Bitcoin surged 12% to above $65k after OG whales opened large long positions near $63k, marking the first positive demand signal in spot and perpetual futures since October 2025.
Macro & Markets ·
Bitcoin rallied 12% on Wednesday to break above $65,000 after trading in a $62,000–$65,000 range for several weeks. The sharp move coincided with large long positions opened by major whale accounts near $63,000 the previous week, according to analysis by CryptoQuant's chief executive. While the exact catalyst remains debated—with some pointing to U.S. Treasury activity and a White House crypto event—the whale positioning has been highlighted as a potential structural trigger.
The move also marked a broader shift in market structure. Bitcoin demand turned positive in both spot and perpetual futures markets for the first time since October 2025, when the asset reached its all-time high before experiencing a severe drawdown. The scale of this demand uptick remains modest at present.
Whether this reversal signals a sustained trend remains uncertain. CryptoQuant's leadership suggested that if positive demand holds over the next month, a case could reasonably be made that the bear market has ended. The current evidence is early-stage and does not yet confirm a durable bull market cycle.