The first drop in market capitalization has been achieved: Bitcoin capital inflows have slowed

According to Woofun AI, Bitcoin has reversed the market capitalization trend, marking a significant slowdown in the rate of new capital entering the market. Despite US spot ETFs experiencing huge outflows for two consecutive days, the Bitcoin price remained close to the key support level, and the market structure did not collapse due to short-term liquidity contraction.

According to Glassnode data, as of September 14, Bitcoin had achieved an upward trend in market capitalization for 27 consecutive days, but experienced negative growth for the first time on September 15. The indicator calculates the overall on-chain valuation based on Bitcoin that has been traded recently. It reflects changes in the capital situation of holders when transferring assets at different prices, rather than simply measuring market value. Currently, the Bitcoin transaction price remains around $76,500. This turning point means that the on-chain valuation corresponding to the recent transaction has declined. It is not equivalent to the withdrawal of an equal amount of funds, but rather reveals a dynamic adjustment in the holding cost structure.

According to data compiled by Woofun AI, the ETF capital flow according to Farside Investors further confirms weak demand: a net outflow of US$450.4 million on September 15 and another outflow of US$295.9 million on September 16. The total net outflow for the two days reached US$746.3 million.

Despite multiple market pressures and macro-selling pressure after the Federal Reserve's September policy decision, the Bitcoin price is still close to Glassnode's “real market average” of $76,700, which represents the average price paid by active investors. Even though other cryptocurrencies were sold off, Bitcoin's decline was limited, showing strong price resilience.

Structurally, $71,300 forms the next short-term holding cost benchmark, while the $62,000-$65,000 range forms a broader support area. These on-chain reference ranges are not absolute price bottomlines, but key coordinates for measuring the health of the market. If the Bitcoin price can rise above $76,700, and the closing price is higher than the real market average for two consecutive trading days, along with improving capital inflows, it will confirm the return of new capital and push the price back to the previous trading range.