Is Leverage Fueling the Crypto Rally?

The cryptographic derivative market dates back to life, with binance's term contracts leading the charge while its last monthly negotiation volume exceeded $ 1.04 Billion of dollars, overshadowing the $ 962 billion in February and $ 683 billion in March.

This growth in activity has coincided with the last increase in Bitcoin, on the part of the level of $ 85,000 to beyond $ 94,000, causing a new debate on the role of the leverage in the food of the latest price approach.

Binance's domination

Cryptoque analyst JA Maartun first pointed out the rapid increase in the volume activity of future binance. He note This April volume had already exceeded the total of February and March, even if a few days remain before the end of the month. According to him, only $ 1.23 billion of January ranked in 2025.

Growth was not observed in Binance, with competitors like OKX and Bybit also recording substantial points. OKX recorded $ 519.9 billion in volume, a significant improvement compared to $ 427 billion and $ 306.7 billion reached respectively in February and March.

Bitget follows closely, going to $ 435.4 billion compared to the 270.6 billion dollars treated last month. On the other hand, Bebit's April's term volume of April has just exceeded $ 409 billion, a large improvement compared to its March $ 248.4 billion figures.

The influx arrives roughly at the same time as Bitcoin is experiencing a lively rebound in its price. During last week, the number one cryptocurrency increased from around $ 85,000 to summits of $ 94,700 earlier in the day.

This move of almost 12% also took place in a very active negotiation window, where the aggressive activity of Binance, market purchases which fulfill orders at dominant prices, played a dominant role.

During the last month, the purchase / sale ratio of platform takers increased by almost 19%, with a 7 -day gain of 6.2%. It resulted in a net-preparrow volume of nearly $ 62 million, the highest of weeks and a strong indicator that confident buyers now stimulate the narrative of the market.

A bullish break or an overheated rally?

However, under this euphoria at the surface is a more nuanced and cautious feeling, in particular during the examination of the behavior of short -term holders (STH) and minors. Maartun poster A point of data striking on X, showing more than 47,000 BTC, was sent to exchanges in a 24 -hour window by STHs seeking to make a profit.

The broader wave of strategic sale through the cryptography ecosystem also adds to the for -profit story. As indicated by CryptopoteBTC minors won around $ 18.6 million, selling as the price of the assets approached $ 93,000. Ethereum whales have not been less limited, discharging more than 305,000 ETH estimated at nearly $ 540 million on trade in last week.

Some observers believe that these synchronized movements could point out an underlying current of skepticism as to the sustainability of current rallies that the two cryptocurrencies know, even with the rise in prices.