Bitcoin drew an estimated $4.9 billion in fresh capital over the 30 days to October 5. According to Glassnode’s analysis, this sum represents less than two-fifths of the $12.8 billion increase in the network’s realized capitalization. Existing holders mainly sold their coins to each other at higher prices rather than new buyers driving the market. Bitcoin recorded its first daily close above $85,000 on October 4, but 86 percent of exchange inflows that day came from short-term holders realizing profits. Combined trading volumes remain below those seen on 90 percent of trading days since January 2024, which Glassnode flags as a vulnerability.
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