Key Takeaways
- • Bitcoin's realized capitalization is rising while inflows from new-money channels, including spot ETFs, stablecoins, and treasuries, are declining, indicating the current rally is driven mainly by existing holders rather than fresh capital.
- • Pluang notes that similar holder-driven patterns appeared in Bitcoin's 2024 and 2025 rallies, but those periods saw substantially higher new-money inflows.
- • A renewed increase in stablecoin inflows could potentially support another leg higher by boosting demand for Bitcoin.
- • Broader market breadth was weak as of October 8, 2026: only 6 of the 50 major cryptocurrencies tracked by Pluang rose, while 43 fell.
Summary
Bitcoin's current rally is being sustained more by existing holders than by new capital, according to an analysis published by Pluang. The article's central observation is that Bitcoin's realized capitalization, a measure that values coins at the price they last moved on-chain, is increasing, while the inflows that typically signal fresh demand are shrinking. Those new-money channels include exchange-traded funds (ETFs), stablecoins, and treasury allocations.
Pluang states that the same pattern appeared during Bitcoin rallies in 2024 and 2025. Those earlier periods, however, were supported by significantly larger new-money inflows. The distinction matters for assessing durability: rallies funded by a shift in existing holdings can be less dependent on continued incremental buying, but they also lack the fresh capital that has historically broadened price advances.
The article identifies a possible catalyst for renewed momentum. A pickup in stablecoin inflows could support another rally by boosting demand for Bitcoin, though the publication presents this as a conditional scenario rather than a forecast.
Pluang's market data, timestamped October 8, 2026 at 23:31 WIB, showed the rally was not broad-based across the crypto market. Six of the 50 major cryptocurrencies tracked rose, while 43 declined. Among the decliners, Chainlink (LINK) fell 7.45% to Rp222.366, Uniswap (UNI) dropped 7.39% to Rp130.398, and Solana (SOL) lost 7.05% to Rp1.944.007.
Pluang states that the same pattern appeared during Bitcoin rallies in 2024 and 2025. Those earlier periods, however, were supported by significantly larger new-money inflows. The distinction matters for assessing durability: rallies funded by a shift in existing holdings can be less dependent on continued incremental buying, but they also lack the fresh capital that has historically broadened price advances.
The article identifies a possible catalyst for renewed momentum. A pickup in stablecoin inflows could support another rally by boosting demand for Bitcoin, though the publication presents this as a conditional scenario rather than a forecast.
Pluang's market data, timestamped October 8, 2026 at 23:31 WIB, showed the rally was not broad-based across the crypto market. Six of the 50 major cryptocurrencies tracked rose, while 43 declined. Among the decliners, Chainlink (LINK) fell 7.45% to Rp222.366, Uniswap (UNI) dropped 7.39% to Rp130.398, and Solana (SOL) lost 7.05% to Rp1.944.007.
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