$BTC

As Bitcoin trades at its highest levels since early March, Glassnode’s latest analysis shows a sharp rise in "hot supply"—the volume of BTC that has moved within the past week. This metric serves as a proxy for short-term holder (STH) behavior and speculative investor activity.

Hot supply has grown by over $21.5 billion since March 23, when it reached a local low of $17.5 billion.

As of April 29, the value of this metric stands near $40 billion, its highest level since February 2025.