Easter Rally Signals Shift in Market Momentum
Bitcoin price surged past $92,000 over the Easter weekend, marking a sharp 9% gain and officially breaking its multimonth downtrend. The timing and magnitude of the move surprised many, especially as the traditional equity markets showed only tepid recovery.
Analysts now suggest this breakout may mark a broader shift in institutional sentiment toward risk-on assets — particularly Bitcoin — as macroeconomic conditions put pressure on fiat currencies and global investors search for alternatives.
“The multimonth downtrend is over,” said crypto analyst Rekt Capital.
“And when a technical downtrend is broken, technical uptrends emerge.”
Breakout confirmed
The Downtrend is over$BTC #Crypto #Bitcoin https://t.co/pO2zzS12F7 pic.twitter.com/UXIDLp2ajj
— Rekt Capital (@rektcapital) April 22, 2025
Derivatives and Spot Data Signal Institutional Demand
Bitcoin’s open interest (OI) in the futures market rose 17% to reach a two-month high of $68.3 billion, according to CoinGlass, reflecting renewed bullish positioning from traders. The market is now in contango, meaning futures prices are trading above spot, signaling expectations of further upside.
But it’s not just derivatives. The Coinbase Bitcoin Premium Index — which compares BTC prices on Coinbase Pro (favored by U.S. institutions) and Binance (favored by global retail) — has flipped positive for the first time in weeks, rising to 0.16% on April 22. This suggests that institutional buyers are back in force.
Strategy, Metaplanet, and ETF Flows Add to Buying Pressure
Fueling this institutional re-entry is none other than Michael Saylor’s Strategy (formerly MicroStrategy), which added 6,556 BTC — worth over $555 million — on April 21. The company now holds 538,200 BTC, worth approximately $48.4 billion, further solidifying its role as Bitcoin’s biggest corporate whale.
Japan-based public company Metaplanet also joined the rally, acquiring 330 BTC to bring its total holdings to 4,855 BTC — a notable move for Asia’s most prominent Bitcoin treasury.
Meanwhile, traditional financial institutions appear to be pivoting back toward Bitcoin via ETFs. On April 21 alone, Bitcoin ETFs recorded $381 million in net inflows, reversing a long trend of outflows and signaling renewed TradFi confidence.
Macro Factors: The Dollar Drops as Fed Faces Political Heat
Beyond technicals and whales, Bitcoin’s rally may be reflecting growing macroeconomic stress. The U.S. Dollar Index (DXY) has been in freefall since February, hitting levels last seen in 2022. The slide comes amid escalating tensions between President Donald Trump and Federal Reserve Chair Jerome Powell.
Trump has publicly criticized Powell’s reluctance to cut rates in the face of rising inflation pressures from the administration’s tariff agenda, fueling speculation over potential interference with Federal Reserve independence — long considered a cornerstone of U.S. financial stability.
“If trust in the central bank weakens, Bitcoin becomes the hedge,” said one market analyst.
As the dollar loses momentum and fiat credibility erodes, Bitcoin’s hard-capped, decentralized design looks increasingly attractive as a monetary alternative.
Final Thoughts: The Next Leg Higher?
With whales returning, ETF flows turning positive, and macro uncertainty growing, Bitcoin’s rally may have more room to run. The next psychological level of $100,000 is in sight — and with traditional institutions once again viewing Bitcoin as a hedge, the path upward looks clearer than it has in months.
The question now: is this the beginning of Bitcoin’s next supercycle, or just a bounce before more volatility? Either way, the world is watching — and the money is flowing in.
