Bitcoin’s rally keeps pulling in fresh capital, but the buying pressure behind it has turned uneven, according to Glassnode’s latest weekly report.
Spot Buyers Are Losing Conviction
Glassnode wrote in its Sept. 28 report that Bitcoin traded near $84,000 after touching $87,000 the previous Wednesday.
The week finished about 4% higher, but the report attributes that entire gain to the prior Monday’s jump, meaning the rest of the week showed limited follow-through.
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The Relative Strength index climbed 14.8% to 70.4, above its upper band, showing momentum still reflects the earlier advance.
Perpetual futures traders turned outright sellers as open interest rose 2.1% to $38.9 billion, staying elevated even as bullish conviction cooled.
ETF Demand Is the One Bright Spot
Glassnode also flagged that US spot ETFs pulled in roughly $2.7 billion in weekly net inflows, well above the report’s upper band, even as ETF trading volume fell from $18.1 billion to $14.9 billion.
In other words, strong inflows kept coming even as secondary trading cooled.
Capital flow data reinforced that trend. Monthly realized-cap growth hit 1.1%, above its upper band, while the share of supply in profit rose from 69.3% to 74%.
Buyers are clearly absorbing supply at higher valuations, but that same profitability now gives more holders a reason to sell into strength.
Why the Next Move Hinges on One Price Zone
Glassnode posted separately on X that Bitcoin sits up 35% from the August low while coin-denominated open interest has dropped almost 20% to its lowest level since March, a setup that could make the rally less exposed to leverage flushes.
One hurdle sits directly overhead: more long-term holder coins cluster between $84,000 and $85,000 than at any other price level on the chart. Bitcoin needs to clear and hold above that zone to keep the rally alive.
Glassnode noted altcoin spot volume has climbed to nearly four times Bitcoin’s, the highest ratio since September 2025. That kind of rotation into riskier assets has historically lined up with local Bitcoin tops.
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