MICA Daily｜Glassnode: Spot buying pressure pushes Bitcoin, pump momentum is expected to continue

According to Glassnode's latest report, Bitcoin surged to $106,000 earlier, mainly driven by strong demand in the spot market, with net buying pressure on Coinbase reaching as high as $45 million per day. Unlike previous rallies dominated by leveraged speculation, this time it is primarily driven by natural accumulation in the spot market. The report points out that Bitcoin has seen significant turnover in the $93,000 to $95,000 range, which has now become a key support level, overlapping with the cost basis of investors who entered in the past 155 days.

The derivatives market showed signs of lagging, with open interest in perpetual contracts falling by 10% from 370,000 BTC to 336,000, possibly indicating the liquidation of shorts. However, funding rates remain neutral, suggesting that leverage has not overheated and may provide momentum for the rally, with spot Bitcoin ETF inflows also playing a key role, peaking at $389 million on April 25 and stabilizing at around $58 million per day thereafter.

Despite the ongoing bullish trend, long-term holders are starting to realize profits. CryptoQuant analysts point out that the Binary CDD indicator has risen to 0.6, indicating that dormant Bitcoin is beginning to move, but has not yet reached the 0.8 level seen in previous bull market peaks. Glassnode's data also shows that short-term holders are gradually realizing profits, but have not yet reached the levels commonly seen during past market peaks, indicating that market demand has not yet dried up.

Disclaimer: The article only represents the personal views and opinions of the author and does not represent the views and positions of the blockchain. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and blockchain will not bear any responsibility for any direct or indirect losses incurred by investors' trades.

Disclaimer: This article is for market information purposes only. All content and views are for reference only and do not constitute investment advice, nor do they represent the views and positions of the blockchain community. Investors should make their own decisions and trades. The author and the blockchain community will not be liable for any direct or indirect losses incurred by investors' trades.