Bitcoin Capital Inflows Rise as U.S. Spot ETF Outflows Continue

Bitcoin (BTC) traded near $82,000 on Oct. 19 as on-chain indicators of incoming capital strengthened, even while U.S. spot Bitcoin ETFs lost $230 million and exchange selling continued. Monthly realized-cap growth reached 1.3%, compared with 1.2% a week earlier. Hot capital, a measure of short-term, price-sensitive money, accounted for 20.3% and remained above its usual upper range. The ratio of short-term to long-term holder supply also rose to 14.7% from 14.5%, pointing to a larger role for newer holders. Those readings indicate that capital was entering Bitcoin on-chain. They sit alongside weaker demand through U.S. funds and spot exchanges, which measure different parts of the market. The holder shift alone does not explain away the rise in realized capitalization. In the week through Oct. 18, U.S.

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