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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 Venture Capital, analyzed remarks made by Exodus CEO JP Richardson in a video uploaded to his YouTube channel on April 26th (local time). Richardson diagnosed that this cycle is fundamentally different from the past. Previous bull markets were driven by retail FOMO. However, currently, retail investors are leaving the market out of disappointment. 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 demonstrate 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, representing the largest monthly accumulation since 2013. This, coupled with institutional investor ETF inflows, has created a powerful supply shortage. While retail investors despaired over short-term volatility, institutions consistently secured volume, seizing market leadership.
Decisive technical rebound signals have also been detected in Ethereum's chart. This is a specific pattern appearing for the fourth time since 2023. The situation just before 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 is expected to 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 sending bullish signals. Specifically, on the weekly chart, the MACD line has crossed above the signal line, forming two green histograms, a pattern consistent with previous explosive surges. The RSI has also moved out of the oversold zone and is trending upwards. This suggests that Ethereum is in a very technically advantageous position.
Macroeconomic variables still remain a market factor. PMI announcements and geopolitical risks influence investor sentiment. The market is currently at a point where bullish and bearish sentiments are tightly contested. The formation of a weekly candle that decisively breaks above the $2,500 resistance level will be a key indicator to confirm a long-term upward trend. The aggressive accumulation activities by institutions are expected to be a new growth driver 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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