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Key points:<\/strong><\/p>\n Bitcoin\u2019s most recently-moved supply segment is increasing as higher prices see an influx of \u201cspeculative capital.\u201d<\/p>\n<\/li>\n \u201cHot supply\u201d has doubled in just five weeks versus local lows in March.<\/p>\n<\/li>\n Active address numbers have yet to mimic a classic bull market comeback.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) short-term holders (STHs) are back in the game as a \u201cspeculative capital\u201d enters the market.<\/p>\n In an X thread<\/a> on April 29, onchain analytics firm Glassnode reported a surge in Bitcoin\u2019s so-called \u201chot capital.\u201d<\/p>\n New investors are entering the market as BTC price action circles its highest levels in several months.<\/p>\n Glassnode reveals that the sum of coins which last moved up to a week ago has reached its largest figure since early February.<\/p>\n \u201cThis metric captures short-term holder activity and is a proxy for speculative capital entering the market,\u201d it explains.<\/p>\n 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 \u201csurge in capital turnover\u201d which underscores a sea change in market sentiment.<\/p>\n \u201cBTC hot capital bottomed at $17.5B on 23 Mar – its lowest level since Dec,\u201d Glassnode summarizes.\u00a0<\/p>\n \u201cIn just 5 weeks, it has added over $21.5B, suggesting a rapid shift from dormancy to speculation among newer market entrants.\u201d<\/p><\/blockquote>\n As Cointelegraph continues to report<\/a>, STH investors have recently returned to aggregate profit as price hovers near $95,000.<\/p>\n Related: <\/strong><\/em>Bitcoin in ‘critical zone’ as triple breakout meets $93.5K support battle<\/strong><\/em><\/a><\/p>\n Analyzing overall network participation, however, Glassnode suggested that a full bull market comeback has not yet taken place.<\/p>\n \u201cSigns 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,\u201d it wrote in an introduction to its latest \u201cMarket Pulse<\/a>\u201d analysis piece released on April 28.<\/p>\n \u201cHowever, while on-chain activity such as transfer volume and fees are recovering, daily active addresses remain suppressed, suggesting that full organic network engagement is still rebuilding.\u201d<\/p><\/blockquote>\n\n
Bitcoin sees \u201csurge in capital turnover\u201d<\/h2>\n
BTC bull market comeback in progress<\/h2>\n