Many people attribute this recent wave of market activity to retail investor sentiment, claiming it's just a pump-and-dump. However, by examining a few key data points, you'll realize this is a completely different story — real money is driving it.

Let's start with Bitcoin. From the end of last year to the beginning of this year, institutional-grade spot holdings have seen a net inflow of over $9 billion. On some bullish days, daily inflows can reach $800 million to $1 billion. Such volume cannot be achieved by retail investors alone; it’s primarily large, long-term players like pension funds and hedge funds building positions. More importantly, addresses holding over 1,000 BTC have been hitting new records, indicating that big funds are quietly accumulating. Bitcoin repeatedly testing the $90,000 to $100,000 range without breaking support is itself a sign of strength.

Ethereum is even more extraordinary. Over the past month, trading activity in both spot and derivatives markets often surpasses Bitcoin. On-chain daily settlement volumes remain stable above $20 billion — a true reflection of network activity. Staked ETH has exceeded 34 million coins, accounting for 28% of circulating supply, meaning a large portion of tokens are frozen, and the actual circulating supply is decreasing. Funds are still chasing ETH above $3,000, clearly optimistic about its on-chain cash flow and network effects.

On the macro front, the situation is also fueling the rally. The market has already priced in the Fed's rate cut expectations, with the US dollar index falling over 6% from its high. Global risk assets are strengthening together. In the crypto space, Bitcoin is viewed as a safe-haven asset, while Ethereum offers growth flexibility. The combination makes them the preferred assets for smart capital. The total market cap of stablecoins has again surpassed $180 billion, signaling ongoing inflows from off-market sources.

Finally, looking at price structure: Bitcoin’s cost basis zone has moved above $85,000, while Ethereum’s main trading range is concentrated between $2,800 and $3,200. As long as prices hold these support levels, trend-following capital will not exit easily.

Ultimately, this rally is not the end of retail sentiment but a convergence of institutional funds, on-chain demand, and macro liquidity. The phase of capital expansion is far from over, and the market’s upward momentum continues.