TL;DR
- Glassnode recorded $4.9 billion in new capital inflows into Bitcoin during the 30 days leading up to October 5.
- Existing investors accounted for approximately 60% of the $12.8 billion increase in BTC’s realized capitalization.
- Short-term holders accounted for 86% of profitable transfers to exchanges on a day when Bitcoin surpassed $85,000.
Bitcoin (BTC) received approximately $4.9 billion in new capital during the 30 days leading up to October 5, according to Glassnode. However, the firm warned that these inflows remain insufficient to sustain the recent price gains.
In its The Week Onchain report, Glassnode noted that Bitcoin’s realized capitalization increased by $12.8 billion during that period, although less than 40% of that growth came from new money.
This metric calculates the value of BTC based on the price at which each coin last moved on the blockchain, rather than its current market price.
Existing Holders Account for Most of Bitcoin’s Growth
According to Glassnode, new capital inflows include purchases by corporate treasuries, stablecoin growth, and inflows into U.S. spot Bitcoin ETFs.
The identified $4.9 billion represented less than two-fifths of the increase in realized capitalization. The remainder came primarily from coins changing hands at higher prices among traders already participating in the market.
The firm explained that similar patterns emerged during the rallies of 2024 and 2025, although those periods were accompanied by considerably larger capital inflows.
Glassnode warned that until these flows increase, further gains will depend primarily on existing investors continuing to pay higher prices.
Profit-Taking Increased Above $85,000
Since September 21, Bitcoin has attempted to break above $87,000 on four occasions, failing to sustain those levels due to selling pressure.
Bitcoin was trading near $83,000, down approximately 1% for the month, at the time of the report.
Glassnode also detected an increase in profit-taking sales during the recent advance above $85,000.
On one of those days, 86% of the coins sent to exchanges to realize profits came from short-term holders, defined as investors who have held BTC for less than 155 days.
This was the highest daily proportion recorded over the past year, compared with typical levels below 40%. According to CryptoQuant, this group was still holding net profits, with an average acquisition price of approximately $78,250 as of October 7.
