Bitcoin’s realized cap rise in the 30 days to Oct. 5 came mostly from existing holders, not fresh capital, Glassnode data showed.
Bitcoin (BTC) price gains do not yet reflect enough new capital entering the market, analysis warns.
In the latest edition of its regular newsletter, The Week Onchain, crypto research platform Glassnode revealed that existing holders were behind much of Bitcoin’s recent upside.
“New money” inflows into Bitcoin — purchases by corporate treasuries, “stablecoin growth” and inflows to the US spot Bitcoin exchange-traded funds (ETFs) — totaled around $4.9 billion in the 30 days to Oct. 5.
Bitcoin’s realized cap, which values each coin at the price it last moved onchain, grew by $12.8 billion, more than twice as much over the same period.
“New money therefore covers less than two fifths of that rise. The rest is coins changing hands at higher prices among money already in the market,” Glassnode commented.
Accompanying data shows that recent rallies in BTC/USD have showed the same divergence since the ETFs launched in January 2024. Currently, however, conditions are different, with inflows still modest compared to short-term realized-cap gains.
“The rallies of 2024 and 2025 showed a similar mix, but on far larger inflows,” Glassnode added.
Since Sept. 21, Bitcoin has attempted to rise beyond $87,000 four times. Each of these attempts failed as buyers faced thickening overhead ask liquidity on exchange order books. BTC/USD circled $83,000 at the time of writing on Thursday, down 1% month-to-date.
Related: Bitcoin price drops to $82.7K October low as bond sell-off resumes on Iran nerves
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