Insights - Crypto Market Pulse: April 2026

During April 2026, improving geopolitical sentiment and a softer US dollar helped support a broad-based rebound across global risk assets. Some major global equity indices staged a powerful rally, with several benchmarks reaching all-time highs during the month as risk appetite improved markedly.

Against this backdrop, Bitcoin moved higher in tandem with major equity markets, reflecting improved investor sentiment and better cross-asset risk appetite. In our view, so long as central banks remain broadly on a path toward rate cuts, Bitcoin’s current trading range of 74,000 to 80,000 appears reasonably supported, though we will continue to monitor macro and geopolitical developments closely.

Market Performance Overview: Market Recovery and Gradual Improvement in Risk Appetite

In April, total crypto market capitalization showed a steady upward trend, rising from around $2.4 trillion in early April to above $2.6 trillion by late April. Despite several brief pullbacks, the market maintained positive momentum, reached multiple local highs near $2.7 trillion, and ended the month slightly below its peak but still significantly higher than where it began.

Figure 1. Crypto Market Cap in Apr 2026

Source: Coingecko, as of 30 Apr 2026. For reference only; does not constitute any investment recommendation.

Bitcoin posted a strong recovery in April 2026, gaining 11.87% month-on-month after a modest 1.81% rise in March and back-to-back declines in January and February. The result highlights a notable improvement in market sentiment and risk appetite, with April once again proving to be a seasonally supportive month for Bitcoin. While the gain was slightly below the 14.08% increase recorded in April 2025, it represented a sharp turnaround from the 14.76% decline seen in April 2024, reinforcing the view that momentum across the digital-asset market strengthened meaningfully during the month.

Figure 2. BTC Monthly Return

Source: Coingecko, as of 30 Apr 2026. Investment involves risks. Past performance does not represent future performance.

Figure 3. BTC Price Change

Source: Bloomberg, as of 30 Apr 2026. Investment involves risks. Past performance does not represent future performance.

Both Bitcoin and Ether continued to recover from the sharp correction seen earlier in the year, with market sentiment improving gradually over the course of the month. Bitcoin rose 11.87% in April, displaying a relatively stronger technical profile as it extended its rebound and closed the month above its 50-day moving average, indicating that momentum had improved even though the broader trend had yet to fully normalize. Ether also advanced 7.30% during April 2026, but the asset continued to trade below key longer-term moving averages, pointing to a more tentative restoration of investor confidence. Overall, April was characterized by stabilization and selective risk re-engagement across major digital assets, with Bitcoin continuing to outperform Ether on a relative basis.

Figure 4. ETH Price Change

Source: Bloomberg, as of 30 Apr 2026. Investment involves risks. Past performance does not represent future performance.

In April, Bitcoin price action stabilized following the earlier drawdown, but broader market sentiment remained subdued, as reflected by the persistently weak Crypto Fear & Greed Index. This divergence suggests that while selling pressure had eased and the market began to consolidate, investor conviction remained fragile and risk appetite had not yet fully recovered. Overall, April was characterized by a tentative stabilization phase, with sentiment conditions indicating that participants remained cautious despite improving price resilience.

Figure 5. Crypto Fear & Greed Index

Source: Coinglass, MicroBit, as of 30 Apr 2026. For reference only; does not constitute any investment recommendation.

Meanwhile, Bitcoin spot ETF flows showed signs of stabilization, with net inflows turning more constructive after a softer and more volatile period earlier in the year. Although daily allocations remained mixed, the moderation in outflow pressure and the return of positive flow days provided a more supportive backdrop for Bitcoin prices. The improvement in ETF demand suggests that investor confidence began to rebuild during the month, reinforcing the broader recovery in market sentiment, though overall positioning remained measured.

Figure 6. Total BTC Spot ETFs Net Inflow [1]

Source: Coinglass, MicroBit, as of 30 Apr 2026. For reference only; does not constitute any investment recommendation.

[1] Net Inflow of total BTC Spot ETFs listed in the US.

Future Outlook

Looking ahead, against a backdrop of gradually improving macro conditions, fund flow dynamics—particularly inflows into Bitcoin spot ETFs—are expected to remain a key pillar of market support. As ETF flows stabilize following earlier volatility and begin to show signs of renewed net inflows, this suggests a recovery in allocation demand from institutional and longer-term investors. If sustained, such trends should help enhance market liquidity and reinforce price support. In the near term, volatility may persist amid evolving macro conditions and geopolitical developments. Overall, the virtual assets market is likely to remain in a gradual recovery phase, increasingly underpinned by the return of capital flows.

Disclaimers

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