Bitcoin has regained its shine in financial markets with a record influx of speculative capital, as a report from Glassnode, a blockchain analytics firm, revealed a significant rise in what is known as 'hot supply'—the coins that have been moved in the past week—reaching its highest levels since last February.
According to the report, the volume of this supply jumped from $17.5 billion on March 23 to about $39 billion currently, representing an increase of over $21.5 billion in just five weeks, in one of the fastest shifts from stagnation to speculation in market history.
The report clarified that this increase reflects a 'notable acceleration in capital turnover', with short-term investors (STHs) returning to activity benefiting from the rising Bitcoin price approaching the $95,000 threshold.
Despite this momentum, Glassnode confirms that the macro market indicators have not yet shown the full recovery typically associated with the beginnings of bull markets, as the number of active addresses daily remains low compared to previous bull phases, indicating that organic network participation is still in the formation stage.
The report added that indicators such as the 'Profit Supply Ratio' which reached 86%, and the 'Net Unrealized Profit and Loss' (NUPL) at 0.53, are recording steady growth, amid early signs of rising 'Fear of Missing Out' (FOMO) phenomenon.