- The number of bullish derivative accounts on BTC in the last 24 hours saw a notable spike as sentiment shifted.
- Spot traders’ sentiment dominated by whales is turning bullish and could impact a price surge.
After establishing a previous day’s low of $97,777.77, Bitcoin [BTC] gained momentum, rising by 4.73% and settling in to its press time price of $102,985.
This surge in momentum could be attributed to retail investors who saw the recent dip as a buying opportunity and took advantage.
AMBCrypto analyzed these retail activities on the derivative and spot markets to determine how they could further impact a BTC run.
Derivatives accounts turn bullish
In the past 24 hours, there’s been a notable spike in interest among retail investors in the derivatives market as bullish account positions grew.
According to Hyblock’s True Retail Longs Account, long positions on BTC jumped from 49.88% to 62.08% within this timeframe.
Source: Hyblock Capital
When there’s a surge in long positions following a price correction or decline, traders often consider the current price a discount, expecting the asset to rally.
BTC followed this path, quickly bouncing back and leading to its recent gains.
AMBCrypto found that while derivative traders were buying, spot traders did the same, as bullish activities increased.
Whales buy back BTC, but caution remains
Whales—large investors controlling a significant supply of circulating BTC—purchased a notable amount of BTC as the price corrected below $100,000 in the last 24 hours, according to IntoTheBlock.
This data showed that over 675,000 BTC worth $67.82 billion were traded during this period, with whales’ buying dominating selling, contributing to the price jump.
Source: IntoTheBlock
Similarly, the BTC exchange netflow, which tracks asset movement in and out of exchanges, showed more outflows than inflows occurred.
A total of 322 BTC were moved from exchanges to private wallets for long-term holding, representing a 78.49% jump from the previous day’s exchange netflow.
Notably, while whale buybacks have occurred, much of this BTC remains on exchanges.
The Large Holder Netflow to Exchange Netflow ratio dropped by 364.23% in the past week, suggesting potential for profit-taking, which could trigger another price drop.
Correlation with stock market
Analysis on CryptoQuant showed a growing correlation between BTC and the U.S. S&P 500, as both assets’ market movements continued to align, particularly in this recent price correction.
Read Bitcoin’s [BTC] Price Prediction 2025–2026
This comes during a period of high institutional interest and adoption, suggesting investors may view them similarly. This could impact BTC as it becomes more responsive to U.S. economic activities.
For now, investors should consider this factor when deciding to invest in the asset.
