🆕 Investor enthusiasm is starting to return — a positive signal for the market.

📈 $BTC Futures Open Interest has surged from $36.2B to $38.6B today, an increase of $2.4B in just 36 hours.

This marks the highest OI level since late March, indicating a strong uptick in derivative positioning.

At the same time, $BTC Spot Volume has skyrocketed from $2.9B to $8.0B, nearly tripling in less than 36 hours.

🧐 @NumeAnalysis

🆕🆕🆕 Bitcoin Rebounds to $94.7K: What’s Going On?
According to Glassnode’s The Week On-chain Week 16–2025 report, Bitcoin has made an impressive recovery to $94.7K, fueled by optimism over tariff reductions and a shift in investor sentiment. Here are the key highlights:

1️⃣ Bitcoin Breaks a Key Level
🟢 Bitcoin has reclaimed the Short-Term Holder Cost Basis (STH-CB) at $92.9K — a critical threshold that often separates bearish from bullish phases.
🟢 However, this is just a temporary breakout. For a sustained uptrend, the price needs to hold above this level for a longer period.

2️⃣ Notable On-chain Metrics
🟢 The percentage of supply in profit has risen to 87.3%, indicating most Bitcoin holders are in the green — though still below the 90% threshold often associated with market euphoria.
🟢 The short-term holder (STH) profit/loss ratio has reached 1.0, meaning many recent buyers are breaking even, which could lead to selling pressure.
🟢 Realized profits have spiked, primarily due to short-term holders taking profits.
🟢 The STH-SOPR (Spent Output Profit Ratio) has exceeded 1.0 for the first time since February — a positive sign that short-term investors are selling at a profit.

3️⃣ Derivatives Market: Leverage and Caution
🟢 Open interest in futures contracts has jumped 15.6%, indicating increased leverage and potential for heightened volatility.
🟢 Funding rates are in the negative (-0.023%), signaling that many traders are shorting the market and betting on a price drop. If prices continue rising, a short squeeze could occur.

4️⃣ Strong Institutional Demand
🟢 U.S. spot Bitcoin ETFs recorded a record $1.54 billion in inflows in a single day, highlighting strong institutional interest.
🟢 Compared to Ethereum, Bitcoin clearly dominates ETF inflows — explaining ETH’s relative underperformance during this rally.

🔍 Conclusion
Bitcoin’s price surge reflects macro-level optimism and strong short-term investor activity. However, profit-taking and cautious sentiment in the derivatives market remain key risks. Institutional inflows are a major bullish catalyst, but holding key support levels will be essential to sustaining the rally.

🧐 @NumeAnalysis