According to ChainCatcher, CryptoQuant released a market outlook analysis showing that BTC has risen by more than 23% in the past three weeks, from $52,500 to more than $65,000. This strong momentum is partly due to the increased demand for Bitcoin spot ETFs.

As a result, short-term holders are back in profit. Short-term holders are investors who moved Bitcoin in the past 155 days, with an average purchase price of $63,000, which is currently expected to act as support.

In addition, the futures market shows signs of overheating, with open interest in contracts at about $19.1 billion. Since March 2024, the indicator has exceeded $18 billion six times, and each time it was ushered in a price drop, and this is the seventh time.

Meanwhile, spot Bitcoin ETF holdings are converting into long-term holder supply. While this looks bullish, such a shift usually occurs in the late stages of a bull market.