Bitcoin’s Bullish Momentum Clashes with Whale Skepticism
Bitcoin is currently experiencing a renewed upward momentum, reaching key resistance levels and reigniting optimism in the cryptocurrency sector. However, a contrasting trend has emerged as large investors, or ’whales,’ have been reducing their long positions, signaling potential bearish sentiment. Meanwhile, reports indicate that Chinese local governments are exploring the sale of seized cryptocurrencies to bolster their finances. This article delves into these developments and their implications for Bitcoin’s future trajectory.
Bitcoin’s Price Upswing Meets Reduction in Whale Long Positions
Bitcoin is experiencing renewed upward momentum, pushing it to key resistance levels. This has reignited optimism and interest in the sector. However, an analysis by FundingVest reveals that despite BTC’s price surge, whale-long positions have been decreasing, indicating a bearish sentiment among large BTC investors.
China Selling Seized Crypto to Boost Finances
Local governments in China are reportedly seeking ways to offload seized crypto due to the country’s ban on crypto trading and exchanges. The lack of clear rules has led to inconsistent and opaque approaches, raising corruption concerns. To replenish public coffers, Chinese local governments are using private companies to sell seized cryptocurrencies, primarily Bitcoin, in offshore markets for cash. At the end of 2023, local governments reportedly held approximately 15,000 Bitcoin worth $1.4 billion. These sales have become a significant source of income.
Bitcoin Open Interest Remains High Despite Price Decline
The Bitcoin open interest has stayed high despite the price falling over 20%. Data from Coinglass shows that the open interest is still above $56 billion and not far from its November 2024 highs after the BTC price hit a peak above $109,000. This suggests that interest in Bitcoin remains abundant, which is good for the crypto market in the long-term. However, some experts are concerned that the high open interest could hinder a price recovery.
CoinGecko Q1 Crypto Report Indicates Strong Market Performance Despite Volatility
CoinGecko, a leading autonomous crypto data aggregating platform, has recently released the latest report covering this year’s 1st quarter. The report signifies a resilient performance throughout the first quarter amid heightened volatility driven by political developments and macroeconomic factors. However, the cumulative drop in the total crypto market cap accounted for 18.6% in 2025’s 1st quarter, after the year-to-date high spot of $3.8T. Bitcoin is also mentioned, seeing a meteoric rise.
Semler Scientific Settles DOJ Case, Plans Bitcoin Expansion
Semler Scientific, a medical tech firm reported to hold substantial amounts of Bitcoin, has settled with the United States Department of Justice (DOJ) for $29.75 million. This agreement aims to end allegations that the firm violated federal anti-fraud laws. The settlement details and further plans of the company, including its Bitcoin expansion, are awaited with interest in the cryptocurrency community.
Bitcoin: BlackRock Buys $38 Million Worth of BTC
According to Farside Investors, BlackRock’s Bitcoin (BTC) ETF, IBIT, purchased $38.2 million worth of BTC on Apr. 15. The world’s largest asset manager had earlier bought $36.7 million worth of BTC on Apr. 14. BTC’s price witnessed a rally on both days of BlackRock’s BTC buying spree. BTC’s price fell to below $75,000 during the market crash earlier this month, likely due to the US imposing tariffs on multiple trade partners. The original cryptocurrency recovered after President Trump announced a 90-day tariff pause on all countries except China.
