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After a period of stagnation in April, #
Bitcoin
's Realized Cap has added nearly $30B, currently growing at ~3% monthly. While the uptick confirms renewed capital inflows, the pace still lags behind the aggressive accumulation seen in Nov–Dec '24.
#BTC
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#Bitcoin's LTH supply rose from 13.66M $BTC in mid-March to 14.29M $BTC, but recently ticked down again for the second time in May. LTH spending has also picked up to 0.43. These inflections can escalate quickly, often front-running local market tops - worth watching closely.
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#Bitcoin's LTH realized price has climbed to $45.34K -reflecting the aging of coins bought around $90K–$100K into long-term status. With the 155-day cut-off, buyers from Dec '24 are now LTHs, gradually lifting the cohort’s cost basis.
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The 7D SMA of $BTC Spot Volume Delta has flipped positive, hitting a local high yesterday near $5B. This aggressive net taker demand has only appeared a few times this year - confirming that the move above $100K is backed by real spot market conviction.
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Large wallets continue to lead accumulation, but ultra-large whales are cooling off. >10K $BTC cohorts have pulled back to a neutral score (~0.5), while 1K–10K (~0.9) and 100–1K $BTC (~0.8) remain strong buyers. Only <10 $BTC holders continue to distribute.
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Despite $DOGE pulling back from its recent high, Futures Open Interest continues to rise, up +63.9% over the past week ($989M → $1.62B). This decoupling suggests persistent speculative positioning, even as price momentum fades - a setup worth monitoring: https://glassno.de/4j1YJ79
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