BlackRock purchased 11,098 BTC worth $852 million and 132,769 ETH for $316 million in just the last two days. According to data from on-chain tracker @lookonchain on X, this purchase is a clear signal that institutional capital is flowing back in.
This move aligns with the flows of open market instruments. Bitcoin ETF products recorded inflows of $1.7 billion over the past week. Similar capital flows were seen in Ethereum ETFs, which attracted $523.54 million in fresh funds over the same seven-day period.
But one detail of this week’s price movement stands out: the absence of dominance by leveraged players.
Spot Buyers Dictate Prices
Bitcoin’s initial 10-11% breakout price increase was only followed by an open interest rise of about 4%. This ratio serves as the main argument for the narrative of a spot-buyer-led rally. Instead of traders borrowing funds to bet, this movement is driven by those who are actually buying the assets and holding them.
Bitfinex analysts highlighted this pattern as a key differentiator. “The shape of the move is the proof - a rally built on new leverage would show open interest jumping along with price,” they said. A slow increase in open interest indicates that the market is more immune to the risk of a liquidation domino effect, which often crashes prices.
To ensure the market movement does not run out of steam, a supply of new money has been prepared. Stablecoin issuers Circle and Tether minted $3 billion in new money within two days. This amount of money serves as an additional layer of liquidity ready to support the crypto market across various exchanges.
Rapid Sentiment and a New Base of Defense
It is not just institutions capitalizing on the momentum. A passive trader who had not touched their portfolio for two years suddenly woke up three days ago to buy 47,535 SOL worth $3.6 million. The decision to end the hibernation proved to be spot on, as the price of SOL immediately surged by more than 20% within three days after the purchase.
The presence of this new capital and legacy players successfully triggered a shift in market psychology. The Fear & Greed Index jumped from a fear score of 46 on Wednesday, rising to 62 on Thursday, and landing in the greed zone at 72 on Friday - making it one of the fastest sentiment shifts throughout 2026.
From a chart perspective, Bitcoin has now crossed above its 200-day moving average (MA) for the first time in about nine months. This breakout transforms the $68,000-$69,000 area from a resistance point into a critical support zone. This area is highly robust as it marks the convergence of the 200-day MA line and the cost basis of short-term holders.
For market participants tired of sharp swings caused by speculators’ actions, this week’s movement provides a new sense of security. With the price foundation backed by billions of dollars in real money from ETF entities and spot players, any price dip is potentially seen as an entry opportunity rather than an early sign of a crash.
Reported from @lookonchain on X.
Also read: How to Read Candlestick for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
