Fresh capital continues to enter Bitcoin despite weaker prices and selling by ETF holders and derivatives traders, Glassnode reported in its October 12 Market Pulse. Its on-chain capital-flow indicators remained strong even as the market’s short-term momentum cooled.
The monthly change in realized capitalization rose from 1.1% to 1.2%, while hot capital’s share increased from 19.6% to 20.3%, both above Glassnode’s upper statistical bands. Realized capitalization values coins at their last on-chain movement, making its growth an indicator of capital accumulation rather than a direct cash-deposit tally.
The picture differed in US spot Bitcoin ETFs, which recorded $701.6 million in weekly net outflows after $117.9 million of inflows the previous week. Glassnode said Bitcoin ended the week about 3% lower despite a weekend recovery, which CoinScreamer covered in its Sunday rebound report.
Perpetual traders also turned aggressive net sellers, while futures open interest stayed near $36.7 billion, indicating leverage remained elevated. Options traders increased demand for downside protection. Meanwhile, 71.4% of Bitcoin’s supply remained in profit, down from 74.5%, leaving many holders with unrealized gains despite the pullback.
The findings add context to CryptoQuant’s assessment that miner selling pressure has eased. Together, the reports show improving conditions in some parts of the market alongside persistent selling elsewhere; stronger on-chain capital indicators alone do not establish that a sustained price recovery has begun.
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