Some interesting analysis from CryptoQuant helps us put Bitcoin’s current bull market in perspective, breaking down the factors driving prices and what could be ahead. As Bitcoin hit a new peak, trading at $88,200 currently, we’re seeing strong market activity reinforcing this rally. With this all-time high of $89,891, as per CoinMarketCap, there’s clearly a lot happening behind the scenes.
Increased Stablecoin Inflows on Exchanges
The recent U.S. presidential election triggered a surge in crypto exchange activity, reaching its highest volume since March. Bitcoin and USDT inflows spiked, with Binance leading in USDT activity, bringing in $7.7 billion USDT, followed by Coinbase with $4.3 billion. When more USDT flows into exchanges, it boosts liquidity, making it easier for people to trade, which ramps up the action. CryptoQuant’s data also suggests that these inflows to Binance align with interest from larger investors. Bitcoin inflows were just as active, with Binance taking in about 20,000 BTC on election day and another 26,000 BTC shortly after. Coinbase also saw strong inflows, receiving almost 44,000 BTC over two days.
This uptick wasn’t just in spot trading—futures trading also exploded, reaching a weekly volume of $1.1 trillion, with Binance handling 43% of it. Other exchanges, like OKX, Bitget, and Bybit, saw high trading volumes as well. As CryptoQuant notes, investor interest surged following Trump’s election victory, pushing Bitcoin close to $90,000.
Active Bitcoin Addresses Go Up
CryptoQuant’s data also highlights a rise in active Bitcoin addresses, indicating that more people are getting involved. This trend could mean that fresh entrants to the crypto market are fueling the current bull run. When more people join in, it usually sparks greater interest in other coins too, so we might see a positive effect on altcoin prices if this continues.
But as Bitcoin smashes through old highs, we’re also looking at a phase of price discovery, where volatility could ramp up. Bitcoin’s futures market added over $16 billion in open positions last week, with rising financing rates—now the highest since March—indicating a high level of leverage. While this may signal possible short-term corrections, the market structure today appears more stable than earlier in the year. Any dips that happen could actually offer buying opportunities, letting leverage normalize in a healthy way.
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