Related: Bitcoin in 'critical zone' as triple breakout meets $93.5K support battleAnalyzing 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.“However, 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.”Bitcoin active addresses (7-day simple moving average).
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 hot capital bottomed at $17.5B on 23 Mar - its lowest level since Dec,” Glassnode summarizes. “In just 5 weeks, it has added over $21.5B, suggesting a rapid shift from dormancy to speculation among newer market entrants.”Bitcoin “hot supply” data.
In an X thread on April 29, onchain analytics firm Glassnode reported a surge in Bitcoin’s so-called “hot capital.”Bitcoin sees “surge in capital turnover”New investors are entering the market as BTC price action circles its highest levels in several months.
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Author / Journalist: Cointelegraph by William Suberg
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