The Week On-Chain, Week 16

Bitcoin has surged back to $94.7k amid optimism surrounding tariff relief, with the market reclaiming key levels and sparking profit-taking. Short-term holders have taken profits, traders shorted the rally, and ETF inflows hit $1.54B – signalling an important sentiment shift behind the move.

Executive Summary:

🔹Bitcoin hit $94.7K on optimism around U.S.–China trade. Price briefly reclaimed the STH Cost Basis ($92.9K), a key level dividing bullish and bearish regimes.

🔹87.3% of BTC supply is in profit, up from 82.7%.

🔹The STH P/L Ratio hit 1.0, indicating break-even for recent buyers. Profit-taking has spiked, mainly from short-term holders.

🔹Futures OI is up 15.6%, while funding rates flipped negative, suggesting traders are shorting into the rally.

🔹On Apr 22, BTC ETFs saw $1.54B inflows, highlighting strong institutional demand. ETH ETF flows remain low, explaining ETH’s lag.

Read the full report here.
Access the charts from this edition in a Glassnode Studio dashboard.