Key Takeaways:

Ethereum saw a record 449,000 in ETH inflows to accumulation addresses on April 22.

Active addresses rose 10%, signaling growing network engagement, but DeFi activity remains weak with declining DEX volumes.

Holders in accumulation addresses remain underwater with a realized price of $1,981.

Over the past 10 days, Ethereum inflows into accumulation addresses reached their highest levels since 2018. On April 22, a record-breaking 449,000 Ether (ETH), valued at an average price of $1,750, flowed into these addresses, marking the most significant single-day inflow in Ethereum’s history. This surge suggests that long-term holders remain optimistic about Ethereum’s future, despite recent price declines. 

Ethereum inflows into accumulation addresses. Source: CryptoQuant

However, the realized price for these accumulation addresses is $1,981, meaning these holders are currently at a loss, as the current market price is below this level. Notably, the realized price had been below Ethereum’s market price since 2018, only recently surpassing it, indicating a shift in holder dynamics.

Ethereum realized price for accumulation addresses. Source: CryptoQuant

Ethereum’s onchain activity has also shown positive momentum over the past few days. Between April 20 and 22, active addresses on the network rose by 10%, from 306,211 to 336,366. This increase and upward price movement signal growing network engagement and bullish sentiment.

Yet, decentralized finance (DeFi) activity remains subdued. Data from DefiLlama indicates that decentralized exchange (DEX) volumes are declining, with transactions holding steady at a weekly average of approximately 1.3 million, suggesting limited DeFi momentum.

Ethereum DEXs’ volume and transactions. Source: DefiLlama

Related: Ethereum bounces back as market dominance recovers from all-time low

Ethereum faces key resistance at $1,895

According to the Cost Basis Distribution (CBD) heatmap for Ethereum, a significant supply concentration is highlighted at $1,895.50, where 1.64 million ETH is held by investors who bought during November 2024. This level, identified as a potential resistance, could see selling pressure as holders might attempt to break even or lock in profits. 

Based on a technical analysis, the resistance at $1,895 receives further confirmation. The price hovers near the daily chart’s 50-day exponential moving average (EMA), a critical trend reversal indicator. A failure to break above this EMA could signal further bearish momentum, while a sustained move higher might offer hope for bulls.

Ethereum 1-day chart. Source: Cointelegraph/TradingView

Despite this, Ethereum remains in a clear downtrend on higher time frame charts, with no definitive signs of a bullish reversal. A daily close above $2,142 is essential to spark a potential recovery, breaking the pattern of lower highs and lower lows.

However, anonymous trader Rektproof warns of an emerging bearish fractal—a repeating price pattern that previously led to declines. This suggests Ethereum could face another rejection and drop below $1,400 if the markets start trending down again.

Ethereum analysis by RektProof. Source: X.com

Related: Institutions break up with Ethereum but keep ETH on the hook

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cryptocurrency exchange Binance has introduced a new fund management solution designed to simplify asset management for portfolio managers, highlighting the growing sophistication of institutional tools in the digital asset space. 

On April 24, Binance launched Fund Accounts, a tool commonly used by traditional asset managers and brokerage firms to consolidate client assets and streamline portfolio management.

Binance said Fund Accounts allow portfolio managers to “consolidate externally-raised investor assets into one or multiple omnibus accounts,” which can reduce operational complexity and enable more efficient trading execution. 

Presumably, these omnibus accounts operate under a single custodian who executes trades on behalf of their clients. 

The new program is only available to eligible fund managers who must contact their Binance VIP representative for more information.

A Binance spokesperson informed Cointelegraph that fund managers and their investors must pass Know Your Customer and Know Your Business requirements and be licensed or exempted in their jurisdictions to use the Fund Accounts product.

Binance is the world’s largest crypto exchange by trading volume, according to CoinMarketCap data. In December, the exchange updated the requirements for its VIP program, which is geared toward institutional investors and private clients. 

Top crypto spot exchanges as of April 24 based on daily trading volume. Source: CoinMarketCap

Related: Crypto Biz: Ripple’s ‘defining moment,’ Binance’s ongoing purge

TradFi and crypto continue to merge

Binance’s Fund Accounts is another example of traditional finance solutions merging with cryptocurrency, signaling growing institutional involvement. 

After spending the first decade of crypto largely on the sidelines, institutional investors are now entering the space, driven by the launch of Bitcoin exchange-traded funds (ETFs), the rise of real-world asset tokenization, and attractive yield opportunities in onchain lending.

Blockchain companies are also working to bring institutional trading solutions to crypto-native users. 

On April 24, onchain trading infrastructure provider Theo announced it had raised $20 million to expand its institutional-grade trading platform aimed at serving retail investors. Seventeen investors participated in the funding round, including angel investors from Jane Street, JPMorgan and Citadel.

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The US Securities and Exchange Commission (SEC) crypto task force, headed by Hester Peirce, has continued meeting with digital asset company representatives as the agency explores regulatory changes.

In an April 24 notice, the SEC task force disclosed a meeting with representatives from crypto firm Ondo Finance and the law firm Davis Polk and Wardwell to discuss “issuing and selling wrapped, tokenized versions of publicly traded US securities.” Ondo Finance donated $1 million to Donald Trump’s inauguration fund, and the law firm announced on April 22 that it would represent the US President’s social media company, Truth Social, to launch crypto-linked exchange-traded funds.

According to the meeting request, Ondo Finance planned to discuss registration requirements for tokenized securities, compliance with financial laws, and potentially launching a regulatory sandbox. Cointelegraph reached out to the firm for comment but did not receive a response at the time of publication.

The April 24 meeting was the latest in the SEC crypto task force’s outreach to the industry following the departure of former chair Gary Gensler. Former commissioner and Trump appointee Paul Atkins took over leadership at the agency on April 21 after his swearing-in ceremony, but has yet to take action on his proposed crypto agenda.

Related: Chiliz meets with SEC Crypto Task Force amid US market reentry plans

Continuing outreach to industry under new SEC chair

On April 25, the crypto task force will host a roundtable event to discuss custody, including representatives from Kraken, Anchorage Digital Bank, WisdomTree, and others. Following the approval of crypto exchange-traded funds in 2024, many financial institutions have seen demand for digital asset custody in the US grow significantly.

It’s unclear what the SEC’s intentions may be regarding pursuing crypto enforcement cases under Atkins. The commission has stated it will continue cases involving fraudulent activity, but dropped a complaint against Hex founder Richard Heart on April 21.

The agency has already announced it will stop investigations or lawsuits against many firms, including Ripple, Coinbase, and Kraken. All three exchanges donated or had executives who supported Trump’s 2024 campaign or inauguration fund.

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