Bitcoin monthly inflows near $5B, but existing holders did most of the lifting

Bitcoin drew an estimated $4.9 billion in fresh capital over the 30 days to October 5. That sounds like a strong month, until you see where the rest of the growth came from. According to Glassnode’s latest on-chain report, most of the network’s valuation gains came from people who already owned Bitcoin. They sold coins to each other at higher prices. New buyers were present, but they were not the main event. Glassnode published the analysis on October 7, 2026, under the title “A Rally Running Light.” The firm estimates new capital at approximately $4.9 billion over the 30-day window. That figure combines three sources: US spot Bitcoin ETF flows, growth in stablecoin supply, and corporate treasury purchases. Over the same period, Bitcoin’s realized capitalization rose by about $12.8 billion. New money therefore accounted for less than two-fifths of the increase. Realized cap values each coin at the price it last changed hands on-chain, tracking what holders actually paid. When it rises, it usually means coins are moving at higher prices than before. That can happen through fresh buyers bringing new dollars into the system, or existing holders trading coins among themselves at higher...