Bitcoin ETFs Are Up: Why Are They Not Selling?
U.S. spot Bitcoin ETF holdings are worth about 1.5 times their realized value, yet Glassnode sees no sign of heavy selling.The analytics firm reported in its Oct. 5 Weekly Market Pulse that U.S. spot Bitcoin ETFs are still attracting money, but at a far slower pace than the week before.Bitcoin still holds near $85,500 after a Sunday rally pushed its weekly close about 2% higher.Glassnode data shows buyers now lead sellers by $33.2 million in the spot market, where traders swap actual Bitcoin, after trailing by $102.8 million a week earlier.Selling pressure from futures traders is easing as well. Net selling in perpetual futures shrank to $87.4 million from $940.1 million, which leaves less downward pressure on price.Traders also cut positions, with the total value of open futures contracts down 3.8% to $36.6 billion, and open options contracts fell 14.7% to $36 billion after the quarterly expiry, a scheduled reset that Glassnode does not read as stress.Profit-Taking Continues, but New Money Keeps ComingProfits reach well beyond ETF holders, with about 73.6% of all Bitcoin now in profit, up from 73% a week earlier.The realized profit-to-loss ratio also rose to 1.3 from 1.2, which means coins sold at a gain now outweigh coins sold at a loss.New money is still arriving, as newer investors supplied 19.5% of fresh capital this week. That share was 18.9% the week before.Meanwhile, network activity also picked up, with active addresses rising 6.1% to about 675,800 and transaction fees increasing 7.3%.Image: Shutterstock Read Also: