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Bitcoin is trading above $95,000, moving closer to the psychologically significant $100,000 price level. This recovery follows several weeks of steady gains, although the asset remains approximately 12.6% below its all-time high recorded in January.
Some analysts are now focusing on underlying trends across both spot and derivatives platforms to evaluate the sustainability of the current momentum.
Recent data highlights notable movements of Bitcoin away from exchanges, particularly from Coinbase, a trend that typically signals a reduced available supply and potentially reduced selling pressure.
In parallel, derivatives market activity has also picked up, suggesting an increase in leveraged positioning that could support ongoing upward momentum.
The convergence of both accumulation signals and growing open interest has analysts watching closely for a continuation of the rally or a breakout attempt beyond recent highs.
8,000 Bitcoin Pulled From Coinbase Signals What?
Amr Taha, a contributor on CryptoQuant’s QuickTake platform, recently observed that over 8,000 BTC—worth approximately $763 million—was withdrawn from Coinbase on two separate occasions within five days.
This activity, visible on exchange netflow data, represents one of the largest Bitcoin outflow events recorded in recent weeks. Taha pointed out that the withdrawals occurred on April 24 and again on April 29, suggesting deliberate actions rather than random user activity.
According to the analysis, large outflows from exchanges typically indicate that holders are transferring assets into cold wallets for long-term storage.
This behavior often aligns with accumulation phases, as investors seek to remove their assets from trading platforms, thereby reducing immediate sell-side liquidity. Taha concluded, noting:
Historically, significant Bitcoin outflows from exchanges — especially from major platforms like Coinbase — have often preceded strong bullish price movements. These outflows signal reduced immediate sell pressure and a tightening of available supply. Such dynamics have repeatedly aligned with periods of increased hedge fund activity, as institutional players reposition in anticipation of upside momentum.
Binance Open Interest Climbs $2.2 Billion as Futures Activity Rebounds
In a separate analysis, another CryptoQuant analyst, Burak Kesmeci, reported a surge in Binance’s Bitcoin Open Interest (OI) over the last 20 days.
After declining from $11.9 billion in January to $7.5 billion in early April, a drop of nearly 37%, OI has since rebounded by 29.3%, reaching $9.7 billion. This increase in open interest corresponds with Bitcoin’s 23.7% price rise from $76,000 to over $94,000 during the same period.
Rising open interest in derivatives markets typically indicates growing participation by leveraged traders and is often interpreted as a sign of increasing confidence or speculation.
Kesmeci’s analysis suggests that the uptick in OI, when viewed alongside declining exchange reserves, may reinforce a bullish structure in the current market cycle. If momentum continues and funding conditions remain favorable, Bitcoin could push closer toward the $100K threshold in the short term.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
