Bitcoin crosses back above $95,000 — fully erasing the April tariff correction that had brought it down to $74,500. This 27% recovery in less than four weeks is one of the fastest in Bitcoin's recent history.
The structure of the recovery
Unlike previous post-shock recoveries (2020 COVID crash, 2024 yen crash), this one unfolded in an orderly manner, without massive liquidations or extreme volatility. The derivatives market shows little excessive leverage — a signal of a recovery driven by spot demand rather than speculation.
On-chain data in fine form
Glassnode records an MVRV of 2.1 — normal bull cycle expansion zone. LTH Supply climbs back to 67%, a sign that the correction did not cause significant distribution from historical holders. Exchanges continue to record net bitcoin outflows.
Institutional appetite remains solid
Farside Investors records $2.8 billion in net inflows for the month of April despite the correction — a remarkable signal of the resilience of institutional demand in the face of a macro shock of this magnitude.
What this data does not tell us
A full recovery after a correction does not prejudge the next direction. The market returns to its pre-shock level, but the catalysts to surpass the $109,000 ATH remain to be identified.