Coinbase Records 8,000 Bitcoin Withdrawals Amid Rising Binance Open Interest
Bitcoin is trading above $95,000, nearing the $100,000 mark. This recovery follows weeks of steady gains but remains about 12.6% below its all-time high from January.
- Analysts are examining underlying trends in spot and derivatives markets to assess the sustainability of current momentum.
- Recent data shows significant Bitcoin withdrawals from exchanges, particularly Coinbase, indicating reduced supply and potential selling pressure.
- Increased activity in the derivatives market suggests growing leveraged positions that could support ongoing upward momentum.
- The combination of accumulation signals and rising open interest has analysts watching for a possible rally or breakout beyond recent highs.
8,000 Bitcoin Pulled From Coinbase Signals What?
Over 8,000 BTC, valued at approximately $763 million, was withdrawn from Coinbase within five days, marking one of the largest outflow events recently. Withdrawals occurred on April 24 and April 29, indicating deliberate action rather than random user activity.
Such large outflows typically suggest holders are moving assets to cold wallets for long-term storage, reducing immediate sell-side liquidity. Historical patterns show these outflows often precede bullish price movements due to decreased sell pressure and tighter supply.
Historically, significant Bitcoin outflows from exchanges — especially from major platforms like Coinbase — have often preceded strong bullish price movements.
Binance Open Interest Climbs $2.2 Billion as Futures Activity Rebounds
Binance’s Bitcoin Open Interest (OI) increased by 29.3% over the last 20 days, rebounding from a decline earlier this year. OI rose from $7.5 billion in early April to $9.7 billion, coinciding with Bitcoin's price increase of 23.7% during the same period.
Rising open interest typically indicates more participation from leveraged traders, suggesting increasing confidence in the market. If momentum continues and funding conditions remain favorable, Bitcoin may approach the $100,000 threshold soon.
