Bitcoin ETFs Are Up: Why Are They Not Selling?

U.S. spot Bitcoin (CRYPTO: BTC) ETF holdings are worth about 1.5 times their realized value, yet Glassnode sees no sign of heavy selling.

The analytics firm reported in its Oct. 5 Weekly Market Pulse that U.S. spot Bitcoin ETFs are still attracting money, but at a far slower pace than the week before.

Bitcoin still holds near $85,500 after a Sunday rally pushed its weekly close about 2% higher.

Glassnode data shows buyers now lead sellers by $33.2 million in the spot market, where traders swap actual Bitcoin, after trailing by $102.8 million a week earlier.

Selling pressure from futures traders is easing as well. Net selling in perpetual futures shrank to $87.4 million from $940.1 million, which leaves less downward pressure on price.

Traders also cut positions, with the total value of open futures contracts down 3.8% to $36.6 billion, and open options contracts fell 14.7% to $36 billion after the quarterly expiry, a scheduled reset that Glassnode does not read as stress.

Profit-Taking Continues, but New Money Keeps Coming

Profits reach well beyond ETF holders, with about 73.6% of all Bitcoin now in profit, up from 73% a week earlier. 

The realized profit-to-loss ratio also rose to 1.3 from 1.2, which means coins sold at a gain now outweigh coins sold at a loss.