Bitcoin (BTC) surged from $68,000 to around $74,000 on March 4 to hit a new monthly high as two data sets flashed bullish signals around the same time.
Data on the chain shows that a sharp increase in the delta of Binance futures open interest coincides with the arrival of prices, while US Bitcoin ETFs have added about 23,600 BTC to their holdings since February 25, indicating new institutional demand to enter the market.
Derivatives activity and ETF inflows are increasing
Market analyst Amr Taha wrote in an update on March 5 that open interest in Bitcoin futures increased significantly on March 4, with Binance alone adding nearly $430 million in new positions. Other exchanges also saw significant growth, including Gate.io with around $189 million and Bybit with around $166 million.
The surge came as Bitcoin hit $74,000 and hit a new monthly high. According to Taha, the overall increase in open interest on exchanges exceeded the peak recorded in January, marking the strongest expansion in derivatives in nearly two months.
“OI Delta reopening, especially when it is led by Binance, usually indicates that new positions are entering the market,” Taha said. “In other words, fresh liquidity appears to be flowing into derivatives.”
At the same time, US Bitcoin ETFs collected about 23,600 BTC between February 25th and March 5th, according to the same data set. The amount is about $1.5 billion at current prices and adds to ETF holdings, which many traders use as a measure of institutional demand.
“Historically, rising demand for ETFs tends to support bullish market conditions as it injects sustained buying pressure into the market,” Taha said.
Separate order flow data shared by analyst Maartunn at X also points to large buyers entering the market. He wrote that Coinbase’s premium gap had widened to $61, meaning BTC was trading higher on Coinbase than on other exchanges. The metric often reflects the demands of American merchants.
The price rally follows a reversal from geopolitical selling
Bitcoin’s recent move continues the recovery that began after a sudden decline linked to geopolitical tensions in the Middle East.
At the time of writing, the flagship cryptocurrency was trading near the $72,500 level after gaining nearly 6% in the last 24 hours and roughly the same in the past week. Despite the recovery, BTC is still more than 42% below its peak in October 2025, when the asset crossed $126,000.
Technical traders are also focused on the $71,700 level. Maartunn wrote that the market has recovered this high range, which could keep the current top structure intact if the price breaks above it.
However, derivatives markets are showing increased leverage, and the analyst said Bitcoin derivatives saw around $3.55 billion in new leveraged positions, up 18%, while Ethereum saw additional leverage close to $1.8 billion.
According to him, these new positions require spot demand to remain stable, and if support requests weaken, over-positioning could quickly unwind and increase volatility. However, as it turns out, Maartunn says that institutional requirements support this move.
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