Global markets see a resurgence of risk appetite with Bitcoin holding above $74,000 and major Asian equity benchmarks recouping losses tied to the US-Iran conflict. Positive sentiment is fueled by renewed US-Iran talks, easing oil prices, and expectations of Federal Reserve rate cuts, boosting liquidity and supporting risk assets, including cryptocurrencies. U.S. spot Bitcoin ETFs continue to attract strong inflows, potentially creating a base of long-term holders. China's CSI 300, Taiwan, and Singapore erase war-related declines.
China's CSI 300 joins Taiwan and Singapore in erasing war-related declines as US-Iran talk optimism keeps oil below $100; spot ETFs posted $471 million in single-day inflows last week. Bitcoin held above $74,000 as global risk appetite returned, with major Asian equity benchmarks and the S&P 500 recovering losses tied to the late-February U.S.-Iran conflict. Strong inflows into U.S. spot bitcoin ETFs, which have now taken in more than $56 billion, are seen as creating a base of long-term holders and helping support prices near key entry levels. Easing oil prices on hopes for renewed U.S.-Iran talks and growing expectations of Federal Reserve rate cuts later this year are adding liquidity and support to risk assets, including cryptocurrencies.
Bitcoin held above $74,000 on Wednesday as a wave of risk appetite swept through global markets, with Asian equities joining Wall Street benchmarks in fully recouping losses sustained since the US-Iran conflict began in late February. Ether gained 4% on the week to trade near $2,325, outpacing bitcoin's 3.9% move. Solana dropped 1.5% to $83, Cardano's ADA fell 1%, while dogecoin fell 1.3% to $0.093. Tron bucked the trend with a 3% weekly gain.
China's CSI 300 became the latest gauge to fully erase war-related declines, joining Taiwan and Singapore. The S&P 500 is closing in on its record high from late January. Optimism that the US and Iran will enter a second round of talks in the coming days has kept crude oil below $100 a barrel, easing the inflationary overhang that weighed on markets through March.
The current bitcoin price sits near the estimated average entry price for holders of U.S. spot bitcoin ETFs, a level that could act as a floor rather than a ceiling. Investors who held through the drawdown below $60,000 have little incentive to sell at breakeven, removing a layer of potential overhead supply. U.S. spot ETFs posted $471 million in net inflows on April 6, their strongest single-day intake since February, pushing cumulative inflows past $56 billion since the products launched in January 2024 - a move some watchers say is reflective of bullish market structure.
'This is bullish for adoption even though it's no self-custody,' said Vikrant Sharma, founder of CakeWallet. 'Institutions pouring in $471 million in a single day and pushing past $56 billion cumulative means bitcoin is getting a whole new class of long-term holders. Self-custody wallets selling off is just natural profit-taking, but the fact that it's not leading to price collapse is a very bullish sign,' he added.
Market participants are also pricing in the possibility of Federal Reserve rate cuts later this year, a development that would channel additional liquidity into risk assets after months of range-bound trading. The ETH/BTC ratio hit its highest since January as Ethereum's network added 284,000 new users in Q1 and stablecoin supply reached a record $180 billion.Ether has recently strengthened against bitcoin, with the ETH/BTC ratio rising to about 0.0313, its highest level in three months but still well below its January peak. The improved ratio is supported by robust on-chain activity on Ethereum, including an 82% quarterly jump in new users, record transaction volumes and...15 hours ago
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