After dropping to a low of $76k, Bitcoin rebounded to $78,180 before slightly retracing. At press time, BTC traded at $77,886, up 0.96% daily.
With BTC attempting recovery, major traders appeared to increase their long exposure.
Why are whales turning bullish again?
Lookonchain reported that whale Garrett Jin returned to the market and opened a Bitcoin [BTC] long position.
Garrett Jin deposited $39.5 million into Binance, withdrew $40 million from Binance, and deposited another $10 million into Hyperliquid. The whale then opened a 5x long position on 504.4 BTC worth $59.11 million. The liquidation level stood at $62,656.49.
The move followed Garrett Jin’s earlier exit from the market after closing previous positions. That return hinted at improving market sentiment.
However, the whale’s move did not happen in isolation.
Are traders taking more long positions?
Buyers also appeared to return across the derivatives market. Bitcoin’s Taker Buy/Sell Ratio recovered from negative territory and climbed to a weekly high of 1.1.
A positive ratio suggested buyers aggressively opened fresh positions across the market.
That shift aligned with stronger capital inflows into BTC futures. CoinGlass data showed Futures Inflows reached $10.64 billion.
Meanwhile, Futures Outflows declined to $10.42 billion, leaving Futures Netflow at positive $219 million. The data suggested that traders increased their exposure to BTC derivatives positions.
On top of that, Bitcoin’s Long/Short Ratio climbed above 1 again. The metric reached 1.02 overall and averaged 1.2 across Binance and OKX.
A ratio above 1 suggested most traders leaned bullish and expected further upside.
Is the shift in sentiment adequate for BTC?
Despite improving sentiment, Bitcoin’s broader structure remained weak at press time. In fact, the Daily Relative Strength Index (RSI) remained below 50 at 49. Meanwhile, the signal line stood at 54.
That setup suggested bears still retained market control.
Even so, BTC also traded below the short-term 9-day and 21-day Moving Averages at $78k and $79k, respectively. Those momentum indicators suggested demand remained too weak to support a stronger breakout.
For bullish momentum to strengthen, BTC would need a clean daily close above the 21-day MA near $79,407. That could open the path toward reclaiming $80k.
By contrast, failure to reclaim that level could trigger long liquidations and drag BTC back toward $76k.
Final Summary
- Bitcoin whales reopened aggressive long positions as BTC recovered from the $76k support zone.
- Positive Futures Netflow showed fresh capital entering Bitcoin derivatives positions instead of exiting the market.