The recent jump in the spot price of bitcoin (BTC) to $69,000 has encouraged investors, as evidenced by data from analyst firm Glassnode.

The change in sentiment coincided with the cryptocurrency crossing several technical thresholds, including the 200-day and 111-day moving averages, both of which are critical levels associated with price movements.
Net capital inflows into bitcoin have also accelerated, increasing by $21.8 billion (+3.3%) over the past 30 days. This has caused Realized Cap to climb to a new ATH of over $646 billion, suggesting that liquidity across the asset class is on the rise.
Glassnode Onchain Weekly Report #43
Supporting this rally was the bitcoin reserve status of short-term investors, and this is a key indicator for understanding recent market sentiment. According to Glassnode, all age groups in the short-term holders group have unrealized gains, which could boost market confidence.
This circumstance could act as a tailwind for continued upward price movement. On the derivatives side, open interest in bitcoin futures reached a new high of $32.9 billion, with much of that growth attributed to institutional participation, particularly through the Chicago Mercantile Exchange (CME).