Bitcoin’s continued outflows from Coinbase show institutional interest despite recent price declines.
Decreased derivatives volume signals cautious sentiment, potentially limiting short-term price movement and volatility.
Bitcoin [BTC] experienced massive outflows from Coinbase since the beginning of 2025, with a total of 106,217 BTC exiting the exchange. At press time, Bitcoin traded at $94,039.45, down by 0.68% over the past 24 hours.
Despite the price drop, the outflows have continued, signaling a divergence between short-term price movements and long-term investor sentiment.
These ongoing outflows suggest that institutional players remain confident in Bitcoin’s future, despite the current price volatility.
Price action — nearing resistance: Breakout or rejection?
Bitcoin’s price is currently testing key levels, with $76K acting as support and $96K as resistance.
At press time, Bitcoin edged closer to resistance, hinting at a possible breakout if momentum sustained. However, with the RSI sitting at 66.62, Bitcoin is nearing overbought territory.
While the current price trend is bullish, a pullback remains possible if the momentum fades. Still, the strong price action around these key levels suggests that Bitcoin could soon test resistance again, potentially leading to a breakout.
Source: TradingView
Bitcoin whale activity — large transactions pushing sentiment
Whale activity continues to play a significant role in shaping Bitcoin’s market sentiment. Despite price fluctuations, large Bitcoin transactions, often involving exchanges, remain consistently high.
At present, large transactions reflect a 0.96% bullish signal, suggesting ongoing activity from institutional players.
These whales demonstrate confidence in Bitcoin’s long-term potential, steadily accumulating despite market volatility.
Source: IntoTheBlock
Derivatives market – declining volume signals caution
The Bitcoin Derivatives market had seen a decline in volume, with a 40.1% decrease, bringing the total to $56.60 billion.
Open Interest also dropped by 3.6%, to $64.50 billion. These reductions reflect a cautious sentiment among traders, as many seem to be pulling back amidst the ongoing volatility.
In addition, the Options Market witnessed a sharp 69.3% plunge in volume, with Open Interest falling by 7.5%. This suggested traders sought clarity before committing, possibly signaling lower volatility ahead.
Source: Coinglass
Bitcoin on-chain data – stablecoin reserves and liquidity under the spotlight
At press time, the Exchange Stablecoin Ratio stood at 4.9958 after a 1.36% decline.
This indicates that exchanges hold a substantial proportion of Stablecoins in Reserve. A lower ratio typically signals higher buying power, which could lead to a possible price rise.
The relatively high Stablecoin Reserve is an indicator of liquidity, allowing exchanges to absorb larger trades without significant price slippage.
Source: CryptoQuant
While BTC’s outflows from Coinbase indicate strong institutional interest, the negative metrics in the derivatives market and rising RSI suggest short-term caution.
However, short-term price fluctuations are likely to persist until a clearer market direction emerges.
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