After a bruising first quarter, crypto staged a broad recovery in April. Bitcoin rose about 13.6% for the month and ether about 11.4%, as a risk-on rally in U.S. equities spilled over into digital assets.
What drove the rebound
- Earnings: strong corporate results, especially from AI-linked companies, lifted U.S. stocks.
- The Fed: policymakers held rates steady, removing a near-term source of pressure.
- Institutional plumbing: Coinbase's conditional OCC trust charter on April 2 reinforced the adoption story.
Cautious, not euphoric
The mood was far from a mania. Bitcoin dominance held near 60%, signalling that capital stayed concentrated in the largest asset rather than chasing altcoins. The Fear & Greed Index recovered only into neutral territory, around 47. Late in the month prices moved sideways as traders waited for the next catalyst, with the industry's attention turning to the Bitcoin 2026 conference held April 27–29 at The Venetian in Las Vegas.
Exchange activity
Total exchange volume for April came in around $4.5 trillion, but spot volume was a much smaller $705.5 billion — a reminder that derivatives still dominate crypto trading.
