Bitcoin Climbs To $97K As On-Chain Accumulation Surges

Bitcoin (BTC) extended its rally Wednesday, rising 3.4% to $97,124 amid renewed investor confidence and mounting on-chain support. The cryptocurrency is now up 3.5% over the past week and 28% in the past month, reinforcing bullish momentum heading into the May Federal Reserve meeting.

According to blockchain analytics firm Glassnode, accumulation is strengthening across both long- and short-term holders, with BTC now approaching a historically significant resistance level near $99,900. The threshold, flagged as a potential zone for profit-taking, will test the market’s ability to sustain upward pressure.

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Glassnode reports that long-term holders (LTHs), defined as wallets holding BTC for more than 155 days, have added over 250,000 BTC since early March. It pushes their total holdings to over 14 million BTC, signaling deep conviction despite recent macro uncertainty.

Short-term holders (STHs), who typically follow different behavioral patterns, have also reversed course. After shedding over 200,000 BTC during bitcoin’s 30% drawdown earlier this year, they have now added more than 25,000 BTC in the past week.

The rebound in ETF flows is another area of support. U.S.-listed bitcoin spot ETFs have recorded accelerated inflows over the past two weeks, offsetting April's outflows and restoring investor optimism. The renewed interest in ETFs is particularly notable following public support from members of the Trump family.

Eric Trump confirmed Wednesday that President Donald Trump holds a sizable BTC position, warning that traditional banks risk obsolescence if they ignore the crypto space. The remarks align with broader pro-crypto sentiment within the Trump camp and could shape future policy direction.

Meanwhile, liquidity metrics are on the mend. Market depth on Bybit, one of the largest crypto derivatives platforms, has fully recovered following a February hack that drained over $1.5 billion in assets. According to Kaiko, BTC’s 1% market depth on the platform returned to pre-hack levels within 30 days, thanks in part to new institutional market-maker programs and Retail Price Improvement (RPI) orders.

Bybit’s resilience, contrasted with liquidity declines at competing exchanges like HTX and MEXC, suggests a broader stabilization in trading infrastructure that could support further upside for BTC.

Bitcoin’s short-term direction will hinge on several factors, including Fed policy signals, broader macro risk sentiment, and ongoing ETF flow dynamics. But for now, on-chain data suggests that confidence is rebuilding.

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