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On April 29, Cointelegraph reported that as Bitcoin rises, short-term Bitcoin holders (STHs) are returning to the market, marking the entry of "speculative capital." Glassnode indicates a surge in Bitcoin "hot capital." As BTC prices hover at multi-month highs, new investors are entering the market. Glassnode noted that the amount of Bitcoin transferred in the past week has reached its highest level since early February. This metric reflects the activity of short-term holders and serves as a reference for measuring the entry of speculative capital into the market. Over the past week alone, "hot capital" has grown by more than 90%, approaching $40 billion. Since the local low at the end of March, "hot capital" has cumulatively increased by $21.5 billion, highlighting changes in market sentiment due to this "surge in capital turnover."

According to Glassnode data, Solana ($SOL) hot capital reached $9.46 billion on April 28, marking a new high since March 12, with a growth of $4.72 billion (+100%) over the past 7 days. During the same period, XRP hot capital surged from $920 million to $2.17 billion, an increase of 134.9%. Despite the strong rebound, hot capital in major crypto assets remains significantly below cycle highs: BTC (-60.8%), ETH (-60.3%), SOL (-38.4%), XRP (-71.7%). Analysts believe that the inflow of funds into SOL will provide more liquidity support for stablecoins in the Solana ecosystem.