Bitcoin monthly ‘new money’ inflows near $5B as BTC price rally stalls

Bitcoin's realized cap increased by $12.8 billion over the past month, however this growth was largely driven by existing holders rather than new capital, according to Glassnode data. The "new money" inflows into Bitcoin, including purchases by corporate treasuries, growth in stablecoins, and inflows to US spot Bitcoin ETFs, amounted to approximately $4.9 billion in the 30 days leading up to October 5th.

Glassnode's analysis suggests that these new capital inflows make up less than a quarter of the total $12.8 billion increase in realized cap. The remaining growth is attributed to coins changing hands at higher prices among existing market participants. Despite previous rallies in BTC/USD showing the same trend, the current situation is different with modest inflows compared to the larger gains in short-term realized-cap.

Since September 21st, Bitcoin has tried to surpass the $87,000 mark four times, but each attempt has been unsuccessful as buyers encounter increased liquidity on exchange order books. At the time of writing, Bitcoin was trading at $83,000, marking a 1% decline over the past month. Glassnode also noted a surge in profit-taking among recent buyers over the weekend, with 86% of Bitcoin sent to exchanges coming from short-term holders who held the coins for less than 155 days.