Glassnode Tells Where Bitcoin Is Headed After the Asset’s Jump Above $85,000

Leading on-chain analytics firm Glassnode took a deep dive into the Bitcoin market after the asset jumped above $85,000. Glassnode observed that Bitcoin broke above $85,000 on thin volume and limited fresh capital inflows before retreating. Combined spot exchange and U.S. ETF volume averaged just $6.8 billion a day, lower than 90% of days since early 2024. Notably, new money from ETFs, stablecoins and corporate treasuries accounted for less than 40% of the recent $12.8 billion rise in realized cap, leaving the advance dependent on existing holders paying higher prices.