Odaily News CryptoQuant.com recently released a market outlook analysis indicating that BTC has risen by more than 23% in the past three weeks, from $52,500 to more than $65,000. This strong momentum is partly due to increased demand for Bitcoin spot ETFs. As a result, short-term holders are back in profit. Short-term holders are investors who have transferred Bitcoin in the past 155 days, with an average purchase price of $63,000, which is currently expected to play a supporting role. In addition, the futures market shows signs of overheating, with open interest in contracts of approximately $19.1 billion. Since March 2024, the indicator has exceeded $18 billion six times, and each time it has ushered in a price drop, and this is the seventh time. At the same time, spot Bitcoin ETF holdings are converted into long-term holder supply. While this looks bullish, such shifts usually occur in the late stages of a bull market.