Key Takeaways
- Bitcoin's Coinbase Premium Index hit its second-highest level in 2025, signaling strong US investor demand.
- Binance's retail inflow percentage surged to a two-year high, reflecting increased trading activity by smaller holders.
- Bitcoin's price jump to $105,000 was driven by short liquidations, not new long positions, with open interest dropping 10%.
The Bitcoin Coinbase Premium Index reached its second-highest level of 2025 on Monday, indicating a notable price premium for bitcoin on Coinbase relative to Binance.
This premium reflects sustained buying pressure from US investors, and has remained elevated throughout June.
The trend aligns with continued positive spot ETF flows for most of the month, with one study noting a 0.27 coefficient between prior-day ETF inflows and subsequent bitcoin price increases.
CryptoQuant data also reveals that Binance’s retail inflow percentage has surged to a two-year high, coinciding with increased exchange deposits in the 0–1 BTC range.
According to onchain analyst Maartunn:
“These inflows suggest proactive behavior rather than passive accumulation. The move to deposit BTC on Binance typically signals an intention to trade, not to hold. While retail participants are often seen as lagging market movers, this time they may have been ahead of the curve.”
Short liquidations drive price recovery
Bitcoin’s price jumped from a range low of $98,300 on Sunday to $105,000 on Monday—a 6.7% increase—primarily fueled by short liquidations.
On June 23, $130 million in short positions were wiped out, forcing traders to buy back bitcoin, which contributed to the sharp price bounce.
Notably, open interest fell by 10% during the rally, while the aggregated funding rate rose, suggesting over-leveraged longs.
For a sustained bullish move, analysts emphasize the need for renewed buying volume and an uptick in open interest. However, if funding rates spike further without supporting open interest, a correction could follow, with key support near $102,000.
