According to glassnode, Bitcoin's Hot Capital—the combined value of coins moved within the last 24 hours and those aged 1 day to 1 week—reached $39.1 billion on April 28, the highest level since February 10, 2025 (source: glassnode, April 29, 2025). This surge highlights a significant increase in short-term holder activity, signaling a notable influx of speculative capital into the Bitcoin market. Traders should closely monitor this trend, as elevated Hot Capital often correlates with increased volatility and potential price swings, providing both risk and opportunity for active trading strategies. Tracking this metric can help inform timing of entries and exits amid shifting market sentiment.

According to Miles Deutscher, $BTC dominance of total open interest has been increasing since December, indicating that speculative capital is currently favoring Bitcoin over altcoins, reflecting a risk-off sentiment in the market.

According to Miles Deutscher, the launch of Pump Fun is directly correlated with the decline in the altcoin market relative to Bitcoin. The absence of a significant 'alt season' is attributed to speculative capital that traditionally flowed into top 200 altcoin assets now being redirected elsewhere.