Bitcoin received roughly $4.9 billion in new capital during the 30 days leading to October 5, according to Glassnode, but the analytics firm warned the inflows remain insufficient to sustain recent price gains. In its The Week Onchain report, Glassnode estimated Bitcoin’s realized capitalization grew by $12.8 billion, with less than 40% of that increase coming from fresh money.
Glassnode counts new capital through corporate treasury purchases, stablecoin growth and U.S. spot Bitcoin ETF inflows. The remaining realized cap growth came from existing market participants moving coins at higher prices. The firm noted similar patterns in the 2024 and 2025 rallies, but those periods had considerably larger new inflows. Until fresh flows increase, further upside may depend on existing investors continuing to pay higher prices.
Bitcoin has failed four times since September 21 to hold above $87,000 and was trading near $83,000, about 1% lower for the month. During the advance above $85,000, Glassnode observed a spike in profit-taking; on one day, 86% of coins sent to exchanges to realize profits came from short-term holders, the highest daily share in the past year versus typical levels below 40%. CryptoQuant data showed short-term holders were still in net profit with an average acquisition price near $78,250 as of October 7. Separate Glassnode commentary added that ETF and stablecoin inflows have been declining, reinforcing concerns that future demand may rely on a return of new investment.
