Over the past week, the crypto market remained cautiously optimistic. Easing tensions in the Middle East combined with rising expectations for rate cuts pushed BTC from $68,000 to above $77,000. ETF inflows continued, with institutional buying providing support. On the macro side, oil prices remained elevated and range bound, US Treasury yields stayed stable, and the US dollar index entered a consolidation phase after pulling back. As uncertainty eased, overall risk appetite gradually recovered. In aggregate, capital did not materially exit following recent risk events. Instead, it rotated toward assets and venues with higher liquidity and stronger depth, signaling a phase of structural reallocation.
Key highlights from last week:
- Market focus: Easing geopolitical risks and stronger rate cut expectations reinforced each other. BTC moved higher and held above $77,000, with sentiment remaining cautiously constructive.
- Liquidity: BTC ETF inflows continued, with clear concentration in leading products. Institutional capital kept allocating through volatility. TradFi trading activity cooled from prior peaks, while gold remained the dominant asset.
- On-chain data: Capital further concentrated in high liquidity and high turnover venues. PancakeSwap weekly volume approached $36B. Stablecoin dynamics diverged, with USDT expanding to nearly $200B, while USDe recorded around $2B in net outflows for the week. Following the rsETH incident, Aave total borrow declined 26.7% week over week, with capital rotating into alternative protocols such as Spark.
- Derivatives: BTC funding rates remained negative while price held at elevated levels. Short positioning stayed crowded, with potential for short squeeze dynamics. Options volume and implied volatility both increased, and the term structure flattened.
- Institutional updates: Spot trading continued to outperform the market, while derivatives maintained a stable edge. More than 30 new institutional opportunities were added during the week. CrossEx trading volume and assets reached new highs, with multiple institutions deploying cross exchange arbitrage and hedging strategies. The 3.0 trading system is nearing launch readiness, with SBE and real time BBO already deployed, improving execution efficiency and data performance. Banking channels and compliance infrastructure continued to expand, accelerating institutional onboarding.
- Outlook: Focus will be on the FOMC rate decision and policy guidance. Token unlocks including OP, SUI, and ENA may introduce short term liquidity impact.
Explore more details → Gate Institutional Weekly: BTC ETFs Continue Net Inflows, While Aave Lending Balances Plunge 26.7% (April 20, 2026 – April 26, 2026)
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Disclaimer
Cryptocurrency market investment involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate does not assume any responsibility for losses or damages caused by such investment decisions.
Gate Team
April 29, 2026
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