🆕🆕🆕 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

🆕 Some data on #BTC right before the FED announces its interest rate decision:

In terms of liquidity zones, two key levels — $93K and $98K — are currently holding equally large liquidity, suggesting the possibility of a liquidity sweep in both directions.

However, CVD Spot and Aggregated CVD, two key flow indicators, are showing bearish signals.

Open Interest (OI) is on the rise, indicating that this upward move is largely driven by perpetuals (perps).

Looking at Firecharts, whale-related order activity shows that selling occurred on May 3rd.

🧐 @NumeAnalysis