Gate News message, April 16 — Bitcoin has traded near the $75,000 level as on-chain data revealed whale purchases of 270,000 BTC over the past 30 days, marking the largest accumulation phase since 2013. Exchange reserves have reached their lowest level since December 2017, with fewer coins available for sale across trading venues.
Bitcoin briefly fell to around $73,500 during U.S. morning trade on Thursday after failing to decisively push above $75,000, but later recovered most losses and returned close to $75,000. Derivatives data showed Bitcoin funding rates on a seven-day moving average at approximately negative 0.005%, their most negative reading since 2023. In perpetual futures markets, negative funding means short traders are paying long traders, typically reflecting downside bets.
Bitcoin rebounded after President Donald Trump announced a 10-day ceasefire agreement between Israel and Lebanon, rising from an intraday low near $73,000 to roughly $74,800. Market structure data showed Bitcoin trading volume remained above altcoin volume over the past two months, with altcoin volume recently beginning to recover. Bitcoin inflows into futures exchanges have increased since March, resembling patterns observed after the FTX collapse in late 2022.
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