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On April 28, Bitcoin's short-term speculative capital, or "hot capital," reached $39.1 billion, according to data from Glassnode. This is the highest value since Feb. 10 and marks a sharp 92% increase from $20.7 billion just one week earlier, on April 21.
The hot capital metric includes BTC moved in the last 24 hours and between one day to one week, and often used as an indicator of speculative interest and short-term holder activity. The sudden rise suggests that crypto market participants have become more active and are likely looking for quick profits in the current price environment.
This growth follows a low point of $17.5 billion on March 23, which was the lowest level since December 2024. Over the past five weeks, the metric added more than $21.5 billion, pointing to a clear shift in market behavior - from holding to trading.
In previous months, the Bitcoin (BTC) market was quieter, with long-term holders dominating and price action staying relatively stable. Now, the big jump in short-term realized cap shows that speculative interest is back, and it is bringing more movement and higher volatility.
Such a rise in hot capital is not unusual before a strong rally for Bitcoin, but it can also signal the beginning of short-term corrections. So, if momentum weakens or traders begin to take profits quickly, a fast reversal can happen really quickly.
As the market is no longer in passive mode, the main question now is whether this renewed energy will be enough to support a substantial uptrend, or if it will fade as quickly as it came.
Vladislav Sopov
Dan Burgin