Bitcoin whale activity drives $90,000 price shift in April 2025

Bitcoin (CRYPTO:BTC) trading volumes surged in April 2025 as large investors, often referred to as whales, increased their buying activity and contributed to a notable price movement above $90,000.

According to on-chain analytics, both Binance and Coinbase saw significant whale participation, with these major exchanges experiencing alternating surges in demand that influenced the broader market direction.

CryptoQuant data indicated that the so-called Coinbase premium, which measures the price difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT, returned to positive territory, reflecting renewed U.S. buyer interest.

“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,” a CryptoQuant contributor known as Crypto Dan commented, as cited in a recent analysis.

The recent period of volatility led to a shakeout among retail investors, with many shifting to a bearish outlook and public interest declining.

“Recently, most people had shifted their view to a bearish cycle, and public interest had significantly decreased,” Crypto Dan observed, adding that the oversold condition of Bitcoin and altcoins had cleared out smaller investors and set the stage for a potential rise.

Order book data from Binance supported this narrative.

According to Keith Alan, co-founder of Material Indicators, all whale classes on Binance have started purchasing again, and a previously important resistance wall at $90,000 that was ascribed to an entity known as "Spoofy the Whale" has vanished.

“Spoofy the Whale has relinquished control of the BTC order book on Binance,” Alan stated in a social media post on April 23.

Despite the renewed buying pressure, Alan emphasised that Bitcoin would need to decisively reclaim its yearly open near $93,500 to confirm a bullish reversal and break out of its multi-month downtrend.

Market analysts continue to monitor institutional and retail flows, as well as regulatory developments, which are expected to play a role in Bitcoin’s price trajectory throughout 2025.

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