Bitcoin ETFs Hold Strong Despite Slower Inflows

U.S. spot Bitcoin ETFs are holding strong, with their combined holdings now worth about 1.5 times their realized value. Despite this, Glassnode's Oct. 5 Weekly Market Pulse reports no significant selling pressure. While inflows have slowed compared to the previous week, Bitcoin's price remains near $85,500 after a recent rally pushed its weekly close up 2%.

The spot market shows a shift in momentum, with buyers now leading sellers by $33.2 million, a reversal from the prior week's $102.8 million deficit. Futures traders are also easing their selling, 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, while open options contracts decreased 14.7% to $36 billion after a quarterly expiry, which Glassnode does not consider a sign of stress.

Profit-taking remains prevalent, with 73.6% of all Bitcoin now in profit, up slightly from 73% the week before. The realized profit-to-loss ratio increased to 1.3 from 1.2, indicating more coins are being sold at a gain than at a loss. New investors continue to bring fresh capital, contributing 19.5% of new funds this week, up from 18.9% the previous week.

Network activity has also seen an uptick, with active addresses rising 6.1% to about 675,800 and transaction fees increasing 7.3%. These metrics suggest sustained interest and engagement in the Bitcoin market despite the slowing ETF inflows.