Bitcoin surged to a new monthly high near $74,000 on March 4, propelled by two concurrent bullish signals. Data shows a $430 million spike in futures open interest on Binance coincided with the breakout, while U.S. spot Bitcoin ETFs accumulated roughly 23,600 BTC worth about $1.5 billion over several days, indicating fresh institutional demand entering the market.
Bitcoin’s price jumped from $68,000 to roughly $74,000 on March 4, reaching a new monthly high. The move coincided with a sharp spike in Binance futures open interest delta and significant accumulation by U.S. spot Bitcoin ETFs.
Market analyst Amr Taha wrote in an update that Bitcoin futures open interest expanded substantially, with Binance alone adding about $430 million in new positions. Other exchanges like Gate.io and Bybit also posted sizeable increases of roughly $189 million and $166 million, respectively.
“The rise in OI Delta, particularly when it is led by Binance, usually suggests that new positions are entering the market,” Taha noted. The overall rise in open interest across exchanges exceeded the peak recorded in January, pointing to the strongest derivatives expansion in nearly two months.
Simultaneously, U.S. spot Bitcoin ETFs accumulated about 23,600 BTC between February 25 and March 5, worth around $1.5 billion. “Historically, rising ETF demand tends to support bullish market conditions, as it introduces steady buy-side pressure into the market,” Taha pointed out.
Separate order-flow data shared by analyst Maartunn on X also pointed to large buyers entering the market. He wrote that the Coinbase premium gap widened to $61, a metric often reflecting demand from U.S. traders.
Bitcoin’s recent move continues a rebound that began after a sudden drop tied to geopolitical tensions. At the time of writing, the flagship cryptocurrency was trading near the $72,500 level after gaining nearly 6% in the last 24 hours.
Technical traders have focused on the $71,700 level, which the market has reclaimed. Maartunn noted that Bitcoin derivatives added about $3.55 billion in new leveraged positions, an 18% increase.
These new positions require continued spot demand to remain stable, and if supportive bids slow down, overleveraged positioning can unwind quickly. However, Maartunn stated that institutional spot demand is currently supporting the move.
