Bitcoin Rallies Over 130% Since Falling to $49,000 Last Year

One year ago, markets reacted to the unwind of the yen carry trade as Japan adopted a tighter monetary policy. This caused risk assets, including Bitcoin, to decline sharply, with Bitcoin falling nearly 30% to $49,000.

Since then, Bitcoin has rebounded over 130%. Key market movements include:

The S&P 500 rising 24%
Gold appreciating 40%

The dollar index (DXY) weakened from 103 to just under 100, influenced by increasing yields on long-dated bonds. Notable yield changes include:

U.S. 10-year yield rising to 4.2% from 3.7%
U.S. 30-year yield increasing to 4.8% from 4.0%
U.K. 30-year yield climbing to 5.3% from 4.3%
Japan’s yield soaring above 3% from 1.9%

Long-term Bitcoin holders have increased their share of supply. Key insights from Glassnode's HODL Waves chart show:

7-to-10-year holders rose from 4% to over 8%
6 to 12-month holders increased from 8% to 15%

While sub-3-month holders now represent a greater percentage of supply than in 2024, indicating many buyers entered at higher prices.