BTC
$90,347.18
+
2.20%
ETH
$1,647.53
+
0.45%
USDT
$1.0002
+
0.02%
XRP
$2.1322
–
0.07%
BNB
$609.29
+
0.72%
SOL
$143.83
+
2.46%
USDC
$0.9999
+
0.01%
DOGE
$0.1691
+
4.11%
ADA
$0.6543
+
1.31%
TRX
$0.2451
+
0.89%
LINK
$13.63
+
0.59%
AVAX
$20.62
–
0.04%
LEO
$8.9430
–
1.32%
XLM
$0.2543
–
2.69%
SUI
$2.3758
+
4.96%
SHIB
$0.0₄1295
+
2.29%
HBAR
$0.1755
+
2.03%
TON
$2.9476
–
2.26%
BCH
$351.04
+
1.80%
HYPE
$18.86
+
2.97%
By James Van Straten, AI Boost|Edited by Sheldon Reback
Updated Apr 22, 2025, 1:53 p.m. Published Apr 22, 2025, 1:44 p.m.
- Bitcoin hit $90,000 for the first time since March 7.
- U.S. spot bitcoin ETFs saw over $380 million in inflows Monday, the most since Jan. 30.
- Negative perpetual funding rates indicate short sellers are paying to hold positions, adding fuel to the rally.
Bitcoin (BTC) surged to $90,000 for the first time since March 7, adding more than 5% in the past five days as the paths of the largest cryptocurrency and traditional equities diverge.
In comparison, the S&P 500 was trading above 5,700 points on March 7 and has since slipped below 5,200.
STORY CONTINUES BELOW
Despite the recent bounce, bitcoin remains down more than 5% year to date. It has, however, recovered significantly from its April 8 low, when it was down nearly 20% on the year and more than 30% below its record of around $109,000 in January. That marked the steepest correction of this cycle and eclipsed the August 2024 drawdown, when it slid to $49,000.
From a market structure perspective, the average perpetual funding rate across exchanges is currently negative.
Perpetual funding rates reflect the cost of holding long or short positions in futures markets. When the rate is negative, it means short sellers are paying long holders to maintain their positions, a setup that can accelerate price moves higher because shorts are forced to cover their positions in what’s known as a short squeeze.
Adding to the bullish momentum, Monday marked the largest single-day inflow into U.S. spot bitcoin ETFs since Jan. 30, totaling over $380 million. With the Nasdaq up more than 1% on what some observers are terming “Turnaround Tuesday,” bitcoin may gain further upside, though key technical resistance levels still lie ahead.
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
UPDATE (April 22, 13:55 UTC): Adds price movement history in third paragraph, market structure starting in fourth.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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