Bitget Research Chief Analyst Ryan Lee has issued a constructive short-term outlook for Bitcoin (BTC) and Ethereum (ETH), citing steady institutional ETF demand, lower leverage, and improving spot market participation. In a note published on April 27, 2026, Lee stated that the current rally is built on a firmer foundation than previous retail-driven cycles, as it is led by institutional allocation rather than speculative positioning.
Lee expects Bitcoin to break above the $80,000 to $85,000 range in the near term, driven by sustained inflows, while Ethereum is targeting $2,800 to $3,000, supported by ecosystem upgrades and broader adoption. Data from US spot Bitcoin ETFs reveals eight consecutive days of net inflows totaling $2.1 billion through April 23, the longest streak since October 2025, with BlackRock's IBIT capturing approximately 75% of all capital entering the category.
Lee emphasized that the rally's institutional base is more durable, noting that the eight-day inflow streak absorbed roughly 19,000 BTC against approximately 2,100 BTC produced by miners in the same period—meaning institutional demand absorbed about nine times new supply. This structural demand, he argued, provides a firmer base than retail momentum.
On the macro front, Lee pointed out that gold holding near elevated levels reflects continued demand for defensive assets amid geopolitical uncertainty and sticky inflation, adding that capital is distributing across multiple stores of value rather than concentrating in a single hedge. However, oil remaining elevated adds macro pressure, as higher energy costs can delay rate-cut expectations and tighten liquidity conditions across markets.
Lee concluded that for digital assets, upside remains linked to whether institutional inflows continue absorbing macro volatility rather than reacting to it. If that persists, crypto remains positioned as part of broader portfolio construction.
