23-4-2025 – Bitcoin has once again seized the financial world’s attention, propelled by a resurgence of aggressive buying from major whales, on leading exchanges Binance and Coinbase. On 23 April 2025, the cryptocurrency soared past the $90,000 mark for the first time in over six weeks, reaching $93,600. This rally, driven by large-scale accumulation, has shattered weeks of stagnant trading and reignited optimism across the market.
A key indicator, the Coinbase BTC premium, which tracks the price difference between Bitcoin’s USD pair on Coinbase and its USDT pair on Binance, has surged to its highest level since February. This positive premium, a reliable signal of robust institutional demand in the US, points to significant whale activity on Coinbase. CryptoQuant’s Crypto Dan observed that whales on these dominant exchanges are taking turns to drive prices upward, creating a buoyant market dynamic. Yet, retail investors, shaken by recent volatility, remain largely on the sidelines, leaving the stage to these heavyweight players.
On Binance, a notable shift in market dynamics has further bolstered the bullish outlook. A formidable $90,000 resistance barrier, long attributed to a mysterious high-volume trader dubbed “Spoofy the Whale,” has vanished from the order book. Keith Alan, co-founder of Material Indicators, noted in an X post on 23 April that whale accumulation has intensified across investor classes, with spot order book heatmaps reflecting a pivot from defensive selling to confident buying. CryptoQuant data reinforces this, highlighting how whale activity is dismantling order book resistance and pushing Bitcoin towards key psychological price levels.
Despite the momentum, analysts caution that Bitcoin must firmly surpass its 2025 yearly open near $93,500 to confirm a lasting breakout and reverse the multi-month downtrend, as reported by Cointelegraph. The current surge, primarily fuelled by institutional appetite, is accompanied by rising ETF inflows and favourable macroeconomic conditions, hinting at a potential new chapter of growth. Crypto Dan remarked that the market has “shaken off the small fish,” setting the stage for a whale-led ascent.