Glassnode: Bitcoin's Jump Above $85,000 Came on Thin Volume and No Fresh Capital
- —Combined spot and ETF volume averaged $6.8 billion a day, below 90% of days since early 2024
- —Fresh money from ETFs, stablecoins and treasuries drove under 40% of the $12.8 billion realized-cap gain
- —Short-term holders booked the highest share of profitable exchange inflows in a year
- —Traders now spend about $17 million more per day on calls than puts on a 30-day average
Why it matters: A rally without fresh capital leaves Bitcoin exposed: a break below $81,000 could trigger a wave of forced liquidations.
Source: ZyCrypto