Bitcoin (BTC) Price Pushes Higher, Rising 9.01% in the Last Week to Trade at $103,276

Bitcoin (BTC) is continuing its climb, adding 9.01% over the past week to reach $103,276 by 07:37 ET (11:37 GMT). From January’s peak, the cryptocurrency is now just 5.45% away.

Over the past month, the cryptocurrency has climbed more than 21%, suggesting that fresh confidence is building in both digital and traditional financial domains.

One event that may have fueled this optimism occurred on May 12, when over 3,000 BTC, valued at roughly $312 million at current prices, was pulled from Binance (NASDAQ:BNB).

As Amr Taha, an analyst at CryptoQuant, pointed out, this is one of the largest single-day Bitcoin outflows from the exchange in recent months.

This withdrawal coincided with the United States and China announcing a new tariff agreement. The development helped to boost the U.S. stock market, where the S&P 500 rose over 3%.

Investors across different markets responded by adjusting their positions in tandem with the shifting economic sentiment.

A Close Look At The Numbers

The timing of this large Bitcoin movement suggests more than mere coincidence.

Taha’s research indicates that Binance’s BTC holdings have been steadily decreasing—from 595,000 BTC in late February to 541,400 BTC by mid-May. This consistent reduction in reserves could be interpreted as more holders choosing to move their assets.

They are transferring their coins off exchanges, possibly into private wallets or cold storage.

These types of shifts usually suggest that people don’t plan to sell their coins any time soon. When investors pull their Bitcoin off trading platforms, it’s usually seen as a sign that they want to hold for longer periods.

This also reduces the available supply on the market, which can help to reduce short-term selling pressure and support further price gains.

Amr added that this recent outflow may reflect investors reacting to macroeconomic changes. Improved trade relations between the U.S. and China seemed to lift overall investor morale, and Bitcoin benefited from that momentum.

Bitcoin Fear & Greed Index

Despite the rising price, the Bitcoin Fear & Greed Index now stands at 70—still shy of the “extreme greed” range.

This indicator, devised by Alternative, measures market emotion using volatility, volume, and other variables. At present, the reading indicates that investors are certainly greedy, but not to an excessive degree.

Earlier this month, when Bitcoin stalled after its recent gains, market sentiment was more neutral. However, as the rally resumes, confidence is returning—but not to the point of frenzy.

According to past trends, remaining in the territory just outside of extreme greed may actually be a good sign for Bitcoin’s price, suggesting that more growth could still be on the horizon.

In essence, the combined impact of a major international agreement, a sharp market rebound, and a large-scale Bitcoin transfer away from Binance is shaping investor outlook. The figures suggest something more substantial than short-term enthusiasm.

With cold storage increasing and emotions remaining balanced, many believe that the cryptocurrency’s rally might not be over yet.