Glassnode: Bitcoin saw a new inflow of 4.9 billion USD over 30 days, with the upward trend relying on existing holders

The cryptocurrency research platform Glassnode pointed out in the latest issue of The Week Onchain report that within the 30 days ending on October 5, approximately $4.9 billion of "new funds" flowed into Bitcoin, covering corporate treasury purchases, stablecoin growth, and inflows into U.S. spot Bitcoin ETFs. During the same period, Bitcoin achieved a market capitalization increase of $12.8 billion, more than double the size of the new funds.

Glassnode stated that new funds only accounted for less than two-fifths of this increase, with the remainder coming from existing market funds being traded at higher prices. Data shows that since the launch of the spot ETF in January 2024, Bitcoin's upward trends have shown similar differentiation, but the scale of inflows accompanying the rises in 2024 and 2025 is far greater than the current situation. Glassnode noted that before inflows recover, the market will rely on existing holders to pay higher prices.

Since September 21, Bitcoin has attempted to break through $87,000 four times without success, and as of the time of writing on Thursday, it was around $83,000, down 1% for the month. Glassnode pointed out that on the first week since January when Bitcoin closed above $85,000, about 86% of the tokens transferred to exchanges came from short-term holders who had held for less than 155 days and were in profit, marking the highest single-day proportion in the past year. CryptoQuant data shows that as of October 7, the overall cost basis for short-term holders is approximately $78,250, still in a net profit state.