Ethereum gathers steam for $2K run

April 29, 2025

Reading time: 5 minutes

Bitcoin ETFs outpace gold as investors seek a "better hedge"

Key points:

  • Bitcoin ETF inflows topped $3 billion in five days, while gold ETFs faced $1 billion in outflows, widening a $4 billion gap.

  • Standard Chartered maintains a $120K Bitcoin price target for Q2 2025, with a $200K forecast by year-end.

News - Bitcoin exchange-traded funds (ETFs) are attracting a flood of capital, dramatically outpacing gold ETFs as investors seek new hedges against U.S. asset volatility. Over the past five trading days, Bitcoin ETFs recorded $3 billion in net inflows, compared to $1 billion in outflows from gold ETFs, according to Standard Chartered.

Bitcoin ETFs shine smid shifting investor sentiment - Analyst Geoff Kendrick highlighted that the $4 billion gap between Bitcoin and gold flows is the widest since the U.S. presidential election in November 2024. Rising U.S. Treasury yields and falling demand for long-term bonds are fueling a shift toward decentralized assets like Bitcoin. “Bitcoin is a better hedge than gold against strategic asset reallocation out of the U.S.,” Kendrick noted.

$120K by Q2? Standard Chartered stays bullish - Standard Chartered reiterated its bullish outlook for Bitcoin, predicting a rally to $120,000 by the end of Q2 and $200,000 by the end of 2025. Analysts cited accelerating Bitcoin ETF inflows, global trade uncertainty, and broader market volatility as catalysts.

While Bitcoin dipped slightly by 0.3% to around $94,979 at press time, the longer-term momentum remains strong. Kendrick emphasized that "moves like the current one tend to last weeks or months," suggesting Bitcoin’s rally could extend through the summer — with new record highs potentially on the horizon.

Ethereum rebounds toward $2,000 as ETF inflows return and whale activity rises

Key points:

  • Ethereum ETFs saw $64.1 million in net inflows on April 28, ending an eight-week outflow streak.

  • On-chain strength and bullish technicals point to a potential rally toward $2,100–$2,500.

News - Ethereum surged past $1,860 on April 28, marking a new monthly high as several catalysts aligned for a bullish breakout. With three consecutive days of positive inflows into Ethereum ETFs, including $64.1 million on April 28 alone, institutional demand for ETH is rebounding. This uptick ended a multi-week streak of outflows and signaled renewed investor confidence.

On-chain activity is also strengthening Ethereum’s case. According to DefiLlama, the network's total value locked (TVL) jumped 16% over the last week to $51.8 billion. Ethereum’s DEX volume also rose 30% week-over-week, reinforcing the network’s dominance in DeFi, second only to SUI’s breakout growth.

Meanwhile, whales accumulated 449,000 ETH in a single day, with notable OTC activity led by Wintermute. Stable whale wallet counts and the lack of significant sell-offs suggest long-term conviction.

Technical setup and price targets - From a technical standpoint, ETH broke above a descending channel that had persisted since December 2024. The RSI on both daily and four-hour charts sits above 60, signaling bullish momentum. A classic bull flag formation on the 4H chart targets $2,100, while Parabolic SAR indicators point to further upward movement.

Analysts warn of resistance near $1,968, but if broken, Ethereum could rally toward $2,426 or even retest $2,500. Support remains strong at $1,796, where over 4 million addresses are in profit.

What’s next? - With institutional capital returning, whales stacking, and technical momentum building, Ethereum appears well-positioned to test $2,000 and potentially advance toward $2,500 in Q2.

UK pushes forward on crypto regulation: New rules target exchanges, stablecoins, and scams

Key points:

  • New draft legislation aims to regulate crypto exchanges, stablecoin issuance, and market disclosures.

  • The UK Treasury promises a "crypto hub" vision while pledging a tough stance on fraud and abuse.

News - The United Kingdom has unveiled a fresh wave of draft regulations for the crypto sector, aiming to balance innovation with consumer protection. In an April 29 announcement, the UK Treasury and Chancellor of the Exchequer Rachel Reeves introduced proposals that would bring crypto exchanges, dealers, agents, and stablecoin issuers under formal regulatory oversight.

The draft rules would create new regulated activities, including operating a crypto trading exchange and issuing stablecoins, while introducing standards for market abuse prevention, admissions, and disclosures. The government emphasized that Britain is "open for business but closed to fraud, abuse, and instability," aiming to crack down on scams that have grown alongside rising crypto ownership — now reaching 12% of UK adults.

The Treasury is accepting technical feedback on the draft rules until May 25, with full legislation expected later this year. These efforts build on the Financial Services and Markets Act passed in 2023, which granted new powers for crypto regulation. The move also aligns with broader efforts by the Trump administration in the U.S. and the European Union’s rollout of MiCA regulations.

Industry welcomes progress - Industry players welcomed the move. Ian Silvera, associate director at CryptoUK, called the announcement a “big victory” for crypto firms, while noting that further clarity around DeFi and liquid staking is still needed. Silvera emphasized that although progress has been slow since the initial 2022 announcement of the UK's crypto hub ambitions, the industry’s mainstream adoption has surged.

With the new regulatory push, the UK seeks to reestablish itself as a prime destination for digital asset investment and innovation—while ensuring stronger protections against bad actors.

Mashinsky faces 20 years: DOJ blasts Celsius fraud as 'deliberate, calculated'

Key points:

  • Mashinsky pleaded guilty to orchestrating Celsius’s $7B fraud and personally profited $48M.

  • Prosecutors say his actions were calculated lies—not negligence—and demand maximum accountability.

