Cointelegraph reports Glassnode’s $4.9B Bitcoin inflow estimate
Glassnode’s figures show new-money inflows covered about 38% of Bitcoin’s realized-cap increase through Oct. 5.
By Dev Ramirez · Crypto Correspondent
· 3 min read
Bitcoin new money inflows totaled about $4.9 billion in the 30 days through Oct. 5, according to Glassnode figures reported by Cointelegraph. For investors watching whether a rally has broad support, the comparison matters: Bitcoin’s realized capitalization rose by about $12.8 billion in the same period, leaving the cited inflows equal to roughly 38% of that increase.
Glassnode’s estimate combines flows into U.S. spot Bitcoin exchange-traded funds, stablecoin growth and corporate treasury buying, Cointelegraph reported. The figures describe a specific set of demand channels rather than a price forecast.
Bitcoin’s realized cap is the combined value of all coins using the price at which each coin last moved on the blockchain. It can rise when coins change hands at higher prices, even without a matching amount of new capital entering through the channels Glassnode tracked.
What do Bitcoin new money inflows say about the rally?
Glassnode said the $4.9 billion was less than two-fifths of the $12.8 billion realized-cap rise. It attributed the remaining increase to coins being transferred at higher prices among capital already in the market. In its assessment, the move relies on existing holders accepting higher prices until the measured inflows increase.
That is a market-structure interpretation, not proof that the flows caused Bitcoin’s price movement or will determine where it goes next. Glassnode said the rallies of 2024 and 2025 also had a similar split between inflows and realized-cap growth, but were accompanied by much larger inflows.
Trading activity was also subdued, according to Glassnode’s report. Combined Bitcoin volume on spot exchanges and in U.S. spot ETFs averaged about $6.8 billion a day over seven days. Glassnode characterized that level as lower than nine out of 10 days since January 2024 and said higher spot volume would be an early sign of buyers returning in greater size.
Recent buyers took profit above $85,000
Glassnode also identified selling from shorter-term investors around Bitcoin’s Oct. 4 daily close above $85,000. It said about 86% of coins sent to exchanges at a profit that day came from short-term holders, defined as investors who had held their coins for fewer than 155 days.
According to Glassnode, that was the highest daily share in the prior year. On a typical day, it said, short-term holders account for less than two-fifths of profitable coins moved to exchanges. Sending coins to an exchange can precede a sale, though a transfer alone does not establish that a sale occurred.
Glassnode said continued transfers from that group at a similar pace could provide supply on another move toward $85,000. Cointelegraph reported separately that Bitcoin had made several unsuccessful attempts to move above $87,000 beginning Sept. 21, with its price near $83,000 when its Oct. 8 report was published.
For retail investors, the takeaway is narrower than a buy-or-sell signal. The reported $4.9 billion is substantial in dollar terms, but Glassnode’s comparison suggests it did not account for most of the recent repricing reflected in realized cap. The research firm paired that reading with low volume and elevated profit-taking by recent buyers.
This story draws on original reporting from Cointelegraph.
