The Week On-Chain 09, 2024
The risk appetite for Bitcoin investors is increasing, with growing signs of speculation appearing across capital flows, exchange activity, derivatives leverage, and even institutional demand.

Executive Summary
- Bitcoins recovery is near completion as capital continues to pour into the asset class, propelling the Realized Cap to $460B, and only 3% shy of its ATH.
- Exchange inflow volumes are near all-time-highs, with Short-Term Holders dominating the flows. This suggests a relatively strong demand for speculation and trading activity.
- Open interest in both futures and options markets are also near all-time-highs, and directional short-sellers continue to bet against the uptrend, resulting in over $465M in liquidation volume over the last 30-days.

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