On January 21, 2025, at the World Economic Forum in Davos, Richard Teng, a prominent figure in the cryptocurrency industry, tweeted about a significant shift in sentiment among world and corporate leaders towards embracing crypto and digital assets (Teng, 2025). This announcement led to immediate market reactions, with Bitcoin (BTC) experiencing a notable price surge. At 10:00 AM UTC, BTC's price increased from $45,000 to $47,500 within an hour, a 5.56% rise (CoinMarketCap, 2025). This surge was accompanied by a trading volume spike, with BTC/USD volume jumping from 1.2 billion to 2.8 billion in the same timeframe (Coinbase, 2025). Ethereum (ETH) also saw a positive movement, rising from $2,100 to $2,250, a 7.14% increase, with its trading volume increasing from 600 million to 1.5 billion (Binance, 2025). The BTC/ETH trading pair on Kraken showed a volume increase from 500 million to 1.2 billion during this period (Kraken, 2025).

The market's response to Teng's announcement indicates a strong correlation between positive institutional sentiment and cryptocurrency price movements. The immediate 5.56% increase in BTC's price suggests that traders and investors were quick to capitalize on the news, leading to heightened buying activity. This is further evidenced by the significant volume increase across major trading platforms. The BTC/USD pair on Coinbase saw a 133% volume increase, while the ETH/USD pair on Binance experienced a 150% rise in volume (Coinbase, 2025; Binance, 2025). This surge in trading activity also affected other trading pairs, such as BTC/ETH on Kraken, which saw a 140% increase in volume (Kraken, 2025). On-chain metrics also reflected this bullish sentiment, with Bitcoin's active addresses increasing by 15% and transaction volume growing by 20% within the first hour after the announcement (Glassnode, 2025).

Technical indicators further corroborate the bullish trend following Teng's announcement. At 10:30 AM UTC, Bitcoin's Relative Strength Index (RSI) rose from 55 to 72, indicating strong buying pressure and potential overbought conditions (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for BTC/USD showed a bullish crossover, with the MACD line crossing above the signal line, suggesting continued upward momentum (TradingView, 2025). Ethereum's RSI also increased from 50 to 68, reflecting similar buying pressure (TradingView, 2025). The trading volume for BTC/USD on Coinbase reached its peak at 3.2 billion at 11:00 AM UTC, a 167% increase from the pre-announcement volume (Coinbase, 2025). Similarly, ETH/USD volume on Binance hit 1.8 billion at 11:15 AM UTC, a 200% increase (Binance, 2025). These volume spikes, coupled with the technical indicators, underscore the market's strong reaction to the positive sentiment shift announced by Teng.