- Bybit’s Taker Buy/Sell Ratio hit 13.7, marking aggressive buy-side pressure as Bitcoin surged past $111K in May 2025.
- Bitcoin spot ETFs saw $ 400 M+ daily inflows in April–May, pushing total assets to $134B and fueling the rally from $38K to $ 111 K.
- Whale shorting at $111K signals diverging sentiment as BTC supply on exchanges drops below 12% for the first time since 2018.
Bitcoin’s upward momentum has reached new heights, bolstered by unprecedented bullish activity on derivatives exchange Bybit. The Taker Buy/Sell Ratio on Bybit spiked to 13.7, signaling a dramatic influx of buy-side aggression in perpetual markets. This metric, which tracks buyer and seller intensity, reveals that buyers have decisively outpaced sellers, fueling Bitcoin’s ascent to $111,200 by May 2025.
The ratio has consistently exceeded 4 throughout 2024, highlighting sustained bullish momentum. Notable peaks in the ratio aligned with Bitcoin’s price surges past $70,000 in March 2024 and $111,200 in April 2025. Buyers have maintained strong control over sellers, fueling Bitcoin’s sharp year-to-date rally through persistent buy-side pressure at critical stages.
Consolidation periods throughout Q3 2024 had the ratio decrease, under muted buyer interest. But regained bullish traction at the beginning of 2025, witnessed the ratio and Bitcoin price surge to all-time highs, a reversal of fortunes for the crypto sector.
Bitcoin Spot ETFs See Record Inflows
Institutional demand for Bitcoin also surged, evidenced by substantial inflows into Bitcoin spot ETFs. According to data from SosoValue, net inflows flipped positive from December 2024, driving ETF assets above $134 billion by May 2025. During this time, Bitcoin’s price mirrored the inflow trend, climbing from $38,000 to over $111,000.
The most notable inflow periods occurred between April and May 2025, with daily inflows exceeding $400 million. ETF structures, offering direct Bitcoin exposure with robust custody solutions, attracted capital during a time of heightened investor confidence. The total net assets in ETFs peaked alongside Bitcoin’s price, reflecting aligned market enthusiasm.
Fluctuations earlier in 2025 saw outflows and price stagnation. Yet, April’s recovery, driven by strong inflows, reinvigorated both ETF balances and Bitcoin’s valuation, showcasing the symbiotic relationship between institutional participation and market performance.
Whale Activity Signals Diverging Market Sentiment
Amid widespread bullish sentiment, some whales are betting against Bitcoin’s rally. A whale recently transferred $4 million USDC to HyperLiquid, opening a 15x leveraged short position on Bitcoin at an entry price of $110,969. Currently, the position shows a loss as Bitcoin trades at $111,258, though the trader retains a liquidation buffer of $149,070.
Such contrarian moves highlight nuanced market dynamics. While institutional and retail investors drive Bitcoin’s upward trajectory, significant players often hedge or speculate against prevailing trends, reflecting complex sentiment shifts within the crypto space.
Exchange Balances Continue to Decline
Bitcoin’s availability on exchanges decreases as its price rises. In 2025, the proportion of Bitcoin held on exchanges fell below 12%, the lowest since 2018, according to CryptoCon. In contrast, exchange balances usually increased during price rallies during prior bull runs.
“The masses aren’t here yet,” CryptoCon observed, noting that retail participation remains subdued despite Bitcoin’s price nearing $100,000. Reduced exchange balances suggest sustained accumulation by long-term holders, a factor often associated with supply constraints and upward price pressure.
