Bitcoin Price Soars 20% as Demand Floods Back into Markets

Bitcoin's price surged by over 20% in just three days as demand returned to both spot and futures markets. This significant rally was accompanied by an increase of $2.5 billion in Bitcoin's open interest, with $1.5 billion of that coming from Binance alone. The exchange now accounts for a whopping 37% of the total market's open interest.

Binance saw a sharp rise in futures activity, with its seven-hour moving average of net taker volume reaching its highest level since 2024. Moreover, the platform experienced a massive influx of $246 million in net buying pressure within hours of Bitcoin breaking above $65,000. This marked the strongest surge in futures buying pressure on Binance in two years.

The combination of renewed spot demand, stronger futures buying, and short liquidations contributed to the acceleration of Bitcoin's rally. As a result, investors are taking note of this significant price increase and its potential implications for the market as a whole.