In the past week, the global market has significantly recovered under the combined effect of Middle East ceasefire expectations and easing inflation. Oil prices fell by about 10%, VIX retreated to a stage low, coupled with the decline in US Treasury yields and the weakening of the US dollar, risk appetite rebounded, crypto assets rebounded synchronously, and Bitcoin once tested $76,000. Overall, macro uncertainty has marginally eased, funds quickly returned after a short-term shock, and the market gradually transitioned from the risk aversion and deleveraging phase to a structural recovery.
Highlights of Last Week's Market Overview
- Market Focus Interpretation: Middle East ceasefire expectations and easing inflation resonated, oil prices and volatility fell simultaneously, risk assets overall recovered, Bitcoin fluctuated upward and tested stage highs.
- Liquidity Analysis: BTC ETF net inflow for the week was about $996M, hitting a multi-month high, ETH ETF also recorded about $276M net inflow, and institutional funds quickly returned after volatility.
- On-chain Data Insights: BNB Chain Meme trading heated up, driving PancakeSwap trading volume to double, DEX liquidity returned to leading platforms; Stablecoin remained volatile at high levels, USDT expanded while yield-type Stablecoin declined; the KelpDAO incident impacted Aave, triggering capital withdrawal and deleveraging.
- Derivative Tracking: BTC Funding Rate remained negative but price rose, with both short squeeze momentum and crowded shorts; option implied volatility rose at the short end and then fell, Skew converged, DVOL remained in a low range.
- Outlook for This Week: Focus on macro data such as China LPR, global PMI, Tokyo CPI, as well as the impact of token unlocks such as ZRO, TON, AVAX on market liquidity.
Explore Details → Gate Institutional Weekly: BTC ETF Weekly Inflows Approached $1 Billion, Aave Was Impacted by the KelpDAO Incident (April 13 to April 19, 2026)
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Gate Team
April 22, 2026
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