Bitcoin’s ’Hot Capital’ Surges to $39.1B—Highest Since the Last Bull Run

Glassnode data reveals Bitcoin’s liquid supply is flush with cash—$39.1 billion worth of ’hot capital’ now sloshing around the market, hitting levels not seen since the 2024 rally. Traders are clearly betting big, or maybe just forgetting 2022’s ’crypto winter’ ever happened.

Why it matters: When short-term holders pile in, volatility usually follows. This isn’t your HODLer’s Bitcoin—it’s the speculative kind that moves fast and breaks things (like portfolios).

The cynical take: Wall Street’s still trying to front-run the ETF flows, while retail FOMO kicks in just in time for the next correction. Some things never change—except the number of zeroes on those Glassnode charts.

• Bitcoin’s hot capital surged from $20.7B to $39.1B in just one week, indicating a 92% rise in short-term activity.

• Glassnode highlights this as one of the fastest increases in speculative trading behavior in recent months.

• IntoTheBlock data shows 91% of BTC holders are in profit, signaling strong long-term holder confidence.

The latest data from Glassnode shows that Bitcoin’s (BTC) “hot capital” has noted a huge increase in the last thirty days. This rise suggests a significant change in market dynamics and reflects renewed interest from new and old cryptocurrency investors.

Based on Glassnode’s chart, BTC hot capital (which is the total coins moved within a short period, usually 24 hours to one week) has surged significantly from $20.7 billion on April 21, 2025, to a current value of $39.1 billion. This represents a rise of $18.7 billion or about a 92% increase.

Rise in Hot Capital Signals Growing Activity in Bitcoin

Glassnode describes this increase as “one of the fastest upticks in short-term realized cap” over the past few months. This indicator is especially important because it provides an indirect measure of the speculative funds entering the BTC ecosystem.

Usually, the higher the hot capital, the higher the number of active traders and new investors in the BTC market. The recent rise in hot capital becomes more significant based on recent market history.

On March 23 (about five weeks earlier), the Bitcoin hot capital reached a low of $17.5 billion, a level not seen since last December. Hence, the increase to $39.1 billion as of April 28 indicates the addition of more than $21.5 billion.

Glassnode considers this a very fast change in trading behavior among new investors entering this market. Another proof that the recent uptrend is significant is that the April 28 hot capital figure of $39.1 billion is the cryptocurrency’s highest level since Feb. 10, 2025.

This is shown in Glassnode’s “Realized Cap by Age” chart, which represents the amount of BTC value across different holding periods.

Source: Glassnode

The gray line represents the total realized capitalization, while the pink region indicates short-term holdings representing the hot capital. Even though this data does not directly predict that a BTC price rise will happen soon, the sharp rise in actively traded capital within a short period suggests that market sentiment is changing, especially among market players.

BTC Shows Strong Holder Confidence

Meanwhile, recent data from IntoTheBlock indicates strong confidence among BTC’s long-term holders. The data shows that at least 91% of all current Bitcoin holders are ‘in profit.’ These are holders who bought at lower prices and have held on to the crypto asset despite fluctuations in the crypto and BTC markets.

The data also revealed that 3% are at break even, while 6% sold at a lost. However, the 12% concentration among large holders suggests that ownership of the coin is completely decentralized.

Source: IntoTheBlock