Bitcoin trades just below $83k after a mid-week slide briefly undid the September breakout. Perpetual traders and ETF holders led the selling, while new capital kept arriving on-chain and profitability stays stretched.
glassno.de/4ztqYV0
Most #BTC with a visible public key is exposed through address reuse, and that part has been growing.
The balance in reused addresses rose from 3.79M to 4.33M BTC over the past year, and now covers 21.5% of circulating supply.
Address reuse accounts for 4.33M BTC: the address has already spent, so its key is public. Moving those coins to a fresh address ends the exposure.
The other 1.94M BTC are exposed by script type: 1.71M in P2PK, of which 1.10M is attributed to Satoshi, and 222K in Taproot.
2/6
Existing holders have been carrying this $BTC rally.
The realized cap keeps climbing while new money from ETFs, stablecoins and treasuries is dropping.
The 2024 and 2025 rallies showed the same gap, but on far larger inflows. A pickup in new money would put real
Bitcoin is moving into support.
After a rejection from the sell wall at $86.5K, $BTC has slid toward multiple large buy orders. The largest sits around $81k.
These bids have been patiently waiting and will help to dampen downside.
The US bid that led $BTC has flipped.
From July to the September breakout, US trading hours drove most of Bitcoin's gains. Since then, the US session has been a net seller.
The full picture, from ETF flows to liquidations, in this week's Week On-chain 👇
Bitcoin got through the $85K wall, but the rally is running light. Our new Week On-chain maps what is missing, what altcoins are doing and the levels to watch.