Bitcoin adds $21B in hot supply as price nears $95K

Bitcoin's (CRYPTO:BTC) market is showing renewed speculative activity as the value of its “hot supply” climbs rapidly, nearing $40 billion amid a price level close to $95,000.

According to onchain analytics firm Glassnode, this shift reflects a significant rise in short-term holder behavior, pointing to increased speculative interest and turnover.

Glassnode reported in an April 29 thread on X that the volume of Bitcoin that last moved within a week has now reached its highest level since early February.

“This metric captures short-term holder activity and is a proxy for speculative capital entering the market,” the firm explained.

Between late March and late April, Bitcoin’s hot capital increased by over $21.5 billion.

It had bottomed at $17.5 billion on March 23, the lowest figure since December.

The current value places the segment near $40 billion, representing more than a 90% increase in just five weeks.

Glassnode described this change as a “surge in capital turnover,” suggesting that newer participants are beginning to re-engage with the market as Bitcoin holds near multimonth highs.

Despite the influx of speculative capital and improving profitability indicators, signs of a complete bull market rebound remain limited.

Glassnode noted that while “percent supply in profit” sits at 86% and the Net Unrealized Profit/Loss ratio (NUPL) stands at 0.53, other onchain activity lags.

“Signs of early FOMO are emerging,” the firm stated in its April 28 Market Pulse update.

However, it also observed that metrics such as daily active addresses are still below typical bull market levels.

“Full organic network engagement is still rebuilding,” said Glassnode, although transfer volume and fees are showing recovery.

These trends point to an early phase of renewed investor activity, driven more by price action than widespread participation.

At the time of reporting, the Bitcoin price was $94,516.61.