Bitcoin Rally Driven by Existing Holders Rather Than Fresh Capital, Glassnode Says
JH Kim
Summary
- On-chain analytics firm Glassnode said the recent rally in Bitcoin (BTC) is being driven more by existing holders than by fresh capital inflows.
- According to Glassnode, new inflows through exchange-traded funds (ETFs), stablecoins, and corporate treasury assets are trending lower.
- As a result, the recent Bitcoin rally is being influenced more by existing holders' market participation than by new capital entering from outside the market.
Forecast Trend Report by Period
Bitcoin's recent rally is being driven more by existing holders than by fresh capital inflows, according to an analysis from on-chain analytics firm Glassnode. New money flowing in through exchange-traded funds, stablecoins and corporate treasury assets has declined.
On Oct. 8, Glassnode said the latest rise in Bitcoin prices has been led primarily by existing market participants.
The firm said new inflows through Bitcoin ETFs, stablecoins and corporate treasury assets are on a downward trend.
As a result, Bitcoin's recent gains have been influenced more by participation from current holders than by new money entering from outside the market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.