Whales have accumulated over 43,100 Bitcoin (BTC), worth nearly $4 billion, in the past two weeks, according to data shared by Ali Martinez. This surge in holdings brings the total whale balance to over 3.54 million BTC, up from 3.498 million BTC as of mid-April.
The timing is notable: Bitcoin has reclaimed strength in April, currently trading just below $94,100 after a strong rebound from sub-$80K levels earlier in the month.
Spot Bitcoin ETFs have continued to attract capital despite macro uncertainty. The nine-day stretch from April 21 to April 29 saw consistent inflows totaling over $4 billion, led by IBIT and EZBC.
April 23–24 alone generated $1.36 billion, demonstrating a persistent appetite among U.S. institutions. While GBTC outflows remain a drag, net ETF demand continues to support BTC’s price floor near current levels.
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Derivatives Send Mixed Signals Amid Higher Volume
Bitcoin derivatives volume jumped 17% in the last 24 hours to $91.5 billion, but open interest dipped slightly by 1.68%. Long/short ratios across Binance and OKX show a nearly neutral bias, just under 1.0, suggesting traders remain cautious near local highs.
Notably, top trader positioning on Binance remains skewed long, and liquidation data reveals over $77 million in 24-hour rekt positions, primarily short.
Smart Money Loads Up, But Momentum Needs Confirmation
Whales are clearly buying with conviction, and ETF flows back the narrative of strong institutional support. But the flattening of open interest and cautious leverage metrics hint that momentum isn’t guaranteed.
Bitcoin may need another catalyst—or a clean break above $95K—to unlock the next leg. Until then, the market appears to be coiling in anticipation of a decisive move, with derivatives data showing traders hedging more than speculating. If inflows persist and volatility returns, BTC could be gearing up for another push toward six figures.
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