- Bitcoin rose over $93,000 as $288bn flooded the crypto market within five days.
- Whale accumulation and institutional ETF inflows were fundamental in the price rally.
- Investor sentiment moved from fear to greed, which enhanced the overall confidence in altcoins.
The crypto market appears to be making a strong charge once again owing to institutions, increased confidence, and accumulation of large investors. In the last five days alone, $288 billion has flown into digital assets, with Bitcoin hitting a peak of $93,770, the highest it has been since March.
Major altcoins followed suit. Ethereum increased by 12.3%, Solana by more than 13%, and other tokens such as Cardano and Dogecoin climbed by 16.7%. Glassnode well reflects this recovery, and it is evident that accumulation is occurring across all wallet groups and the steady flow into ETFs points to increasing institutional adoption.
Its rise also coincides with other market metrics depicting a drastic change of heart. The Fear and Greed Index of Alternative.me even increased to 72 in total from 18 previously, which reflects the shift from extreme fear to extreme greed. CoinMarketCap’s version increased from 15 to 52, which presents a slightly less steep angle but still gives the same general outlook.
Whale and ETF Activity Reinforce Support Levels
Over the last week, the Bitcoin price move correlates with a robust on-chain transformation. Data from Glassnode reveals a transition from distribution to accumulation in April. Wallets with more than 10,000 BTC are at 0.9 in the accumulation trend, thereby showing a near-perfect accumulation level. Wallets with balances between 1,000 and 10,000 BTC have also stepped up their exposure with scores up to 0.7.
This comes along with five consecutive sessions of inflows into ETFs, which reached $2.68 billion. As reported in a report, institutional use is helping Bitcoin to sustain at the new support level of $93,000, where open interest remains stable and the funding rates remain low, as shown by CoinGlass data.
According to Fidelity Digital Assets, the holdings of Bitcoin on centralized exchanges have reached their lowest levels since December 2018. Currently, there are still only 2.6 million BTC on exchanges, which indicates that investors tend to hold Bitcoin in the long term. More than 425k BTC left exchanges since November, and public companies alone are now buying more than 30k BTC per month.
ARK Invest Eyes $2.4M Bitcoin by 2030 as Crypto Market Broadens
ARK Invest has revised its long-term targets for the BTC, and it now expects it to reach $2.4 million by 2030, fueled by DeFi, nation-state accumulation, and increased institutional acceptances. According to its Big Ideas 2025 report, the nature of the firm views Bitcoin as transitioning into a new form of reserve currency.
While the leading investment firms such as ARK Innovation ETF and Fidelity are still bullish, the general public has started to show concern. There is a tendency towards a “sell in May” scenario due to macroeconomic factors and policy shifts, such as changes in interest rates and the effects of tariffs.
However, the technical and on-chain situation still looks strong. CoinGlass has established high buying levels and stable interest in the future. Alongside this, ETF accumulation is still a trend, coupled with whaling, indicating that there may still be further to go in the rally.
