Bitcoin 'hot supply' nears $40B as new investors flood in at $95K
Bitcoin short-term holders (STHs) are experiencing a resurgence as speculative capital enters the market. On April 29, Glassnode reported a significant increase in Bitcoin's "hot capital," which refers to coins moved within the last week, reaching its highest level since early February. Hot capital surged over 90% in the past week to nearly $40 billion, up from a low of $17.5 billion on March 23. This indicates a shift from dormancy to speculation among new investors as Bitcoin's price approaches $95,000. While signs of early fear of missing out (FOMO) are emerging, with profitability metrics improving, overall network participation remains low, suggesting that a full bull market recovery has not yet occurred. Daily active addresses are still suppressed, indicating that organic engagement is still rebuilding.
