Bitcoin‘s (CRYPTO: BTC) run to new highs is powered by a synchronized wave of inflows and activity across ETFs, spot markets, and derivatives.
What Happened: Glassnode data shows Bitcoin's ascent is supported by three key pillars:
- ETF & Institutional Flows: Cumulative inflows into U.S. spot Bitcoin ETFs hit $2.2 billion, while daily trading volumes exceeded $26 billion, a sharp reversal from September's outflows and a clear sign of institutional demand returning.
- On-Chain Strength: Network activity has surged, with transfer volumes up 39% and active addresses climbing 11%, reflecting organic usage growth. Nearly 97% of all Bitcoin supply is now in profit, underscoring strong holder conviction.
- Derivatives Momentum: Open interest rose to $47.8 billion, funding rates turned positive, and demand for call options is outpacing hedging, confirming bullish sentiment among traders.
The confluence of these forces underscores that Bitcoin's breakout is backed by real capital inflows, healthy leverage, and improving liquidity, setting a constructive tone for Q4.
Also Read: Bitcoin Could Reach $150,000 If Q4 Seasonality Delivers, Trader Says
Why It Matters: Glassnode's report highlights robust participation across both on-chain and off-chain metrics
- Bitcoin's 14-day RSI has reported a rise to 65.7 signaling strong buying momentum and growing market confidence.
- Spot trading volume on centralized exchanges expanded from $6.99 billion to $9.27 billion, staying within sustainable ranges.
- Futures open interest rose 7.7%, while options open interest grew 1.2%, showing balanced derivatives activity. Meanwhile, Bitcoin active addresses grew 11.1% during the same period.
- U.S. Bitcoin ETFs flipped from $152.7 million in outflows to $2.2 billion in net inflows -- a defining shift in sentiment.
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