The price of Bitcoin (BTC) surged during the Easter weekend, up 9% on April 22 and exceeded $ 91,000, which was rapidly diverged in the lukewarm rebound and gold optimistic behavior of the stock market, accounting for a new highest of $ 3,500.
It is noteworthy that the separation between the BTC rally and the stock is increasing, but it is a derivatives market that provides a stronger signal.
According to CoingLass’s data, Bitcoin Open Interest (OI) has risen 17%, reaching $ 68.3, reaching a two -month high. The OI measures the total capital invested in BTC derivatives, and that rise shows that optimistic feelings are increasing among merchants.
The market is currently in Contango. Futures prices (especially CME Bitcoin futures) are higher than spot prices. This is generally caused by investors expected to increase the price and use the leverage tools provided by the exchange to get greater exposure through gifts than direct purchases.
This raises two questions. Who is purchasing?
Institutional interest
The main indicator of understanding investors is the Coinbase Bitcoin Premium Index. Measures the price difference between the BINANCE (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro is mainly accepted by US -based institutional investors, Binance has a broader global retail audience, so this premium can indicate where the purchase pressure comes from.
In the first half of April, it showed strong retail control, but in April 21-22, institutional demand began, and the Coinbase Premium rose to 0.16%according to Corning Plas.
The strategy of Michael Saylor can be one of the buyers. On April 21, Saylor announced that it acquired 6,556 BTCs for $ 55.58 million with an average price of $ 84,785 per coin. As a result, Microstrategy’s total stake is caught in the current price of 538,200 BTC, which is about $ 48.4 billion.
Headquartered in Japan, Metaplanet has been pushed to a total of 4,855 BTCs by adding 330 BTC to the Treasury.
Meanwhile, investors who prefer traditional financial products rather than Bitcoin have started to renew their attention. According to CoingLass data, on April 21, BTC ETFS recorded $ 338 million. Since February, ETFS has suffered from the 33 -day net leakage of 21 days, and the outflow is greatly dominant. Recent reversal especially suggests new trust of Tradfi sorting investors.
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As Bitcoin rises, the dollar disappears.
Because the fear of tariffs took the market, institutional investors kept Bitcoin and stocks to ARM, but something changed on the Easter weekend.
Rekt Capital, an encryption analyst, is Bitcoin
“Multiple monitors are over. Technical upstream appears when the technology is broken.”
Another more economical factor may be the increase in the tension between the US President Donald Trump and the Jerome Powell of the Federal Reserve. Concerns about inflation pressure caused by tariffs and their reluctance to interest rates due to the Fed’s reluctance to give shades over the US dollar.
The US Dollar Index, which tracks the dollar value for monetary baskets, has reached a free fall since February and reached the last point in 2022. The pressure of the public on Trump’s PoWell and the speculation that he will try to remove him or other Fed officials is causing anxiety about the Fed’s independence. It is the basic column of the US financial system.
The potential result of the fall of the dollar on the global economy is hard to predict, but one thing is clear. Bitcoin is ready to be a major beneficiary. Distributed censorship prevention funds controlled only by code without central authority to manipulate fixed supply schedules and issuance. Bitcoin’s story becomes more powerful as confidence in traditional monetary systems continues to erode.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.