- Bitcoin’s $94K surge reflects strong U.S. whale activity and negative funding rates.
- Persistent negative funding rates signal caution but could set the stage for Bitcoin’s next rally.
- Coinbase premiums indicate sustained U.S. demand, supporting Bitcoin’s price strength.
Bitcoin price has bounced back to the $95,000 level, supported by negative funding and strong institutional demand. Market observers note that current market structure dynamics and funding rate trends are possibly indicating higher highs in the future.
Negative Funding Rates Indicate Cautious Leverage Positioning
Bitcoin futures funding rates on Binance have remained deeply negative, even as spot prices rally above $94,000. According to a report by CryptoQuant, this dynamic reflects a defensive futures market positioning while spot buying activity strengthens.
Throughout the past week, funding rates dipped into negative territory for the fourth time in 2025. This divergence between negative rates and rising prices appears closely tied to increasing accumulation from major players on Binance and Coinbase.
Moreover, the 72-hour moving average of Bitcoin funding rates continues to hover below zero, suggesting persistent short-term caution. CryptoQuant emphasized that this pattern could foreshadow a significant squeeze in futures markets if open interest grows.
Whale Activity on Coinbase Signals Strong U.S. Demand
Bitcoin’s rally above $94,000 coincides with renewed whale activity centered on U.S.-based exchanges. In another analysis by Crypto Dan, a notable rise in the Coinbase Premium Gap pointed to a fresh wave of institutional buying.
Crypto Dan explained that whales began accumulating Bitcoin aggressively around April 21, sparking an inflection in spot market demand. Positive Coinbase premiums further confirmed the dominance of U.S. investors during this crucial phase of Bitcoin’s recovery.
Additionally, the Coinbase Premium Gap remained elevated across multiple days, supporting Bitcoin’s quick ascent to nearly $95,000. Premium levels suggested strong localized buying pressure, especially compared to offshore exchanges like Binance and Bitfinex.
A sustained spot demand among U.S. entities provides a solid foundation for Bitcoin’s ongoing price strength. Analysts view this behavior as a key driver separating the current breakout from previous short-lived rallies.
Bitcoin Technicals Align with On-Chain Accumulation Patterns
As Bitcoin trades near $94,300, spot market indicators reflect a highly bullish structure across critical timeframes. Whale wallet expansion, coupled with a steep decline in exchange reserves, continues to bolster Bitcoin’s medium-term outlook.
Recent press releases from CryptoQuant emphasized that Bitcoin’s rebound came alongside sharp drops in centralized exchange supplies. This trend, visible across Binance, Coinbase, and Kraken, supports the thesis of long-term accumulation outweighing short-term speculation.
Besides exchange flows, Bitcoin’s 30-day simple moving average of funding rates continues trending negative. Historically, similar patterns have preceded explosive upward moves, underscoring the bullish setup currently forming across crypto markets.
