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▲ Bitcoin (BTC), Ethereum (ETH)/AI Generated Image
The Bitcoin (BTC) and Ethereum (ETH) markets have officially entered their first institution-led bull run in history, with institutions filling the void left by retail investors.
Dan Gambardello, host of the crypto-focused YouTube channel Crypto Capital Venture, analyzed remarks by Exodus CEO JP Richardson in a video uploaded to his YouTube channel on April 26 (local time). Richardson diagnosed this cycle as fundamentally different from the past. Previous bull markets were driven by retail FOMO. However, currently, retail investors are disappointed and leaving the market. In contrast, institutions are building positions at an unprecedented pace. Morgan Stanley's launch of a Bitcoin spot ETF and BlackRock's massive capital inflows prove this shift.
Signs of a supply shock are also clearly emerging. Bitcoin holdings on exchanges are near all-time lows. Whales holding more than 1,000 BTC have accumulated an additional 270,000 BTC over the past 30 days. This is the largest monthly accumulation volume since 2013. Coupled with ETF inflows from institutional investors, this has created a strong supply shortage. While retail investors despair over short-term volatility, institutions have consistently secured supply, seizing market leadership.
Decisive technical rebound signals have also been detected in the Ethereum chart. This is a specific pattern appearing for the fourth time since 2023. The situation immediately preceding a golden cross, where the 20-week moving average approaches the 200-week moving average, has led to strong price increases in all three previous instances. Currently, Ethereum faces a key resistance zone between $2,400 and $2,500. A successful breakout above this resistance could open the path for an ascent to $3,200.
Key momentum indicators are also ready for an upward move. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are simultaneously signaling an uptrend. Specifically, on the weekly chart, the MACD line has crossed above the signal line, forming two green histograms. This aligns with patterns observed just before previous explosive surges. The RSI has also moved out of the oversold zone and is drawing an upward curve. This suggests that Ethereum is in a very technically advantageous position.
Macroeconomic variables still remain market variables. Purchasing Managers' Index (PMI) announcements and geopolitical risks affect investor sentiment. The market is currently at a point where bulls and bears are in a tight contest. The formation of a weekly candle that decisively breaks the $2,500 resistance line is a key indicator for confirming a long-term upward trend in the future. The aggressive accumulation activities by institutions are expected to be a new growth engine for the market.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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