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NewsBTC 2025-05-01 11:30:52

Coinbase Sees Major Bitcoin Withdrawals as Binance Derivatives Activity Rebounds

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. Related Reading: Is Bitcoin Demand Returning? Active Address Trend May Suggest So 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on CryptoQuant’s QuickTake platform, recently observed that over 8,000 BTC—worth approximately $763 million—was withdrawn from Coinbase on two separate occasions within five days.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. Related Reading: Bitcoin Supply in Profit Rises Above 85%— Is Euphoria Setting In? 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

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