Capital Inflows into Bitcoin Continue, While ETF Flows Weaken

Cryptocurrency News
6 min read time
|Updated: 2026-10-06
Capital Inflows into Bitcoin Continue, While ETF Flows Weaken
As of October 6, the crypto market is showing a more selective outlook, with Bitcoin trading at around $85,600. On-chain data shows that new capital continues to enter the Bitcoin network, while rising profit-taking is making the balance around price more sensitive. In the United States, the CFTC has launched a process for a new crypto regulatory framework, while spot Bitcoin and Ethereum ETFs recorded net outflows in the latest session.

Market Perspective: New Capital and Profit-Taking Are Balancing Each Other

Bitcoin price made another attempt to move above $87,000 on October 5 before pulling back toward the $85,600 region. This marked the third notable rejection, around $87,000 since September 23. At the same time, Glassnode data shows that on-chain activity and new capital entering the network remain elevated.
According to Glassnode’s October 5 report, active addresses, transfer volume and fees have moved into the upper portions of their historical ranges. The share of short-term, price-sensitive capital in total realized value, described as “hot capital,” also increased to 19.5%. At the same time, unrealized gains among short-term holders and realized profit-taking remain elevated, indicating that new demand and willingness to sell are strengthening simultaneously.

ETF Flows: Outflows Across Both Major Assets

According to Farside data, US spot Bitcoin ETFs recorded $89.8 million in net outflows on October 5. Daily flows therefore returned to negative territory after a combined $292.6 million in inflows over the previous two trading sessions. Cumulative net inflows into Bitcoin ETFs since launch stands at approximately $57.77 billion.
Spot Ethereum ETFs recorded $18.9 million in net outflows on the same day. According to Farside, Ethereum products recorded negative flows in each of the five trading sessions from September 29 through October 5, with total outflows of approximately $174.1 million over the period.
Looking at the previous full trading week, from September 28 through October 2, Bitcoin ETFs recorded approximately $241.1 million in inflows, while Ethereum ETFs saw approximately $138.1 million in outflows. Combined weekly flows across the two asset groups remained approximately $103 million positive. This shows that ETF demand has not disappeared, but has diverged significantly between Bitcoin and Ethereum.

Bitcoin On-Chain Activity Strengthens

According to Glassnode’s weekly data, the monthly change in Bitcoin’s realized cap stands at 1.1% and remains above its historical high band. Daily active addresses also increased 6.1% over the week to 675,800, while entity-adjusted transfer volume reached approximately $6.7 billion. These indicators suggest that new capital and activity continue to enter the Bitcoin network.
At the same time, the ratio of short-term holder supply to long-term holder supply increased to 14.2%. A growing share of short-term and more price-sensitive capital can support market activity, but it can also increase sensitivity to price changes. High on-chain activity should therefore not be interpreted as a standalone indicator of price direction.
Glassnode is monitoring the mean MVRV price near $96,700 as an important on-chain resistance region. However, this figure is not a definitive price target. MVRV compares Bitcoin’s market capitalization with its realized value based on the prices at which coins last moved. The $96,700 level should therefore be viewed as a conditional reference level under current data rather than a predetermined destination for price.

CFTC Opens a New Regulatory Path for Crypto

The US Commodity Futures Trading Commission (CFTC) published an advance notice of proposed rulemaking on October 5 covering two regulatory areas: Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM), and began seeking public comment. The process does not represent final regulation; it is a formal consultation stage intended to help the agency determine the scope of potential rules.
The CTX framework focuses on activities that allow retail customers to trade crypto assets on a margined, leveraged or financed basis. The CAM model considers creating a new subcategory of designated contract market within the CFTC framework for platforms that would offer only these types of transactions. CFTC Chairman Michael Selig specifically noted that ordinary spot crypto trading is not directly covered by the current proposal and that Congress has not required all spot platforms to register with the CFTC.
The CFTC is also seeking views on areas including customer-asset protection, market-manipulation safeguards, proof-of-reserves requirements and financial-intermediation obligations. These measures are part of a US-specific regulatory process and do not change the legislation or obligations applicable to crypto asset service providers in Türkiye.

Short-Term Demand Cools in Bitcoin ETFs

Bitcoin is trading approximately 32% below the roughly $126,080 peak recorded on October 6, 2025, as the market reaches the first anniversary of that high. At the same time, cumulative net inflows of approximately $57.77 billion into US spot Bitcoin ETFs since launch show that price performance and long-term fund flows do not always move in the same direction.
Glassnode’s data for the week ending October 4 also points to a short-term slowdown in ETF demand. Weekly Bitcoin ETF net flows fell 87.7% from the previous week to approximately $208.1 million, while ETF trading volume declined to about $10.8 billion. Meanwhile, the ETF MVRV indicator, which measures unrealized profitability among the average ETF investor, moved above its high band.
This suggests that a significant share of ETF investors remains in profitable positions even as new capital inflows have slowed in the short term. From here, whether existing profitability translates into additional selling and whether ETF inflows begin to accelerate again will become more meaningful.

CoinTR Insight

Today’s three developments show that the nature of capital entering the Bitcoin market matters as much as the amount. While the share of new and short-term capital is increasing on-chain, the return of daily ETF outflows shows that different investor groups can move in different directions at the same time. The CFTC’s regulatory process in the United States also shows that the legal framework surrounding institutional crypto market infrastructure continues to evolve.
During periods when capital flows and profit-taking are both elevated, liquidity and order management remain important. CoinTR’s deep liquidity infrastructure and strong USDT/TRY trading flow are among the infrastructure features that support more controlled and gradual order management under changing market conditions.

Forward-Looking Takeaway

  • On-chain capital: Whether the hot-capital share continues to rise from 19.5% and whether growth in realized cap is sustained will be important indicators of the durability of new capital entering Bitcoin.
  • ETF flows: Whether the $89.8 million Bitcoin ETF outflow on October 5 remains limited to a single session will be important. Consecutive outflows could make the short-term cooling in institutional demand more visible.
  • Profit-taking: If selling accelerates while short-term holder profitability remains elevated, it could limit the price impact of new on-chain capital. Conversely, continued absorption of existing selling by new demand could support market balance.
  • US regulatory process: Public feedback on the CFTC’s CTX and CAM initiatives will help shape the scope of any eventual rules. Because the current measures remain at the proposal and consultation stage, they should not be treated as final regulations already in effect.
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