Coinbase and analytics platform Glassnode have reported a positive shift in market sentiment amid macroeconomic changes, according to their joint report.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 28, 2026
A survey of 100 institutional and retail investors revealed that about 73% believe the current Bitcoin price is undervalued. The net unrealized profit indicator has shifted from a state of "fear" to one of "optimism."
Analysts noted changes in Ethereum's supply structure. In the first quarter, the volume of coins held by short-term holders decreased by 38%, while the amount of Ether held by long-term investors increased by 1%. Experts believe this indicates a departure of speculators from the market.
Coinbase maintains a "cautious optimism" and expects a recovery in the prices of most digital assets over the quarter.
However, data from SoSoValue as of April 28 indicates a local cooling of interest in exchange-traded funds (ETFs). Spot Bitcoin ETFs recorded a net outflow of $89.68 million, with BlackRock's IBIT fund leading the losses at $112.25 million.
Source: SoSoValue.A similar trend is observed in the Ethereum ETF sector, with a net outflow of $21.8 million. The largest losses were incurred by BlackRock's ETHA fund, which saw $13.17 million withdrawn.
Bitcoin's Drop to $74,000
On-chain analyst Woominkyu warned of a potential correction for Bitcoin to the $74,000–75,000 range. He attributes this to rising exchange reserves and activity from major players.
Exchange Inflow Spike: A Warning Sign or Just Noise?
— CryptoQuant.com (@cryptoquant_com) April 29, 2026
“Unless this inflow is quickly absorbed, a retest of the $74K–$75K support zone is increasingly likely in the near term.” – By @Woo_Minkyu pic.twitter.com/hAtNZh4KcK
On April 27, the net inflow of Bitcoin to exchanges reached 9,905 BTC, the highest in the last 30 days. During this period, the price of the leading cryptocurrency failed to hold above the resistance level of $78,000.
The analyst pointed out that the Exchange Whale Ratio metric has risen to 0.7, indicating that the top 10 largest transactions accounted for over 70% of all deposits.
According to the expert, whales are transferring assets to exchanges for subsequent sales.
Simultaneously, total exchange reserves are increasing: from April 25 to April 28, the figure rose from 2.666 million BTC to 2.677 million BTC.
Woominkyu believes that the accumulation of coins on platforms and the inability of prices to break through the $79,000 level suggest the market is preparing for a downturn. If buyers do not absorb the emerging supply, Bitcoin will test the $74,000–75,000 support zone.
Bitwise CIO Matt Hougan highlighted Strategy as a key driver of Bitcoin's recent rally. Over the past eight weeks, the firm has purchased $7.2 billion worth of cryptocurrency.
The purchases are funded through the issuance of perpetual preferred shares (STRC) with an 11.5% dividend yield. This instrument is backed by Bitcoin reserves worth $63 billion.
Hougan believes that Strategy will continue to attract capital through STRC until the company's liabilities exceed 50% of its crypto assets, which currently stands at 33%.
On April 28, the price of the leading cryptocurrency dropped to $76,337 after an unsuccessful attempt to hold above $79,000.