Positive Institutional Demand Underpins BTC/ETH Outlook:
Bitget Research
Chief Analyst Ryan Lee notes that Bitcoin and Ethereum possess a positive outlook in the near term, underpinned by steady institutional allocations, ETF inflows, and reduced leverage.
Present Rally Built on Stronger Foundations
* Catalyst: Rally driven by institutional allocations, not speculative retail positions
* ETF Inflows: US spot BTC ETFs have recorded consecutive inflows over 8 days to $2.1B up until April 23. BlackRock’s IBIT accounts for roughly 75% of the inflows
* Onboarding Supply: Inflows have absorbed ~19,000 BTC against ~2,100 BTC minted, with institutional demand absorbing 9x more supply.
Near-Term Price Targets
* Bitcoin: Projected to breach $80K-$85K levels with continued inflows
* Ethereum: Targeting price levels of $2,800-$3,000 on account of ecosystem upgrades and widespread adoption.
Macro Context: Gold and Oil
- Gold: At/near all-time high levels, reflecting increased geopolitical risk, stubborn inflation, less accommodative policy. Illustrates flows of capital into various assets
- Oil: High oil prices create further macro headwinds. Higher energy prices might slow down interest rate reductions and restrict liquidity.
- ETF Impact: Oil at/near $100/barrel during early 2026 induced risk-off sentiment, resulting in $296 million pulled out of BTC ETF funds in just one week.
Portfolio Implications
As Lee explains, crypto gains rely on the continued inflow of institutions to withstand macroeconomic volatility. In other words, if it continues, cryptocurrencies remain part of an asset allocation strategy. A current 9x ratio of supply absorption indicates a sustainable and structural demand trend compared to previous cycles driven by retail buyers.
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