News - The U.S. Department of Justice (DOJ) is pushing for a 20-year prison sentence for Alex Mashinsky, founder and ex-CEO of bankrupt crypto lender Celsius, for leading one of the most damaging frauds in crypto history.

In a sentencing memo filed on April 28, federal prosecutors described Mashinsky’s crimes as a “years-long campaign of lies and self-dealing” that left thousands of victims and customer losses amounting to nearly $7 billion. The sentencing is scheduled for May 8.

Mashinsky pleaded guilty in December 2024, admitting to market manipulation of Celsius’s CEL token and misrepresenting the safety of user funds. Despite his plea, the DOJ argues that he refuses to fully accept responsibility, continuing to shift blame onto market conditions, regulators, and even his own customers.

At its peak in 2021, Celsius managed over $20 billion in assets, promising high yields and safety. But prosecutors say those promises were deceptive: Celsius took uncollateralized loans, executed risky trades, and secretly propped up CEL token prices using customer assets. Mashinsky allegedly personally gained over $48 million from CEL sales while misleading users with claims of “HODLing.”

CEL token surges despite legal fallout - In a surprising twist, Celsius’s CEL token surged over 70% in the wake of the sentencing memo. It’s currently trading at $0.15, driven by speculative investor interest despite the platform’s collapse and ongoing efforts to repay creditors.

The DOJ compared Mashinsky’s actions to those of other high-profile fraudsters in the crypto space and argued that anything less than 20 years would undermine justice and enable future misconduct. If sentenced, Mashinsky would still serve less time than FTX’s Sam Bankman-Fried, who received 25 years.

Interesting facts

  • MicroStrategy now holds 553,555 BTC, valued at approximately $37.90 billion as of April 2025. This cements its position as the largest corporate holder of Bitcoin, reflecting Michael Saylor’s ongoing aggressive accumulation strategy.

  • Real-world asset (RWA) tokenization is booming, with platforms like Ondo Finance, Backed Finance, and Franklin Templeton leading initiatives to tokenize U.S. Treasuries. The value of tokenized Treasury products has now surpassed $1.4 billion, making RWAs one of the fastest-growing sectors in crypto.

  • South Korea’s CBDC pilot, "Project Hangang," is currently underway, running from April to June 2025. The pilot allows up to 100,000 participants to use digital tokens converted from their bank deposits for real-world transactions at major retailers, marking a critical step toward launching a digital won.

Top 3 coins of the day

Virtuals Protocol (VIRTUAL)

Key points:

  • VIRTUAL climbed by 4.14% to trade at $1.45, extending its multi-week rally and eyeing the $1.60 resistance zone.

  • Strong +DI/-DI divergence on the DMI and a confirmed Parabolic SAR uptrend suggest bullish continuation.

What you should know:

VIRTUAL continued its steep upward climb, closing at $1.45 after gaining over 4% in the last 24 hours. The token has maintained bullish momentum since early April, bolstered by on-chain interest and presale hype for AI-integrated crypto platforms. Technical indicators supported the surge—DMI showed strong directional strength, with the +DI line at 51.64 and -DI at just 5.83, confirming bullish dominance. The ADX value hovering around 40 further validated trend strength. Additionally, the Parabolic SAR dots remained below the candlesticks, reinforcing upward momentum. Notably, trading volume remained high, reflecting strong buyer interest. With this breakout holding firm, the $1.60–$1.65 zone could be the next target to watch, while immediate support lies near $1.25.

Ethereum (ETH)

Key points:

  • ETH traded at $1,817, gaining nearly 1% and continuing its recovery above the 9-day SMA.

  • The RSI hovered near 56, indicating growing bullish momentum without signaling overbought conditions yet.

What you should know:

Ethereum extended its rebound from early April lows to close at $1,817, marking a steady climb that saw the asset retest and hold above the 9-day SMA. The recent push past $1,800 has revived optimism, particularly as analysts suggested ETH may have bottomed out following multiple successful defenses of the $1,700 support zone. This uptick has been partially supported by improving market sentiment, utility-focused narratives, and the resurgence of altcoin activity. The Relative Strength Index (RSI) stabilized at 56.40, suggesting that ETH has room to grow without entering overbought territory. Meanwhile, volume has remained relatively healthy through the rally, adding credibility to the ongoing recovery. If bulls sustain this pace, ETH could aim for the $1,860–$1,900 resistance range in the near term. On the flip side, failure to maintain above $1,770 could open the door for a short-term pullback.

OFFICIAL TRUMP (TRUMP)

Key points:

  • TRUMP dropped over 7% to trade at $13.60, reversing part of last week’s explosive rally.

  • Despite the correction, the CMF held slightly positive, suggesting inflows remained steady for now.

What you should know:

TRUMP experienced a sharp 7.29% intraday decline, falling to $13.60 after briefly trading above $15 earlier this week. This cooldown followed its parabolic breakout last week, which had pushed the token from under $8 to nearly $17 amid a wave of speculation and memecoin momentum. The price slipped below its recent high but remained well above its 9-day SMA, keeping short-term bullish sentiment partially intact. The Chaikin Money Flow (CMF) hovered at 0.02, indicating mild capital inflow despite the selling pressure. However, concerns have been mounting following reports that the token’s team might be preparing for a significant sell-off, coupled with U.S. lawmakers calling for an ethics probe tied to Trump-themed crypto fundraising activities. As such, while TRUMP remains in focus for memecoin traders, caution is warranted. If price loses support near $12.70, a deeper correction toward $11 could follow. Upside recovery would require a strong bounce above $14.80.

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