Bitcoin Holds Near $86,000 as On-Chain Activity, Fresh Inflows Stay Strong; Whale Exchange Netflows Flip to Outflows
Summary
- Bitcoin was trading near $86,000, with on-chain activity and fresh capital inflows remaining strong.
- Inflows into spot Bitcoin exchange-traded funds (ETFs) have slowed somewhat, but on-chain activity, fresh capital inflows and investor profit-taking have remained elevated.
- Bitcoin whales’ exchange net inflow trend flipped to net outflows after late August, and Glassnode said the stretch lasted about twice as long as similar patterns seen since 2023.
Forecast Trend Report by Period
Bitcoin traded near $86,000 as on-chain activity and fresh capital inflows remained strong. Bitcoin whale exchange net inflows also shifted to net outflows after late August.
Glassnode, an on-chain analytics firm, wrote on X on Oct. 5 that Bitcoin was trading around $86,000 after its weekly close rose about 2% on the back of Sunday’s gains.
The firm said positioning in the derivatives market has eased back toward normal levels, while inflows into spot Bitcoin exchange-traded funds have slowed somewhat.
By contrast, on-chain activity, fresh capital inflows and investor profit-taking have all remained elevated.
Whale exchange flows have also shifted. Glassnode said whales have stopped sending Bitcoin to exchanges. The net inflow trend that persisted for more than three months over the summer ended in late August, and net outflows have continued since then.
According to Glassnode, that stretch of net whale inflows to exchanges lasted about twice as long as similar episodes seen since 2023.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.