Glassnode: Bitcoin draws $4.9B in fresh 30-day inflows as gains come largely from existing holders

ChainCatcher reports that on-chain research firm Glassnode said in its latest "The Week Onchain" that roughly $4.9 billion of "new money" entered Bitcoin over the 30 days through Oct. 5, supported by corporate treasury buying, expanding stablecoin supply, and inflows to U.S. spot Bitcoin ETFs. Over the same period, Bitcoin's realized market cap rose by $12.8 billion, more than double the size of the fresh inflows. Glassnode estimated that new capital contributed less than two-fifths of that increase, with the remainder driven by existing holders realizing gains and selling at higher prices. Glassnode added that similar patterns have appeared in Bitcoin rallies since spot ETFs launched in January 2024, although the capital influx seen during the 2024 and 2025 advances was far larger than current levels. Until inflows pick up again, Glassnode expects price action to depend mainly on existing holders being willing to transact at higher prices. Since Sept. 21, Bitcoin has failed four times to break above $87,000 and was trading near $83,000 at the time of the report, down about 1% for the month. Glassnode also noted that on the day Bitcoin first closed above $85,000 since January, about 86% of coins sent to exchanges came from short-term holders (held less than 155 days) who were in profit, the highest single-day share in the past year. Separately, CryptoQuant data shows that as of Oct. 7, the aggregate cost basis for short-term holders was around $78,250, keeping the cohort in net profit.