I just noticed that the cryptocurrency market is entering a very interesting period. The latest data shows Bitcoin fluctuating at $76,750, with a spike to $79,480 in the past 24 hours, but now down about 1.74%, reflecting ongoing market fears.

What caught my attention is the movement of institutions. Morgan Stanley just announced they are building their own Bitcoin Trust fund, involving BNY Mellon and Coinbase to help manage offline assets. This is not just playing along; it indicates that the true bull market may have just begun from the institutional side.

Regarding Bitcoin itself, data from Glassnode reveals that over 43% of investors are still holding and waiting to sell when prices recover, meaning selling pressure remains. Therefore, the resistance level of $76,000 has become a critical point. If broken, buying from the bull market could intensify significantly.

Another important news that shouldn't be overlooked is that Donald Trump is pushing for Kevin Warsh to become the new Fed Chair, replacing Jerome Powell. Warsh is known as a Bitcoin supporter with deep understanding. This change could signal that U.S. monetary policy in the future will be more open to digital assets.

However, there are also negative signs. Investment funds in the Digital Asset Treasury group are drying up, now only $555 million per month, the lowest since October 2024. This suggests that the era of just buying and holding may be over. These companies need to generate income from staking or DeFi lending to survive.

The Fear and Greed index is at 22, indicating that fear still dominates the market. But the movement of institutions combined with political changes suggests that a bull market may be building an underground foundation. If institutional buying intensifies, the $76,000 level could be the launch point for a major bull run. The top-tier players in the bull market are also approaching.