Bitcoin (BTC) price surges over Easter weekend, jumping 9% and crossing the $90,000 threshold

Bitcoin (BTC) price surged over the Easter weekend, jumping 9% and crossing the $91,000 threshold on April 22. This strong

Bitcoin (BTC) price surged over the Easter weekend, notching up 9% and smashing through the $91,000 threshold on April 22. This strong performance stands in stark contrast to the stock market’s lukewarm rebound and mirrors gold’s bullish behavior, which briefly touched a new all-time high of $3,500.

While the BTC rally and its growing decoupling from equities are noteworthy, it's the derivatives market that offers an even more bullish signal. According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3 billion. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders.

The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges, allowing them to gain greater exposure through futures than they could with direct spot purchases.

This begs two questions: Who is buying, and why?

Institutional interest reawakens

A key metric for understanding investor composition is the Coinbase Bitcoin Premium Index. It measures the percentage price difference between Bitcoin on Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters predominantly to US-based institutional investors, while Binance has a broader global retail audience, this premium can indicate where the buying pressure is coming from.

While the first half of April showed strong retail dominance, April 21–22 saw institutional demand kick in, with the Coinbase premium rising to 0.16%, per CoinGlass.

Among those buyers could be Michael Saylor, who announced the acquisition of 6,556 more BTC for approximately $555.8 million at an average price of ~$84,785 per coin on April 21. This brings MicroStrategy’s total holdings to an eye-watering 538,200 BTC, worth approximately $48.4 billion at current prices.

On a smaller scale, Japan-based Metaplanet also added 330 BTC to its treasury, pushing its total to 4,855 BTC, as the company’s CEO announced on the same day.

Meanwhile, investors who prefer traditional financial instruments over direct Bitcoin holding have also begun to return. According to the CoinGlass data, on April 21, BTC ETFs recorded $381 million in inflows — a much-needed reversal after a prolonged period of heavy outflows. Since February, ETFs had suffered 33 days of net outflows versus just 21 days of inflows, with outflows strongly dominating in volume. The recent reversal suggests renewed confidence, especially from TradFi-aligned investors.

As tariff fears took hold of the market, institutional investors largely shied away from both Bitcoin and equities. However, something shifted over the Easter weekend. Crypto analyst Rekt Capital noted that Bitcoin had decisively broken out of its multimonth downtrend

Another, more macroeconomic, factor might be the increasing tension between US President Donald Trump and Federal Reserve Chair Jerome Powell. Their growing rift, focused on concerns about inflationary pressure from tariffs and the Fed’s unwillingness to cut rates, is casting a shadow over the US dollar.

The US Dollar Index, which tracks the dollar’s value against a basket of currencies, has been plummeting since February, reaching lows last seen in 2022. Trump’s public pressure on Powell, and rumors that he might try to remove him or other Fed officials, are fueling anxiety over the Fed’s independence — a fundamental pillar of the US financial system.

The potential consequences of a falling dollar for the global economy are difficult to predict, but one thing is clear: Bitcoin stands to benefit greatly. A decentralized, censorship-resistant money governed entirely by code, with a fixed supply schedule and no central authority to manipulate its issuance. As trust in traditional monetary systems continues to weaken, the narrative of Bitcoin grows stronger.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.