TLDR
Bitcoin reached $93,069, its highest price in seven weeks
Over $600 million liquidated from crypto markets in 24 hours
Open interest increased by $3.1 billion in one day
ETFs recorded $936 million inflows on April 22
Market rally coincides with cooling U.S.-China trade war tensions
Bitcoin’s price has surged to $93,069, marking its highest level in seven weeks and triggering a wave of market activity. The cryptocurrency jumped 5% in the last 24 hours, part of a broader crypto market rally that saw Ethereum rise 12% to $1,768 and Solana increase 7% to $149.
This price movement has caused major shifts in trading activity. Over $600 million was liquidated from the cryptocurrency market in the last 24 hours, representing a 130% increase according to Coinglass data.
Open interest—the value of outstanding unsettled futures contracts—exploded by $3.1 billion in a single day. This metric has been climbing steadily since April 10, reaching $30 billion on April 21, the highest level since early February.
The total crypto market capitalization has increased by 4% to just over $3 trillion.
Whale Activity and ETF Inflows
Large investors, commonly referred to as “whales,” have been quietly accumulating more Bitcoin. Data from CryptoQuant shows whale balances increased from 3.38 million BTC on January 1 to 3.50 million BTC as of April 20.
Though the rate of accumulation has slowed to just 0.62% in the last month, this consistent buying by large investors suggests continued faith in Bitcoin’s long-term prospects.
U.S. Bitcoin Exchange Traded Funds recorded their third straight day of inflows. On April 22, net inflows hit $936 million, according to SoSoValue data. This was the highest daily total since President Trump took office earlier this year.
Options Market Explosion
The options market for Bitcoin has seen even more dramatic changes. Options market volume surged by 347% to $3.57 billion, while options open interest increased by 3.80% to $32.30 billion.
These figures suggest traders are either hedging their positions or betting on larger price fluctuations in the future. The long to short position ratio now stands at 1.06, indicating slightly more traders are bullish than bearish.
The overall open interest in the crypto market rose 14% to $121.6 billion, showing an increase in leveraged bets. Despite the overall market rally, the Altcoin Season Index remains at 16, indicating the market is still in “Bitcoin Season.”
Trade War Tensions Ease
The rally appears to be fueled by improved market sentiment as investors anticipate a potential cooling of the U.S.-China trade war. At an April 22 White House press conference, President Trump softened his stance on several key economic issues.
The president said that tariffs on Chinese imports would “come down substantially,” though they would not be eliminated. He also announced that he had “no intention” of removing Federal Reserve chairman Jerome Powell, after previously criticizing him over interest rates.
These comments came alongside statements from Treasury Secretary Scott Bessent, who said the current tariffs were unsustainable and hinted at possible de-escalation in the U.S.-China trade dispute.
Traditional markets also responded positively to these developments. The S&P 500 rose 2.51%, the Nasdaq gained 2.87%, and the Dow Jones increased by 2.66%. Gold also saw sharp moves, briefly rising to $3,500 before pulling back.
The price recovery to over $93,000 is seen as a positive sign for Bitcoin after it had remained around $84,400 before the rally. The weekly price increase of 3.60% indicates a possible return of buying pressure.
Market analysts note that growth in open interest during a price rise is generally considered bullish. When money enters the market while prices are rising, it tends to signal growing confidence among traders.
However, the rapid growth in leveraged positions also increases the potential for steeper price fluctuations. If market sentiment changes quickly, heavily leveraged positions could create a cascade of forced buying or selling.
The Federal Reserve’s next interest rate decision and ongoing fiscal negotiations between the U.S. and China are expected to remain key factors influencing Bitcoin’s price in the coming weeks.
