- Capital inflows into BTC and ETH dropped from $86B to $66B, signaling cooling momentum.
- Bitcoin price is now hovering near $112.7K as the market enters consolidation mode.
- Stablecoin net positions rose to $11.4B by Sept 22, suggesting sidelined capital preparing for potential re-entry.
Crypto inflows have slowed, with $30 billion leaving over two months. Yet, growing stablecoin reserves show investors are preparing for what’s next. Is the market ready for a new rally or more sideways action?
BTC Price Cools After Explosive Summer Rally
Data from Glassnode shows that Bitcoin rallied from approximately $77,000 in late March to an all-time high of $115,700 on July 31. However, prices have since pulled back slightly, stabilizing around $112,700 as of September 22.
Despite the price holding firm, capital inflows tell a different story. The 30-day net capital inflow — covering BTC, ETH, and stablecoins — dropped from a peak of $86 billion in late July to $66 billion by late September. This sharp $30 billion decline, as reported by analyst Ali Martinez, reflects waning investor enthusiasm and signals that fresh money is slowing down.
Yet, the drop in inflows hasn’t led to significant outflows. Glassnode’s chart reveals no major red bars — indicating that while new buying has slowed, existing investors aren’t rushing to exit. This hints at a cautious market environment where holders are opting to wait and watch rather than sell off.
Stablecoin Growth Signals Potential Buying Pressure
BTC and ETH inflows have slowed down, but stablecoin activity is quietly rising. According to Glassnode, stablecoin holdings increased from $8 billion in July to $11.4 billion by September 22.
This shows that investors are moving their money into stablecoins, probably waiting for a better time to buy. Historically, when stablecoin reserves grow like this, it often alerts of big market moves ahead.
If capital in stablecoins is used to buy back Bitcoin or Ethereum, it could spark new momentum and push prices up after the current pause.
Long-Term Holders Cash Out, Whales Move to Binance
While everyday investors have slowed down, big players are making significant moves. Glassnode reports that long-term Bitcoin holders have cashed in 3.4 million BTC in profits since this cycle began—an unusually high number.
At the same time, CryptoQuant revealed that whales sent $120 million worth of Bitcoin to Binance during the September 22 sell-off, followed by another $52 million the next day. These large transfers often signal heavy trading ahead, whether it’s selling off or buying dips.
Meanwhile, ETF flows turning negative point to cautious or bearish sentiment among institutional investors in the short term.
