Bitcoin Market Signals A Pivotal Turning Point – Here Are The Main Drivers Behind It

Several key Bitcoin metrics are beginning to exhibit bullish action once again alongside the renewed upward traction in the asset’s price. With this kind of trend that points to growing momentum, the crypto king appears to be gearing up for a pivotal shift driven by newfound appetite from investors.

A Key Market Shift Unfolding For Bitcoin

Bitcoin has experienced a rebound as the crypto landscape turns bullish again, sending its price back above the $90,000 mark. Following the bounce on Wednesday, the BTC market appears to have reached a critical junction as it hints at an impending shift in the current trend.

Delving into the market performance, Darkfost, an author at CryptoQuant and market expert, has outlined the key driver behind the unfolding shift. In the research shared on the X platform, the expert revealed that the market today is heavily driven by derivatives. In addition to the derivatives-driven market, 2025 has been the most speculative year Bitcoin has ever seen in its existence.

Another key driver highlighted by the market expert is the actions of investors in the United States and the renewed demand at the institutional level. Darkfost’s research hinges on a critical Bitcoin metric, one that shows the average evolution of the Coinbase Premium Gap in the monthly timeframe and the Spot Bitcoin Exchange-Traded Funds (ETFs) netflows.

Specifically, this metric is the Bitcoin ETF – Netflow USD Vs. Coinbase Premium. It is worth noting that the Coinbase Premium Gap calculates the pricing difference between Coinbase Pro and Binance. This helps illustrate the behavior of different groups of investors. While Coinbase Pro is typically used by institutions and whales, Binance, which has the largest volume, is available to everyone.

The Coinbase Premium Gap decreased from +$109 to -$40 since October 16, when Bitcoin was valued at almost $113,000. Such a drop suggests that institutional investors sharply decreased their positions. 

BTC ETFs Netflows Impact On The Market

Interestingly, the trend was also observed in ETF netflows, which also flipped negative. During the period, BTC fell from $113,000 to $80,000, reflecting how much the US and institutional demand influence the market. 

As seen in the past, large negative swings have frequently indicated market bottoms, provided that the trend thereafter begins to turn. A trend of this kind is what is playing out in the market today.

However, current data reveals that the Coinbase Premium Gap has bounced back to -$13 while the average ETF netflow is valued at around -$100 million. This comeback in both sectors indicates that in the near term, the situation seems to be improving, and BTC’s price is reacting appropriately to the crucial shift. 

As a result, Darkfost predicts that a new all-time high for BTC may happen quickly if this pattern continues in the long run. The ongoing shift may be subtle, but it is noticeable as the market appears to be preparing for a phase that might largely change the course of Bitcoin.