Bitcoin monthly ‘new money’ inflows near $5B as BTC price rally stalls

Bitcoin (BTC) price gains do not yet reflect enough new capital entering the market, analysis warns.Key points:Rolling 30-day cumulative inflows of “new money” to Bitcoin reached $4.9 billion on Oct. 5, per Glassnode data.Existing investors still accounted for three-fifths of the $12.8 billion growth in realized cap in that period.Short-term holders accounted for more than 80% of profit-taking above $85,000.Bitcoin capital inflows not responsible for realized cap growthIn the latest edition of its regular newsletter, The Week Onchain, crypto research platform Glassnode revealed that existing holders were behind much of Bitcoin’s recent upside.“New money” inflows into Bitcoin — purchases by corporate treasuries, “stablecoin growth” and inflows to the US spot Bitcoin exchange-traded funds (ETFs) — totaled around $4.9 billion in the 30 days to Oct. 5.Bitcoin’s realized cap, which values each coin at the price it last moved onchain, grew by $12.8 billion, more than twice as much over the same period.“New money therefore covers less than two fifths of that rise. The rest is coins changing hands at higher prices among money already in the market,” Glassnode commented.Bitcoin new money in...