Bitcoin ETFs Grow Without Heavy Selling as Buyers Regain Lead

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their holdings grow to about 1.5 times their realized value, yet there is no significant selling pressure, according to Glassnode. The analytics firm noted in its Oct. 5 Weekly Market Pulse that while these ETFs continue to attract capital, the inflow has slowed compared to the previous week.

Bitcoin remains near $85,500 after a Sunday rally that pushed its weekly close up roughly 2%. Glassnode’s data indicates that buyers now outpace sellers by $33.2 million in the spot market, a reversal from the previous week when sellers led by $102.8 million. Additionally, selling pressure from futures traders has eased, with net selling in perpetual futures dropping to $87.4 million from $940.1 million.

The total value of open futures contracts fell 3.8% to $36.6 billion, and open options contracts declined 14.7% to $36 billion after a quarterly expiry, a scheduled reset that Glassnode does not interpret as a sign of stress. Despite ongoing profit-taking, new money continues to flow in, with newer investors contributing 19.5% of fresh capital this week, up from 18.9% the week before.

Network activity has also increased, with active addresses rising 6.1% to around 675,800 and transaction fees climbing 7.3%. About 73.6% of all Bitcoin is now in profit, up from 73% the previous week, and the realized profit-to-loss ratio improved to 1.3 from 1.2, indicating that more coins are being sold at a gain than at a loss.