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Glassnode pointed out on Wednesday that trading volume was abnormally low when Bitcoin broke through the $85,000 mark this week. Short-term holders sold profits at the fastest rate in a year, resulting in short-term holders accounting for the largest share of exchange inflows.
In the 30 days ended October 5, funds from new funds, net inflows of U.S. spot ETFs, stablecoins growth and corporate treasury purchases were approximately US$4.9 billion. However, this amount accounted for less than two-fifths of the US$12.8 billion increase in Bitcoin's "Realized Cap" over the same period.
Since then, the Bitcoin price has fallen back from above US$85,000. Currently, the largest buying order gathering area on Binance's order book is in the US$81,000 to US$81,250 range, while a large number of clearing positions are piled up in the US$81,700 to US$83,300 range above it.
Breakthroughs lacking in volume and energy support
Glassnode pointed out in a report released on Wednesday that Bitcoin pushed higher to more than $85,000 this week due to the atypical trading volume and new capital support required for continued breakthroughs, and the selling speed of short-term holders hit a new high in a year during this rebound.
The on-chain analyst said in a weekly report titled "A Rally Running Light" that Bitcoin's seven-day average daily trading volume on spot exchanges and U.S. spot ETFs is approximately US$6.8 billion. Since January 2024, this level is below the trading volume of 9 out of every 10 trading days.
New funds failed to cover most of the gains in market value
Glassnode said that in the 30 days ended October 5, new funds, net inflows of U.S. spot ETFs, stablecoin growth and corporate treasury purchases brought approximately $4.9 billion. At the same time, Bitcoin's realized market value-the total value of all coins at the time of their last move-increased by approximately $12.8 billion. This means new funding covers less than two-fifths of this increase.
Glassnode pointed out that the rest of the increase reflects the change of capital already in the market at higher prices. This pattern also appears in the rallies in 2024 and 2025, despite much larger inflows at the time.
Recent buyers take profits during breakthroughs
Glassnode said that short-term holders (investors who have held coins for less than 155 days) provided approximately 86% of the total number of coins sent to the exchange when Bitcoin closed above $85,000 for the first time on Sunday. This is the highest proportion in a single day in the past year; on ordinary trading days, it is usually less than two-fifths.
Prices have since slipped below that level, exacerbating the pressure on Bitcoin overall due to rising bond yields. Glassnode pointed out that the largest buying block on the Binance order book is between $81,000 and $81,250, and there is a clearing layer above it in the $81,700 to $83,300 range. This market structure is similar to the long liquidations that hit Bitcoin earlier this week.
