The Bitcoin market is once more intensifying, driven by a heady mix of climbing leverage, institutional accumulation, and profit-taking by whales.
Deribit, the leading exchange for Bitcoin options, meanwhile, saw open interest spike by an astonishing 24% in just one day, with total outstanding contracts skyrocketing to $1.85 billion. Call options, which give the holder the right but not the obligation to buy an asset at a set price before a certain time, represent the biggest chunk at $1.12 billion.
Simultaneously, major institutional influencers such as MetaPlanet and MicroStrategy are amassing Bitcoin, demonstrating deep faith in the asset’s sustained worth. Conversely, a number of retail traders are set up for a move to the downside, suggesting a stark divergence in market sentiment. With this potent combination of leverage, accumulation, and uncertainty, Bitcoin is once more dancing on the edge of the $90,000 precipice.
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Leverage Spikes and Bearish Sentiment on Binance
The $3.2 billion increase in open interest means more and more people are active in the crypto derivatives market. Speculation is the lifeblood of any financial market, but especially so when the crypto market is trending as it’s quite common for traders to dream of hitting the jackpot. We are living in the times of a tumultuous crypto market where prices are very indecisive and take big swings to one side or another.
59.79% of traders on Binance with open #Bitcoin $BTC positions are betting on downside! pic.twitter.com/MQDBWwtibm
— Ali (@ali_charts) April 21, 2025
Almost 60% of positions held by traders on Binance for Bitcoin are currently bearish. These traders are betting that the price of Bitcoin is going to fall. This concentration of bearish sentiment is a pretty good setup for a potential short squeeze. If the price of Bitcoin were to start skyrocket, these traders shorting the asset might be forced to close their positions.
Concurrently, approximately $155 million in profit has been returned to the whales, a clear signal that some major stakeholders are seizing this current upward movement to cash in. Of course, it’s normal market behavior during an uptrend for traders and investors to book profits when the price is up, and those actions obviously have the potential to reverse the uptrend.
Whales have recently realized close to $155 million in profits from #Bitcoin $BTC! pic.twitter.com/okrM2oeUMk
— Ali (@ali_charts) April 21, 2025
MetaPlanet and MicroStrategy Double Down on Bitcoin Holdings
Quieting the short-term noise, institutions remain long-term and very positive on Bitcoin. Japanese investment firm Metaplanet has acquired an additional 330 BTC worth some $28.23 million at an average price of $86,637. This pushes their total holdings to 4,855 BTC worth around $425.37 million. They hold an average price around $91,030. So, they’re slightly underwater on this, but clearly committed.
MetaPlanet(@Metaplanet_JP) bought another 330 $BTC($28.23M) at $86,637.
MetaPlanet currently holds 4,855 $BTC($425.37M), with an average buying price of $91,030.https://t.co/LRlXDOEoNK pic.twitter.com/yjjZUCBhNr
— Lookonchain (@lookonchain) April 21, 2025
At the same time, MicroStrategy has been making news for yet another huge buy. The outfit bought 6,556 BTC for about $555.85 million, at an average price of $84,785. Their total count of BTC now sits at 538,200, with a notional valuation of close to $46.83 billion. With an average purchase price of $67,766, MicroStrategy holds an unrealized profit of over $10 billion.
These recurring acquisitions demonstrate that, for major institutional investors, Bitcoin remains a core reserve asset and a hedge against the sorts of mainstream finance risks that every financial model seems prone to these days.
MicroStrategy(@Strategy) bought another 6,556 $BTC($555.85M) at an average price of $84,785 last week.#Strategy currently holds 538,200 $BTC($46.83B), with an average buying price of $67,766 and an unrealized profit of $10.36B.https://t.co/oiJUFQMH9g pic.twitter.com/PA73kWGIUu
— Lookonchain (@lookonchain) April 21, 2025
Spot ETF Flows Remain Positive Amid Broader Market Uncertainty
Bolstering the institutional optimism is the ongoing influx of capital into Bitcoin spot ETFs. During the timeframe of April 14 to April 17, the total net inflow into spot Bitcoin ETFs reached $15.85 million. While this is modest next to some of the earlier record-setting weeks in terms of inflows, it nonetheless serves as a clear indicator of the continued and steady demand from traditional investors for more regulated financial products that provide direct exposure to Bitcoin.
Last week (April 14 to April 17, Eastern Time), the Ethereum spot ETF had a net outflow of $32.17 million, marking eight consecutive weeks of net outflows. The Bitcoin spot ETF had a net inflow of $15.85 million in a single week. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) April 21, 2025
This trend indicates that Bitcoin is slowly being assimilated into larger investment portfolios, and the persistent enthusiasm from ETF purchasers is probably going to furnish continuous support for the price.
A Market at a Crossroads
The Bitcoin market today is a very sharp divide between retail pessimism and institutional optimism. There is a lot of leverage, a lot of shorts, and yet institutions continue to accumulate at an impressive rate. The current market is a tug-of-war between short-term profit-taking and long-term conviction, and it feels like it is reaching a climax.
It remains to be seen whether Bitcoin will decisively push past the $90,000 level or whether it will experience a temporary correction. What is clear, though, is that Bitcoin is evolving into something that is both a speculative asset and a strategic store of value.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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