On-Chain Data Shows Bitcoin Profitability Hits 97%, Glassnode Notes Widespread Gains

Bitcoin’s Rally Anchored by ETF Inflows and On-Chain Accumulation: Glassnode

Bitcoin’s recent climb to near $126,000 was driven by institutional ETF inflows and steady accumulation by mid-tier holders, Glassnode reports, with the cryptocurrency now consolidating around $122,500.

ETF Inflows Boost Prices
U.S. spot bitcoin ETFs attracted $2.2 billion in inflows this week, one of the largest waves of institutional buying since April. These inflows offset earlier exchange redemptions and absorbed available supply, reinforcing the market. Historically, the fourth quarter favors higher-risk assets like crypto as investors rebalance portfolios.

Mid-Tier Holders Lead On-Chain Demand
Wallets holding 10–1,000 BTC have been the primary buyers, steadily increasing positions while larger whales take modest profits. Roughly 97% of circulating BTC is now in profit, a signal often associated with late-stage bull cycles, though there are no signs of a full market top yet. Key on-chain support exists in the $117,000–$120,000 range.

Leverage and Market Risks
Futures open interest and funding rates have risen, with annualized funding surpassing 8%, highlighting short-term leverage risks. However, realized profits remain moderate, indicating rotation of holdings rather than panic selling.

Structurally Strong Market
Glassnode concludes that bitcoin’s rally is supported by institutio