Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?
The post Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) price surged over the Easter weekend, jumping 9% and crossing the $91,000 threshold on April 22. This strong performance diverged sharply from the stock market’s lukewarm rebound and mirrored gold’s bullish behavior, which briefly touched a new all-time high of $3,500. While the BTC rally and its growing decoupling from equities are noteworthy, it’s the derivatives market that offers an even more bullish signal. According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders. The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges, allowing them to gain greater exposure through futures than they could with direct spot purchases. This raises two questions: Who is buying, and why? Institutional interest reawakens A key metric for understanding investor composition is the Coinbase Bitcoin Premium Index. It measures the percentage price difference between Bitcoin on Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters predominantly to US-based institutional investors, while Binance has a broader global retail audience, this premium can indicate where the buying pressure is coming from. While the first half of April showed strong retail dominance, April 21–22 saw institutional demand kick in, with the Coinbase premium rising to 0.16%, per CoinGlass. Coinbase Bitcoin premium index. Source: CoinGlass Michael Saylor’s Strategy could be among those buyers. On April 21, Saylor announced the acquisition of 6,556 more BTC for approximately $555.8 million at an average price of ~$84,785 per coin. This brings MicroStrategy’s total holdings to an eye-watering 538,200 BTC, worth…
Filed under: News - @ April 23, 2025 6:23 am