Dispatch #241: Bitcoin: strength in accumulation

In this patch of your weekly Dispatch:

• Trump vs Powell
• SOL gets picked up
• Ethereum’s groundwork

Market cast 

BTC’s momentum build-up

On the weekly chart, Bitcoin’s indicators remain mixed, with most signals neutral and the moving average convergence/divergence (MACD)still lingering in negative territory. However, momentum indicators on the daily chart are skewing bullish: the MACD has crossed above its signal line, the Stochastic oscillator is firmly in overbought territory, and the RSI is approaching the 70 level. Price is also nearing the upper band of the Bollinger Bands – reinforcing the strength of current upward momentum.

BTC is now testing a key resistance level at $88,500. A breakout here could open the way toward $90,000, with a potential extension to $94,000 in the short term. That said, the 200-day simple moving average may act as a meaningful dynamic resistance if the rally continues.

On the downside, immediate support levels are seen at $82,500 and $80,000, with the middle Bollinger Band offering additional dynamic support if momentum falters.

The big idea

Is a (real) rally up ahead?

Bitcoin has shown impressive resilience in recent weeks, holding strong amid equity market weakness, geopolitical tensions, and macroeconomic noise. But could we finally be seeing the early signs of something more sustained than a reflex? The making of a rally?

With BTC reclaiming the $87,000 mark and decoupling from sliding stock indices, a deeper shift may be underway. The behavior of institutions and long-term holders suggests we’re moving from short-term reactions to long-term conviction again, and the signs are piling up. Here’s what’s pointing to a potential rally:

ETF inflows surge: Bitcoin ETFs recorded $381 million in net inflows on Monday – their strongest single-day showing since January. ARK’s ARKB and Fidelity’s FBTC led the charge, signaling renewed institutional appetite.

Futures and options support the move: Open interest in BTC futures has climbed in the past 24 hours, while funding rates remain positive. Together, they show a clear lean toward bullish positioning.

Big buyers are back: Metaplanet and Strategy added nearly 7,000 BTC to their treasuries this week, reinforcing Bitcoin’s role as a hedge against fiat debasement. 

Onchain accumulation intensifies: Whales and sharks are absorbing over 300% of new BTC issuance. This rate of absorption rivals pre-2020 bull market levels.

Even U.S. states are stacking: Arizona advanced two bills to create a digital asset reserve, potentially allocating up to 10% of state funds to Bitcoin and other crypto assets. 

Search data tells a similar story: In March, Google searches for “Bitcoin” hit their highest level in 2025 so far – up 26% month-over-month – hinting at renewed retail curiosity amid broader macro uncertainty.

So, is this a rally in motion? The difference now is that capital isn’t just chasing price—it’s flowing into infrastructure, policy, and long-term conviction. If bulls can break through with volume, this reflex may well become the rally investors have been waiting for.

Solana

SOL gets a $100 million vote of confidence

Solana just scored a major win in the corporate treasury game. Upexi, a supply chain brand owner turned crypto bull, is going all-in on SOL – allocating over 90% of a fresh $100 million raise to building a Solana treasury. Big-name backers like Arthur Hayes’ family office, Delphi Ventures, and Hivemind joined the raise, echoing the kind of conviction once reserved for Bitcoin players like Strategy. The move comes just as Solana gains institutional traction – Canada approved the world’s first spot SOL ETFs last week, and even ARK Invest added exposure via a staked Solana fund. With timing and conviction on its side, Upexi might just be giving us a preview of the next corporate crypto playbook.

Hot in crypto

72 filings: the great ETF wave

The SEC is now reviewing a flood of 72 crypto ETF applications, ranging from spot Solana, XRP, and Litecoin to memecoin-themed and leveraged products. Bloomberg’s Eric Balchunas likened the approval process to music distribution: “Getting ETF-ized” puts assets where the majority of investors are, even if success isn’t guaranteed.

Among the latest filings is the Canary Staked TRX ETF, submitted on April 18. The fund aims to give investors price exposure to TRX along with staking-based yield, pending regulatory clearance.

As TradFi interest in digital assets deepens, the growing variety of ETF proposals signals a broadening market—and a push for more tailored exposure across investor types.

TradFi trends

New SEC chair, new crypto era?

The SEC has a new boss – and crypto markets are watching. Paul Atkins, President Trump’s pick, has officially taken over as Chair of the Securities and Exchange Commission, following a 52–44 Senate confirmation. His arrival marks the end of Gary Gensler’s tenure, a period defined by skepticism toward crypto and roadblocks for altcoin ETFs.

Atkins has pledged to make crypto oversight a key priority, with a focus on maintaining market integrity while keeping the U.S. attractive for innovation and investment. His confirmation arrives at a critical moment for crypto regulation – staking, redemptions, and altcoin products are all on the table.

Macroeconomic round up

Rate cut rhetoric rattles markets

Tensions between President Trump and Fed Chair Jerome Powell flared this week, with Trump publicly calling Powell a “major loser” and demanding immediate interest rate cuts. Citing “virtually no inflation,” Trump warned that the economy could slow unless the Fed acts now.

The pressure campaign comes amid reports that Trump’s team is exploring whether Powell can be fired before his term ends in 2026—an unprecedented move that could shake investor confidence.

Markets didn’t take it lightly: the Dow dropped 750 points, the dollar slid to a two-year low, and gold surged to a record high. Powell, meanwhile, has indicated no urgency to cut, saying the Fed is “well positioned to wait.”

Blockchain

Ethereum refocuses on speed, simplicity, and Vitalik’s big ideas

The Ethereum Foundation is shifting gears to make the network faster, simpler, and more user-friendly. Incoming co-director Tomasz Stańczak says upcoming upgrades will tackle long-standing issues with core performance and usability, while still supporting Layer 2 growth. Some features once thought years away could now arrive much sooner.

As part of this shift, Vitalik Buterin is stepping away from day-to-day responsibilities to focus full-time on research. The Foundation says giving him more space to explore will help unlock new breakthroughs, especially in areas like scaling and privacy. The message is clear: Ethereum isn’t just building for the future – it’s picking up the pace.

The week’s most interesting data story

The stablecoin giants’ face-off

USDC is gaining ground in the stablecoin race, with its supply climbing from $44 billion to nearly $61 billion since January – a 38.6% increase. While USDT remains the market leader at $145 billion, USDC’s faster growth reflects shifting demand, particularly from institutions. Ethereum continues to host the majority of stablecoin activity, reinforcing its role as the primary platform for these assets. With Circle’s IPO ambitions on the horizon, USDC’s upward momentum signals growing interest in stablecoins with strong links to traditional finance.

The numbers

Top 5 stats of the week

• 64.6% – Bitcoin’s dominance in the crypto market, its highest share since January 2021.
• $4.57 billion – Total assets under management in U.S. Ethereum ETFs, now at an all-time low.
• $3,500 – Gold’s new record high, driven by trade tensions and concerns over Fed leadership.
• 170,000 – Number of BTC moved by mid-term holders, signaling possible volatility ahead.
• 4.96 – BTC/Nasdaq 100 ratio, nearing its all-time high of 5.08 from January 2025.

Hot topics

What the community is discussing

Who wants to argue with that?

More confirmation from the analysts.

Will prediction markets get this one right (too)?

Dispatch is a weekly publication by Nexo, designed to help you navigate and take action in the evolving world of digital assets. To share your Dispatch suggestions and comments, email us at [email protected].