Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asks
Key points:
Whales on Binance joins Coinbase in adding BTC exposure as Bitcoin recovers above $90,000.
The Coinbase premium is back in the green amid a broad risk-asset relief rally.
Resistance attributed to an entity dubbed “Spoofy the Whale” at $90,000 disappears.
Bitcoin (BTC) has fresh whale buying pressure across major exchanges as large-volume investors boost BTC price gains.
New data from onchain analytics platform CryptoQuant reports both Binance and Coinbase whales “pushing the market up.”
Coinbase BTC premium hits highest since February
Bitcoin whales are wasting no time adding BTC exposure as BTC/USD hits its highest levels in over six weeks.
This is reflected in market data, including the so-called Coinbase premium — the difference in pricing between the BTC/USD pair on the largest US exchange, Coinbase, and Binance’s BTC/USDT equivalent.
A positive premium indicates US buyer interest, with current values showing “alternate” demand between Coinbase and Binance.
“These two exchanges, which can be considered the largest in the world, have their whales alternately pushing the market up, creating a very positive situation, CryptoQuant contributor Crypto Dan summarized in one of its “Quicktake” blog posts.
Coinbase premium index. Source: CryptoQuant
Crypto Dan added that retail investors had undergone a shakeout thanks to the recent unpredictable BTC price action.
“Recently, most people had shifted their view to a bearish cycle, and public interest had significantly decreased,” he wrote.
“Furthermore, with Bitcoin and altcoins in an oversold condition, the market has effectively shaken off the retail investors (the ‘small fish’), which means the market is now ready for a rise.”
Mystery whale “relinquished control” of Binance order book
Binance order book data appears to corroborate the theory.
Related: US dollar goes ‘no-bid’ — 5 things to know in Bitcoin this week
As highlighted by Keith Alan, co-founder of trading resource Material Indicators, all classes of whales on Binance have begun buying.
In addition, a wall of resistance at $90,000, which Allen previously attributed to an entity he dubbed “Spoofy the Whale,” has vanished.
“Spoofy the Whale has relinquished control of the BTC order book on Binance,” he summarized in an X post on April 23.
BTC/USDT order book liquidity. Source: Keith AlanX
Alan reiterated that Bitcoin still needed a decisive reclaim of its yearly open at around $93,500 to complete a bullish turnaround and leave its multimonth downtrend behind.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
