Bitcoin rebounded from a recent dip to $86k, trading near $89,000 as on-chain data shows a major whale purchased $89.2 million worth of BTC. While buying activity has increased on international exchanges like Binance and OKX, significant selling pressure from U.S. investors on Coinbase and consistent outflows from spot ETFs are creating a conflicting market dynamic.
Bitcoin recovered from a recent low of $86k, reaching a local high of $89,497 before retracing slightly. At the time of reporting, BTC traded at $89,008, marking a modest daily gain.
The defense of the $88k level signaled a gradual shift in market sentiment among participants. This created a buying window that large entities have actively used.
According to on-chain data, a whale purchased 1,000 Bitcoin, worth $89.2 million, from OKX in two batches. The whale’s move to pile up during a broader bearish market structure indicated bullish sentiment.
Buying activity appears to be recovering broadly, as investors on Binance and OKX have increased their BTC purchases. Data shows buyers have outpaced sellers significantly on both Spot and perpetual markets on these exchanges.
Bitcoin’s exchange netflow also turned negative, holding around -$41 million at press time. This suggests buyers have dominated the market and displaced sellers recently.
However, U.S. investors have remained bearish, with Coinbase recording increased selling pressure. The downward pressure on BTC is coming from Coinbase, as U.S. whales and retail continue to sell on any slight gains.
The negative Coinbase Premium Index has remained largely negative, recording a positive value only twice in 30 days. Furthermore, U.S. spot ETFs recorded net outflows of over $147 million on January 27th.
These weakening ETFs show that U.S. investors, including institutions, were extremely bearish. This activity additionally weakens BTC and leaves it exposed to potential losses.
Bitcoin’s Relative Strength Index jumped from 35 to 46 but remained in the bearish zone. This suggests buyers’ attempts were insufficient to trigger a bullish reversal.
These two conflicting forces have left BTC at a crossroads. For a bullish reversal, Binance and OKX buyers must overwhelm Coinbase’s selling pressure.
