According to Glassnode, Bitcoin's recovery to recent highs of $105,787 has been primarily spot-driven, with strong on-chain accumulation and supportive off-chain flows. Demand appears mostly from spot ETFs and major spot exchanges, such as Coinbase. Around press time, Bitcoin was trading around $104,110, having achieved a high of $105,787 on May 12. Since the near $75,000 price low on April 9, Bitcoin has had a robust spot-driven rally, which, according to Glassnode, appears to be driven by substantial accumulation on the spot and ETF markets, with derivatives markets playing catch-up. The rise was spurred by a short squeeze, which liquidated many leveraged traders who had bet against the upward trend. Profit-taking by recent $BTC investors has surged high above statistical average, yet history shows more intense pressure is needed to exhaust demand. In the latest Week On-Chain, we explore what’s fueling this rally, who’s selling, and what comes next: https://t.co/P2Qcaa9oSd pic.twitter.com/EIbdfmWC54 — glassnode (@glassnode) May 16, 2025 Off-chain spot flows also turned positive, with Coinbase experiencing strong net buying pressure and Binance's sell pressure easing. This suggests that "buy-the-dip" behavior is dominant across the two major exchanges. Glassnode observed that ETF inflows peaked at $389 million/day on April 25, helping to fuel a rise, but have subsequently fallen to a more modest $58 million per day. Bitcoin key support emerges In the current bull cycle, Bitcoin has seen noticeable sideways accumulation bouts between each move higher. This is presently the case, with Bitcoin consolidating in a range of $100,703 to $105,787 since May 9, following a strong upmove.Eyes are on Bitcoin to see if it will continue its rise amid the current consolidation and surpass its current all-time high of $109,114 reached in January. Glassnode observed that a key accumulation zone emerged between $93,000 and $95,000 in the last 30 days. This range aligns closely with the short-term holder cost basis, which represents investors who have entered the market during the last 155 days. In particular, significant coin volumes appear to have changed hands within this range and, as a result, might act as a strong support zone in the event of any short-term market declines, representing a demand zone where investors may see value once more.