Bitcoin (BTC) is back in the spotlight after large-scale buyers returned to the market, with whales on both Binance and Coinbase aggressively accumulating BTC as prices broke above $90,000 for the first time in over six weeks.

Data from CryptoQuant shows that whales are once again "pushing the market up," ending weeks of sideways movement and reviving bullish sentiment across key exchanges.

At the time of writing, BTC is trading at $93,539, as whale-led buying power visibly lifts order book resistance and reclaims major psychological price levels.

Coinbase Premium Turns Positive Amid Risk-On Rally

The Coinbase BTC premium, a key market indicator measuring the price gap between BTC/USD on Coinbase and BTC/USDT on Binance, has turned decisively positive — its highest level since February.

A positive premium typically signals strong U.S. institutional buying and has historically coincided with bullish momentum. This week’s uptick suggests that Coinbase whales are back in accumulation mode, even as retail investor activity remains subdued.

“These two exchanges, which can be considered the largest in the world, have their whales alternately pushing the market up, creating a very positive situation,” noted CryptoQuant contributor Crypto Dan.

He added that retail participation remains low following weeks of volatile shakeouts, leaving room for large investors to take the lead.

‘Spoofy the Whale’ Abandons Resistance Wall at $90K

Adding to the bullish picture is a dramatic shift in Binance order book activity. A long-standing wall of resistance at $90,000 — attributed by analysts to a single high-volume entity known as “Spoofy the Whale” — has now disappeared.

“Spoofy the Whale has relinquished control of the BTC order book on Binance,” said Keith Alan, co-founder of Material Indicators, in an X post on April 23.

Alan highlighted that whale buying has increased across all classes of investors, with spot order book heatmaps showing a clear transition from defensive selling to active accumulation.

However, he cautioned that Bitcoin must decisively reclaim its 2025 yearly open near $93,500 to confirm a sustained breakout and end the current multimonth downtrend, according to Cointelegraph.

Market Outlook: Whales Lead, Retail Follows

Analysts suggest the current rally is being driven primarily by institutional accumulation, with retail investors still cautious after recent volatility. But with order books flipping bullish, ETF inflows rising, and macro tailwinds building, the market may be entering a new phase of upside momentum.

“The market has effectively shaken off the small fish,” Crypto Dan noted, “and that means it’s now ready for a rise.”