Bitcoin’s recent rise has been supported more by existing holders trading at higher prices than by fresh capital entering the market, according to analysis from crypto research firm Glassnode.
Rolling 30-day inflows of “new money” reached about $4.9 billion in the 30 days to Oct. 5. That measure includes purchases linked to corporate treasuries, growth in stablecoin holdings and money flowing into US spot Bitcoin exchange-traded funds (ETFs).
Over the same period, Bitcoin’s realized cap increased by $12.8 billion. Realized cap values each coin according to the price at which it last moved on the blockchain, rather than using the current market price. The measure is often used to assess the value of capital held in the Bitcoin network based on the prices at which coins changed hands.
Glassnode’s figures indicate that new money accounted for less than two-fifths of the increase. Existing investors were responsible for roughly three-fifths, as coins already within the market moved between holders at higher prices.
Existing holders drive most of the recent increase
The findings were published in Glassnode’s regular The Week Onchain newsletter and highlight a gap between Bitcoin’s realized-cap growth and the amount of identifiable fresh capital entering the market.
That distinction matters because a rising price can increase realized cap even when relatively little new money arrives. If coins bought earlier are sold and then transferred at higher prices, the network’s realized value can rise without an equivalent amount of external capital flowing in.
Glassnode said Bitcoin rallies in 2024 and 2025 showed a similar relationship between new-money inflows and realized-cap gains, but those earlier moves were accompanied by substantially larger inflows. In its assessment, the latest advance remains dependent on current holders continuing to accept higher prices.
The analysis therefore does not describe the recent increase in realized cap as evidence of a matching wave of new investment. Instead, it points to participation by investors who were already exposed to Bitcoin as the main contributor during the period measured.
Profit-taking intensified above $85,000
Bitcoin has made four attempts to move above $87,000 since Sept. 21, but each effort failed as selling interest increased in exchange order books. At the time covered by the report on Thursday, BTC/USD was around $83,000 and down 1% for the month.
Glassnode also identified a sharp rise in profit-taking by more recent buyers during the weekend when Bitcoin recorded its first weekly close above $85,000 since January.
About 86% of the Bitcoin sent to exchanges that day came from short-term holders who were moving coins at a profit, Glassnode reported. Short-term holders are defined in the analysis as investors who have held their coins for fewer than 155 days. The 86% proportion was the highest recorded on any day during the previous year, compared with less than two-fifths on a typical day.
This group is generally viewed as more responsive to price fluctuations than longer-term holders. Despite the selling, short-term holders remained in aggregate profit: CryptoQuant data placed their combined cost basis, or realized price, at about $78,250 on Oct. 7.
Bitcoin market picture
Moneyiar market data recorded Bitcoin at $82,685.24 at 10:29 a.m. on Oct. 8, 2026. The cryptocurrency was down 1.42% over 24 hours and 1.15% over seven days.
The same Moneyiar snapshot showed mixed performance among other listed digital assets:
- NEAR Protocol was priced at $5.25, up 3.05% over 24 hours and 3.30% over seven days.
- Monad stood at $0.0256, down 4.53% in 24 hours and 18.94% over seven days.
- Cap traded at $0.0720, down 16.79% over 24 hours and 2.11% over seven days.
The Bitcoin figures and the other prices are Moneyiar data at the stated time. They provide a snapshot of market conditions after the period examined by Glassnode, rather than a replacement for its on-chain analysis.
Taken together, the data show a Bitcoin market in which realized value has expanded significantly, while the flow of identifiable new capital has been comparatively limited. Whether the rally can extend, according to Glassnode’s analysis, depends in part on fresh inflows increasing rather than relying primarily on transactions among existing participants.
