Glassnode said existing investors accounted for three-fifths of Bitcoin's $12.8 billion realized cap growth in the 30 days to Oct. 5. According to NS3.AI, new capital inflows totaled around $4.9 billion during the same period, while further gains may depend on existing holders paying more before inflows pick up.

Glassnode also said short-term holders taking profits accounted for about 86% of coins sent to exchanges on the day Bitcoin recorded its first weekly close above $85,000 since January. Bitcoin traded around $83,000 on Thursday, down 1% month-to-date.