Bitcoin has been on a hot streak lately, breaking through the important $90,000 level last week. Now, as we head into the weekend, the momentum looks even stronger, with Bitcoin climbing past $95,000 on Friday, April 25th.
Who’s Driving This Bitcoin Rally?
On-chain analyst IT Tech recently shared some interesting insights on X (formerly Twitter) about who’s actually fueling this price surge — and the findings are pretty eye-opening.
Looking closely at blockchain data from IntoTheBlock, IT Tech found that most of the recent action is coming from short-term Bitcoin holders — basically, traders who move their coins within a few days or weeks. Over the past 30 days, these short-term investors have increased their Bitcoin holdings by nearly 19%.
When Bitcoin’s price dipped to around $74,000 a few weeks ago, these traders jumped in fast, driven by classic FOMO (fear of missing out). Since then, even as Bitcoin’s price has climbed above $95,000, they’ve kept buying aggressively, helping fuel the rally.
Meanwhile, long-term Bitcoin holders — often called “HODLers” — have stayed calm. In fact, over the past month, they slightly increased their holdings by about 0.3%. This means there’s been less selling pressure from seasoned investors, which often gives prices room to climb higher. Historically, during big Bitcoin rallies like in 2020–2021, long-term holders holding firm played a huge role in pushing the price up from $10,000 to nearly $65,000.
Another group, called “Cruisers” — people who’ve held their Bitcoin between 1 and 12 months — showed a 4.4% drop in their balance. According to IT Tech, this group is either cashing out some profits or settling in for the long haul and turning into true HODLers.
Overall, IT Tech says Bitcoin might be entering a “speculative bullish phase,” where fast-moving traders pump lots of money into the market, while long-term holders provide stability in the background. But there’s a warning: since short-term holders tend to react quickly to price changes, Bitcoin’s market could see more wild swings ahead — similar to what we saw back in early 2021 when Bitcoin’s price sometimes moved by $5,000 or more in a single day.
Even so, IT Tech believes we haven’t yet seen the peak of this rally.
Bitcoin’s Latest Numbers
As of now, Bitcoin is trading around $95,210, up about 2% in the last 24 hours. With Bitcoin’s daily trading volume climbing and investor interest growing, all eyes are on whether the world’s biggest cryptocurrency can continue pushing higher in the days to come.
