$BTC

🔥Bitcoin 'hot supply' nears $40B as new investors flood in at $95K

👉Bitcoin sees “surge in capital turnover”

New investors are entering the market as BTC price action circles its highest levels in several months.

Glassnode reveals that the sum of coins which last moved up to a week ago has reached its largest figure since early February.

“This metric captures short-term holder activity and is a proxy for speculative capital entering the market,” it explains.

In the past week alone, hot capital has shot up by over 90% to near $40 billion. Since local lows in late March, hot capital has increased by $21.5 billion, a “surge in capital turnover” which underscores a sea change in market sentiment.

👉BTC bull market comeback in progress

Analyzing overall network participation, however, Glassnode suggested that a full bull market comeback has not yet taken place.

“Signs of early FOMO are emerging, with the Hot Capital Share ticking higher and profitability metrics like Percent Supply in Profit (86%) and NUPL (0.53) expanding notably,” it wrote in an introduction to its latest “Market Pulse” analysis piece released on April 28.