Bitcoin derivatives market signals strong bullish momentum
Institutional inflows drive BTC derivatives growth
The Bitcoin derivatives market is exhibiting strong bullish momentum amid growing optimism from both institutional and retail investors, who are actively increasing their long positions.
According to BlockchainReporter, this growth is driven by expectations of further Bitcoin price strengthening, heightened interest in crypto-based instruments, and overall stabilization of the global investment climate.
CryptoQuant analyst Axel Adler Jr. noted on his X account that over the past three days, 57,000 BTC worth of futures positions have been opened—equating to approximately $5.345 billion in liquidity. This marks the largest liquidity surge in the past 12 months.
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Surge in open interest and key technical levels
The sudden spike in open interest reflects increasing confidence among derivatives traders, most of whom are reportedly going long in anticipation of a sustained Bitcoin rally. This collective sentiment suggests that market participants are expecting upward price action in the near future, especially as the cryptocurrency breaks through key resistance levels.
On April 22, Bitcoin broke through the critical $90,000 resistance, reaching $94,320 on April 23. At the time of writing, Bitcoin is trading around $92,800. Moreover, Bitcoin’s dominance in the cryptocurrency market has surged to 63.5%—the highest level since March 2021. The price rise and retreat of altcoins further support the argument that Bitcoin has once again become the main focus for investors.
Institutional inflows and Bitcoin ETF activity
Fueling this momentum is a wave of renewed institutional interest. On April 21, 2025, U.S. spot Bitcoin ETFs recorded net inflows of $380 million—the largest single-day inflow since January. This trend is part of a broader pattern: 21 out of the past 33 trading days saw positive inflows, signaling a return of institutional capital after a prolonged period of outflows.
Corporate activity and future growth expectations
Corporate investors are also making bold moves. Japanese investment firm Metaplanet announced the purchase of 145 BTC, bringing its total holdings to 5,000 BTC. Previously, MicroStrategy Inc. acquired 6,556 BTC worth approximately $555.8 million, boosting its total holdings to a staggering 538,200 BTC valued at $48.4 billion.
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These strategic investments, combined with rising open interest and technical breakouts, suggest that Bitcoin is entering a new phase of upward momentum.
However, not all analysts are convinced of further growth. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, warns that the recent BTC price surge may give crypto investors false hope. He cautions that core signals point to a broader bearish trend and growing macroeconomic risks.
