Bitcoin (BTC) rose 1.54% over the past 24 hours to $80,837, according to BeInCrypto Markets data. The broader crypto market also climbed as technology stocks rallied before the Federal Reserves (Fed) rate decision on Wednesday.
However, spot and derivatives data show traders preparing for the decision in different ways. Spot holders are moving coins off exchanges, while futures traders on Binance lean slightly toward short bets.
Bitcoin (BTC) Price Performance. Source: BeInCrypto Markets
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Crypto Climbs Behind a Chip Stock Rally
Large altcoins posted gains over the same period. Ethereum (ETH) rose 1.79% to $2,350.85, XRP (XRP) added 2.44% to $1.33, and Solana (SOL) gained 1.69%.
The move came after the Nasdaq Composite gained 1.18% on Tuesday. Chipmakers led that advance, with Advanced Micro Devices up 5%.
Markets expect the Fed to hold rates at 2 p.m. ET, although Morgan Stanley expects more hike signals, BeInCrypto reported. Alphabet and Microsoft report earnings after the close, and Personal Consumption Expenditures (PCE) and GDP data follow Thursday.
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Spot Holders and Binance Futures Traders Take Opposite Sides
That packed calendar has spot and futures traders positioning differently. Bitcoin holders moved a net 14,942 BTC off exchanges, the largest single-day outflow in 5 weeks, according to Santiment.
Bitcoin net exchange flows chart showing the 14,942 BTC outflow. Source: X/Santiment
Coins held off exchanges cannot be sold instantly, leaving fewer available for a quick exit. Santiment read this as less defensive positioning than the macro risk implies. Still, outflows can also reflect exchanges shifting coins between their own wallets.
Futures traders on Binance, in contrast, lean cautious. Short volume stands at about $4.11 billion against $3.91 billion in longs, a long/short ratio near 0.95 per Arab Chain. Open interest (OI) sits around $9.15 billion.
“This means that the volume of short positions slightly exceeds that of long positions, signaling a limited bearish bias in the Bitcoin futures market on Binance,” the analyst wrote.
The Bitcoin Levels Traders Are Watching Ahead of Fed Decision
With exchange supply shrinking and futures traders leaning short, Santiments price levels show where each side could be proven wrong.
Santiment named $80,000 as the first level to defend. Holding it while exchange supply falls would favor a rebound toward $82,500 to $84,000. A decisive drop below roughly $79,000 would weaken that setup.
A dovish Fed could also force short sellers to buy back positions, adding fuel to any rebound. On the other hand, a hawkish Fed or weak Big Tech earnings could pull tech shares and crypto lower together.
CryptoQuant noted that rising OI during a price drop could signal fresh shorts and higher volatility. Rising OI alongside price, however, would point to new money entering the market.