TL;DR
- Whale buyers are back on major exchanges like Binance and Coinbase, pushing Bitcoin’s price above $90,000.
- The positive Coinbase premium reflects renewed buying interest from the U.S. market.
- Additionally, the disappearance of a major sell wall attributed to the enigmatic “Spoofy the Whale” on Binance hints at a possible bullish trend shift on the horizon.
Bitcoin has made a powerful comeback. The price surged past $93,600 after weeks of uncertainty, driven by renewed buying appetite from so-called “whales” on the world’s largest exchanges. On-chain data from CryptoQuant reveals increased activity on both Binance and Coinbase, suggesting that large-scale investors are rebuilding their positions. This accumulation aligns with the removal of a significant resistance at $90,000, the notorious “Spoofy wall” that had previously blocked multiple price advances during recent trading sessions.
Coinbase And Binance: Clear Signals Of Institutional Interest
The Coinbase premium, the price difference between BTC on Coinbase and Binance, has reached its highest point since February. This metric often foreshadows major moves, as a positive premium indicates strong buying pressure from the U.S., particularly from institutional players. Analysts point out that the alternating large-volume buying between Binance and Coinbase is creating a highly favorable environment for a sustained recovery across various crypto assets, not just Bitcoin.
At the same time, retail interest has declined noticeably. Many smaller investors exited the market amid recent volatility, leaving the field to more strategic, large-scale actors. Historically, this has been a signal that strong upward movements may be imminent, as institutional accumulation typically precedes waves of mass euphoria. Some hedge funds have even started to increase their exposure at this key turning point to anticipate the next market surge.
Spoofy’s Exit: The Start Of A New Cycle?
Trader “Keith Alan” confirmed on social media that the mysterious figure known as “Spoofy the Whale”, who had maintained consistent sell pressure around the $90,000 level, has withdrawn their orders from Binance’s order book. This retreat is seen as a relinquishment of control over the market, allowing Bitcoin’s price to break free from its previous range and aim for higher levels.
Still, analysts warn that for a lasting trend reversal to be confirmed, Bitcoin must reclaim and hold above $93,500, which marks its yearly opening level. If successful, it could pave the way for a new bullish leg.
The crypto community is welcoming this potential resurgence in momentum, reinforcing the belief that Bitcoin remains a solid asset amid global macroeconomic uncertainty.
