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Cryptocurrency markets posted a measured rebound in April despite ongoing geopolitical tensions and energy-market volatility, according to Coin Metrics’ State of the Network report. Total crypto market capitalization rose roughly 10% to about $2.7 trillion. Bitcoin climbed 16% to surpass $78,000, while Ethereum advanced 14%. Bitcoin’s market dominance held steady near 57%, and several altcoins outperformed, including Zcash (+59%) and Morpho (+33%).
Coin Metrics said institutional appetite strengthened noticeably. Spot Bitcoin exchange-traded funds (ETFs) recorded approximately $1.7 billion in net inflows, the largest monthly total since October 2025. The report also pointed to momentum building after March, following the U.S.-Iran ceasefire.
A separate corporate buying signal came from Strategy (Nasdaq: MSTR), a major corporate accumulator. The company reportedly purchased 56,238 BTC worth roughly $4.1 billion during the month.
Strategy’s total holdings now stand at 818,334 BTC, surpassing BlackRock’s IBIT ETF at approximately 802,654 BTC.
Coin Metrics noted that earlier buying phases were funded primarily through common-stock issuance. More recent acquisitions have instead been supported by Strategy’s perpetual preferred stock (STRC), which carries an 11.5% variable dividend and trades near a $100 par value—creating a repeatable capital-raising mechanism.
On-chain signals reinforced the bullish spot picture. Bitcoin exchange reserves fell to a seven-year low of roughly 2.3 million BTC, suggesting coins are migrating into long-term storage rather than remaining liquid on exchanges.
The Coinbase premium index also flipped positive, underscoring sustained U.S. spot demand.
Derivatives markets, however, reflected a more cautious stance. Bitcoin futures open interest climbed toward $50 billion, but funding rates remained predominantly negative for most of the month.
The report said traders appear willing to stay short or hedged even as spot buyers accumulate, creating a structural mismatch between physical buying and paper positioning. Since March, roughly $1.9 billion in short liquidations occurred, indicating parts of the rally were driven by forced covering rather than broad conviction.
Order-book liquidity for major assets and altcoins also remained below 2025 peaks.
Beyond price action, Coin Metrics highlighted two structural themes. First, tokenized U.S. Treasuries continued rapid expansion as a core on-chain yield and reserve asset.
Products such as Ondo’s USDY and OUSG, Janus Henderson’s JTRSY, and BlackRock’s BUIDL grew from near-zero supply in early 2024 to record levels by April 2026 across Ethereum and other chains.
Coin Metrics said these instruments provide exposure to short-duration government debt, offering a lower-risk alternative to non-yielding stablecoins and more complex DeFi collateral.
As tokenized real-world assets mature, investors are increasingly evaluating on-chain yields through distinct risk buckets. These range from issuer and smart-contract exposure in Treasuries to operational, governance, and rehypothecation risks in yield-bearing stablecoins, liquid staking tokens, and leveraged vaults.
April also highlighted lingering vulnerabilities. The Drift hack and the KelpDAO rsETH bridge exploit underscored the need for stronger protocol-level risk management and cross-chain isolation.
Separately, Coin Metrics cited Google’s Quantum AI research, which compressed the estimated timeline for a viable quantum threat to elliptic-curve cryptography. The research estimated that breaking Bitcoin’s security could require roughly 20 times fewer resources than previously thought.
Coin Metrics said sustained ETF inflows and improving odds around the CLARITY Act will remain critical near-term catalysts. It also expects tokenization and improved DeFi risk controls to anchor the next phase of on-chain capital formation, while quantum security emerges as a longer-term priority for the industry.
Overall, Coin Metrics concluded that April delivered a mixed but constructive recovery: significant spot demand and institutional accumulation supported prices, while cautious derivatives positioning and evolving on-chain risks suggested conviction remained selective.
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