Bitcoin Holds Firm Near $86,000 Amid Strong On-Chain Activity

Bitcoin's price has been hovering around $86,000, with on-chain activity and fresh capital inflows remaining strong. According to Glassnode, an on-chain analytics firm, Bitcoin's weekly close rose about 2% on the back of Sunday's gains. The firm noted that positioning in the derivatives market has eased back toward normal levels, while inflows into spot Bitcoin exchange-traded funds have slowed somewhat. However, on-chain activity, fresh capital inflows, and investor profit-taking have all remained elevated. Furthermore, whale exchange flows have shifted, with net inflows turning to net outflows after late August. This stretch of net whale inflows to exchanges lasted about twice as long as similar episodes seen since 2023.