Carried by a speculative outbreak, Bitcoin crosses critical thresholds while the global markets remain under tension. Indeed, on-chain analysis reveals a brutal acceleration of “Hot offer”these freshly moved bitcoins that betray the arrival of new short -term players. The signal is strong, and the dynamic powerful. However, behind the bullish momentum, a question persists: does this rise in power rest on solid foundations or on fragile excitement?
In short
- Bitcoin records a spectacular renewed interest when its price approaches $ 95,000.
- The so -called “hot” offer, representing recently moved BTC, reached nearly $ 40 billion.
- In five weeks, this Hot Supply jumped $ 21.5 billion, an increase of more than 90 %.
- In parallel, fundamental indicators such as the number of active addresses remain low.
The irresistible outbreak of the volume of moved bitcoins
The so -called offer “Hot” de Bitcoin, corresponding to the units that moved during the last week. This volume now reaches nearly $ 40 billion, its highest level since February.
Glassnode in a publication of April 29, 2025 on the social network X (ex Twitter) explain ::
This metric captures the activity of short -term holders and serves as a proxy for the entry of speculative capital on the market.
This evolution marks a spectacular acceleration of speculative activity, fueled by the increase in the price of Bitcoin to the $ 95,000.
The data reveal a particularly important dynamic:
- The volume of moved bitcoins jumped more than 90 % in just a week, which illustrates a massive revival of fresh capital;
- Since March 23, where he had fallen to $ 17.5 billion, the offer “Hot” won more than $ 21.5 billion in five weeks;
- The current level has been the highest since early February, a sign of a massive return of short -term investors to the market.
This speculative frenzy reflects the propensity of new entrants to react quickly to the bruise signals. However, this effervescence challenges the solidity of this recovery, at a time when experienced investors have scrutinized the robustness of the underlying fundamentals.
A network activity still shy despite the speculative frenzy
If the arrival of fresh capital gives the feeling of a rebirth market, Glassnode tempers this enthusiasm. The analysis firm note that “On-chain activity, such as transfer volume and transaction costs, is in the recovery phase, but that the number of daily active addresses is still low”.
In other words, the organic commitment of users on the Bitcoin network remains low, far from the levels observed during historic bulls. The analysis also stresses that despite visible progress on indicators such as the supply in profit (86 %) and the NUPL (0.53), the fundamentals do not yet indicate a fully committed market.
This dissociation between speculation and network activity invites caution. While the early signals of Fomo (“Fear of Missing Out”) begin to appear, there is a real risk that this rise in adrenaline is followed by shortness of breath if the interest of long -term investors does not materialize. The market could therefore be exposed to false covers which capture new entrants before a brutal reversal.
In the short term, the evolution of on-chain activity will be decisive to judge the solidity of the movement in progress. If the increase in the number of active addresses and the sustainable increase in transaction volumes confirm the growing interest in Bitcoin, a real bullish cycle could settle. Otherwise, the current speculative push could quickly prove to be ephemeral, which would give way to an equally brutal correction.
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