Bitcoin Rally Driven by Existing Holders Rather Than Fresh Capital, Glassnode Says
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.