 Oct, per Glassnode.
  • Realized cap grew $12.8bn over the same period, with existing investors behind three-fifths of it.
  • Short-term holders made up about 86% of coins sent to exchanges on the day of Bitcoin's first weekly close above $85,000 since January.

Bitcoin new money inflows reached about $4.9bn in the 30 days to 5 Oct, Glassnode data shows, covering less than two fifths of the $12.8bn growth in the network's realised cap over the same period. The research platform said in its Week Onchain newsletter that existing holders accounted for three-fifths of that rise, meaning most of the move came from coins changing hands at higher prices rather than fresh capital.

Glassnode counts corporate treasury purchases, stablecoin growth and inflows to US spot Bitcoin ETFs as new money.

Bitcoin has tried four times since 21 Sept to break above $87,000, each attempt failing against thick ask liquidity on exchange order books. BTC/USD traded near $83,000 on Thursday, down 1% month-to-date, Cointelegraph reported.

Profit-taking among recent buyers rose over the weekend, when Bitcoin posted its first weekly close above $85,000 since January. Glassnode said about 86% of coins sent to exchanges that day came from short-term holders moving them at a profit, the highest share in a year against a typical day's under two fifths.

Read the full story on Cointelegraph

Live updates on NewsFeeds:ETFsBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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