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Key Highlights:
- Bitcoin funding rates on Binance Futures remain negative despite a 20% price recovery.
- Over 7,000 BTC, worth $500M, withdrawn from Coinbase, pointing to whale accumulation.
- The weekly chart shows that Bitcoin continues to make higher highs and lows.
Negative futures funding rates remain in place even after a significant price rebound. Despite this, Bitcoin (BTC) market indicators continue to show strength.
Whales have withdrawn over $500 Million of BTC from exchanges, reducing the available supply. This tightening of supply has further reinforced bullish momentum.
Funding Rates Remain Deeply Negative Despite the Recovery of Bitcoin
The rebound of Bitcoin from its recent lows is over 20%. During this recovery, however, funding rates on Binance Futures have remained profoundly negative. According to CryptoQuant, BTC price is approaching $95,000, which is not accompanied by funding rates above zero.
According to CryptoQuant analyst avocado_onchain, the funding rate flips positive when bullish sentiment strengthens. It measures the cost of holding long positions in futures.
In this instance, the negative rates are sustained, indicating that many traders are still shorting Bitcoin. “Bitcoin is likely to break through its previous all-time highs based on current investor sentiment and price behavior,”
In the past, when funding rates were negative during price rises, Bitcoin had sharp up moves. The disconnect between futures sentiment and spot price momentum suggests more room for Bitcoin’s uptrend to continue.
Over $500 Million in Bitcoin Moved Out of Exchanges
Meanwhile, whale wallets have been moving Bitcoin off exchanges. Amr Taha’s Whales Screener data shows that over $500 Million of BTC left centralized exchanges on April 25, 2025.
In particular, over 7,000 Bitcoins were withdrawn from Coinbase in one day. The CryptoQuant data showed a negative netflow of about 10,000 BTC on April 22 and a minimal withdrawal on April 24.
Every significant withdrawal was supported by strong price support and quick rebounds. When whales withdraw large amounts of coins, it usually means that they are moving the coins to cold storage.
This is a long-term holding strategy, not a sell. It often pressures prices when supply tightens on exchanges while demand stays steady.
Growing Supply Squeeze in Exchange Flows
The Whale Screener chart on the broader market also recorded $150 Million of Ethereum moved off exchanges during the same period. This implies that the accumulation trend is not exclusive to Bitcoin.
Furthermore, Coinbase’s total exchange netflow chart reveals that large-scale Bitcoin withdrawals occurred during periods of price consolidation or price rise. A dip near $80,000 in April was the largest movement, and a quick recovery to $95,000.
This behavior shows buyers have been coming in aggressively during dips and tightening available supply to support the uptrend in price. It also implies that major holders are preparing for further price increases.
Bitcoin Maintains Bullish Structure on the Weekly Chart
The bullish market structure of Bitcoin is still in place, as indicated by technical analysis of the weekly chart. According to Titan of Crypto data, Bitcoin has formed higher highs and lows since early 2023.
Every time BTC corrected, it rallied from the previous low and made new highs. The chart consistently shows the price action bouncing off a green ascending trendline.
Bitcoin has now pushed to create a fresh higher high above $94,000 after forming the latest higher low around $70,000.
The weekly RSI has returned from a strong support zone, indicating resilience. It continues to show an upward bias, reinforcing bullish sentiment.
RSI recoveries from these levels have historically coincided with further price expansion. Whale accumulation continues, reinforcing the strength of the Bitcoin market. Despite persistent negative sentiment in futures, the technical setup remains robust.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
