$BTC Rally Drives 97% of Supply Into Profit, Glassnode Reports


Analytics platform #Glassnode reported that $BTC's surge to a new all-time high near $126,000 earlier this week was powered by strong institutional demand and steady accumulation from smaller market participants rather than speculative activity. The firm's analysis reveals that 97% of circulating supply is now in profit, a level typically associated with late-stage bull cycles.


More than $2.2 billion flowed into U.S. spot $BTC ETFs within a single week, marking one of the strongest waves of institutional buying since April. These inflows reversed the mild redemptions observed in September and helped absorb available supply on exchanges, according to Glassnode's Oct. 8 edition of "The Week On-chain" newsletter.


#On-chain data shows that mid-tier holders, defined as wallets containing between 10 and 1,000 $BTC, have been the primary buyers behind the latest rally. These accounts have steadily increased their balances while larger whales have taken moderate profits, creating what Glassnode describes as a more organic #accumulation phase.


The fourth quarter has historically represented $BTC's most favorable season, as professional investors often rebalance portfolios toward higher-risk assets, including crypto and small-cap stocks. Glassnode noted that sustained #ETF demand could continue to anchor prices as year-end approaches, potentially providing durable support for the rally.


The #report identified the $117,000 to $120,000 zone as a key area of on-chain support, with approximately 190,000 $BTC last transacted in that range. This price region may attract new buyers if markets experience a pullback, as recent purchasers would likely defend their profitable entry positions.


However, Glassnode cautioned that futures open interest and funding rates have both risen sharply during the rally.

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October 08, 2025 at 9:23 PM