Bitcoin (BTC) Derivatives Market 'Fierce'... Surpasses $90,000 on Institutional Buying

Bitcoin (BTC) price surged by 9% during the Easter holiday, crossing the $91,000 mark on April 22nd. This trend contrasts with the limited rebound in the stock market and resembles the strong performance of gold, which briefly touched its all-time high of $3,500. The price rally itself is impressive, but the market's *true signal* is being detected in the derivatives market. According to cryptocurrency market data platform CoinGlass, Bitcoin futures open interest increased by 17%, reaching approximately $6.83 billion. This is the highest level in about two months, indicating a resurgence of strong buying sentiment across the market. The current market is in a contango state, meaning futures prices are higher than spot prices, suggesting market participants expect Bitcoin to rise. Particularly, the CME Bitcoin futures price being higher than the spot price implies potential risk hedging and leverage strategies by institutional investors. This trend focuses on understanding who is buying and why they are accumulating. CoinGlass's 'Coinbase Bitcoin Premium Index' is a key indicator for distinguishing buyers. It shows the price difference between BTC/USD trading on Coinbase Pro (primarily serving US institutional investors) and BTC/USDT on Binance (with many global individual investors). While individual investor activity was prominent in the first half of April, the Coinbase premium rose to 0.16% between April 21-22, indicating clear institutional buying inflows. This suggests US-based corporations and funds are again showing interest in the market, driving price increases. With gold prices strengthening and Bitcoin showing an independent upward trend, the confirmation of renewed institutional demand through exchange and derivatives indicators is raising expectations of further market growth.