Bitcoin's Rally Is Real, Glassnode Says: So Why Are Spot Buyers Uninterested?

Bitcoin’s (CRYPTO: BTC) 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.

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%.