Based on Glassnode, Bitcoin’s restoration to latest highs of $105,787 has been primarily spot-driven, with robust on-chain accumulation and supportive off-chain flows. Demand seems largely from spot ETFs and main spot exchanges, akin to Coinbase.
Round press time, Bitcoin was buying and selling round $104,110, having achieved a excessive of $105,787 on Might 12.
Because the close to $75,000 value low on April 9, Bitcoin has had a strong spot-driven rally, which, in line with Glassnode, seems to be pushed by substantial accumulation on the spot and ETF markets, with derivatives markets enjoying catch-up. The rise was spurred by a brief squeeze, which liquidated many leveraged merchants who had wager towards the upward pattern.
Revenue-taking by latest $BTC traders has surged excessive above statistical common, but historical past exhibits extra intense strain is required to exhaust demand. Within the newest Week On-Chain, we discover what’s fueling this rally, who’s promoting, and what comes subsequent: https://t.co/P2Qcaa9oSd pic.twitter.com/EIbdfmWC54
— glassnode (@glassnode) Might 16, 2025
Off-chain spot flows additionally turned constructive, with Coinbase experiencing robust internet shopping for strain and Binance’s promote strain easing. This implies that “buy-the-dip” habits is dominant throughout the 2 main exchanges.
Glassnode noticed that ETF inflows peaked at $389 million/day on April 25, serving to to gas an increase, however have subsequently fallen to a extra modest $58 million per day.
Bitcoin key help emerges
Within the present bull cycle, Bitcoin has seen noticeable sideways accumulation bouts between every transfer larger. That is presently the case, with Bitcoin consolidating in a spread of $100,703 to $105,787 since Might 9, following a powerful upmove.
Eyes are on Bitcoin to see if it’ll proceed its rise amid the present consolidation and surpass its present all-time excessive of $109,114 reached in January.
Glassnode noticed {that a} key accumulation zone emerged between $93,000 and $95,000 within the final 30 days. This vary aligns intently with the short-term holder price foundation, which represents traders who’ve entered the market over the past 155 days.
Particularly, important coin volumes seem to have modified palms inside this vary and, in consequence, may act as a powerful help zone within the occasion of any short-term market declines, representing a requirement zone the place traders may even see worth as soon as extra.
