As an analyst, I’ve been watching the market closely, and yesterday was particularly interesting. We saw over $44 million worth of short positions liquidated on Binance in just one hour – the biggest single-hour wipeout since early February. However, despite this surge in buying pressure caused by those liquidations, the price increase didn’t really stick, and there wasn’t much follow-through from long-term buyers. It suggests a lack of genuine demand despite the short squeeze.
Futures Chaos, Not Fresh Money, Lifted BTC
As a researcher tracking Bitcoin, I observed it hit a weekly high of $71,801 on Binance during US trading hours. Interestingly, this increase wasn’t driven by fresh investment, but rather by traders who were forced to close their short positions – essentially, those betting against Bitcoin were buying to cover their losses, which pushed the price up.
As an analyst, I’ve been watching Bitcoin futures closely, and I’ve noticed something interesting. Over the past 13 hours, we saw a drop of around 9,700 BTC in total open interest – about 3.5%. This happened *while* the price was going up. Now, typically when prices rise but open interest falls, it suggests traders are actually closing their positions rather than opening new ones. In my experience, that doesn’t usually indicate a strong, sustainable upward trend – it lacks the conviction we’d expect from a truly confident bull market.
The price of Bitcoin on Coinbase remained lower than the global average throughout the recent price increase. This suggests that demand from US-based buyers was weak during this period.
Binance Volumes Sink To Bear Market Levels
Overall trading activity remains low. Crypto analyst Darkfost notes that March is currently tracking to have the lowest volume of direct trades on Binance since the last three months of 2023 – approximately $52 billion, down from $88 billion in September.
The September number was recorded during what many consider a bear market. Data on trading activity supports this, with analyst Arab Chain reporting that the seven-day total of funds moving through Binance reached its lowest level since the beginning of the year.
Coinbase activity remained fairly stable, indicating that people holding crypto for the long term are still using the platform, even as short-term traders become less active.
On Monday, news reports that President Trump had temporarily halted potential military action against Iranian energy facilities caused a price increase. However, Iran’s government stated that no diplomatic discussions had occurred. Despite the denial, the price of BTC still went up following the initial reports.
Whale Activity Flashes An Unusual Signal
There’s one particularly noteworthy piece of data: a market analyst noticed a huge surge in “whale inflow momentum.” This metric tracks how quickly large Bitcoin holders are transferring their coins to exchanges.
Currently, the reading is 74, which is the highest it’s been in over eleven years. The last time it was this high was in 2015, when it reached 124.
Large amounts of Bitcoin moving to exchanges don’t necessarily mean people are planning to sell. However, recent activity suggests big investors are shifting funds and protecting their investments, which could cause Bitcoin’s price to fluctuate more in the coming weeks.
The price increase paused between $71,000 and $72,000, and it’s currently unclear if there’s enough buying interest to drive the price much higher.
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2026-03-24 12:59