Bitcoin’s price jumped 1.53% on Friday, reaching $94,967 largely due to significant whale accumulation and bullish ETF inflows exceeding $440 million. The market sees increased confidence as whales and ordinary investors pull assets from exchanges, supporting the price surge despite anticipated volatility from large options expirations.
Bitcoin’s rally took a notable turn on Friday, with the cryptocurrency reaching an impressive $94,967 after climbing 1.53%. The surge pushed it perilously close to the $95,000 mark, showcasing the strong demand and encouraging market sentiment. Observers attribute this surge to multiple factors converging, pointing towards a growing appetite for Bitcoin despite market fluctuations.
Diving deeper into the data, insights from Glassnode reveal that large-scale investors, or whales, are adding to their Bitcoin holdings. These whales, owning over 10,000 BTC, have notably increased their accumulation during this upward trend, supporting the price increase. This positive pressure hints at a robust confidence in Bitcoin’s future, especially amid an environment of increasing market interest.
Further analysis from CryptoQuant revealed something significant: Bitcoin is seeing its largest outflow from exchanges in two years. When applying a 100-day moving average, this suggests that investors are choosing to hold Bitcoin long term instead of trading it frequently. This trend indicates a general optimism about Bitcoin’s future performance, as many are opting for private custody.
Today’s market dynamics were also influenced by the expiration of a massive $8.05 billion worth of Bitcoin and Ethereum options contracts. Deribit, a prominent cryptocurrency derivatives exchange, noted that $7.24 billion of this total was in Bitcoin options. As these contracts expire, traders might make short-term adjustments which could cause some market volatility. A ratio of 0.73 indicates that there might be a bit more confidence in call options, while the “maximum pain point” sits at $86,000 — the price where most option holders would face losses. Interestingly, there is a notable interest in Bitcoin options pegged at the $100,000 price point, hinting at optimistic market expectations.
The momentum was further fuelled by substantial inflows into Bitcoin exchange-traded funds (ETFs), which saw an impressive total of $442 million absorbed over five consecutive days. BlackRock’s IBIT led this charge, capturing the largest single-day inflow of $327.3 million. This sustained interest from cryptocurrency ETFs reflects a growing acceptance among traditional investors, thereby creating a consistent stream of demand that supports Bitcoin’s price surge. Overall, the integrations of institutional capital are noticeably consolidating Bitcoin’s appeal.
