Bitcoin Hits $110K Amid 3.4K BTC Binance Exodus - A Rally to New ATH?

Key Highlights

• 3.400 BTC leaves Binance, signaling strong demand

• Bitcoin's open interest surges by $4.3 billion

3.4k Bitcoin Leave Binance as Demand Soars

Over the past day, Bitcoin has surged, reclaiming the $109,000 mark. Following this surge, the market is flashing signs of cautious repositioning.

Binance experiences a significant outflow as BTC netflow surpasses 3,400 BTC, highlighted in orange in the graph from early June to July 2nd.

In fact, over the past day, more than 3,400 BTC have been withdrawn from Binance. Such a massive outflow signal that investors are bullish or hedging against near-term volatility ahead of crucial U.S. economic data.

Also Read: Bitcoin profit taking surges

But while Bitcoin leaves exchanges, volume on Binance is soaring. Its share of global spot trading increased from 41% to 56% in a single day. 

Bitcoin's Open Interest Spikes Over $4B

The derivatives market is showing signs of excitement. In just 24 hours, open interest in Bitcoin futures increased by more than 10%, rising from $33.3 billion to $37.6 billion. That's $4.3 billion in added positions, a dramatic move that tends to precede short bursts of volatility.

Bitcoin experiences a notable 10% Open Interest (OI) change over 24 hours, reflecting significant market shifts amid fluctuating prices.

Historically, such surges in open interest have come in waves. Spring 2024 saw a record-setting 79% spike, followed by 59% in the fall and 36% in May. While the current +5% rise doesn't yet match those extremes, it confirms one thing: traders are back, rebuilding positions after a recent lull.

"Analyzing Bitcoin Futures: The chart illustrates the fluctuations in open interest percentage changes, highlighting significant peaks at 79%, 59%, and 36%, with the most recent change at 5%, over the period from October 2022 to July 2025."

Why the Economic Calendar Matters Right Now

The timing of this activity is no coincidence. U.S. labour market data, including non-farm payrolls, unemployment rates, and wage growth, is due for release. These numbers have a significant influence over the Federal Reserve's next interest rate decision.

Upcoming economic data releases, including US unemployment figures and trade balance, could influence cryptocurrency market trends as investors analyze the impacts.

Lower-than-expected job growth or slowing wage inflation could increase expectations for interest rate cuts. This could be a potential green light for risk assets, such as Bitcoin, to extend their gains. 

But until that clarity arrives, investors appear to be preparing for volatility on either side of the trade.

Bulls Eye the ATH, Bears Hold the Line

Bitcoin's return to historical highs is drawing a line in the sand. Bulls are pushing for a new all-time high (ATH), but bears aren't backing off easily.

What could tip the scales? Clear signals from the Fed about an easing cycle, a significant political statement, or a shift in broader market sentiment that brings back risk appetite in full force. 

Until then, the market is trading on cautious optimism with traders balancing bold futures bets against careful asset custody moves. Positive macroeconomic news will see Bitcoin rally to $112k and make another ATH. 

However, if economic data turns negative, Bitcoin will likely retrace to $ 105,000.