TLDR
- Bitcoin held above $74,000 as global risk appetite returned across markets
- Asian equity markets, including China’s CSI 300, fully erased war-related losses
- U.S. spot Bitcoin ETFs hit $471 million in single-day inflows, pushing cumulative total past $56 billion
- The S&P 500 climbed 1.2% and the Nasdaq surged 2%, with the Nasdaq on a 10-day winning streak
- Oil stayed below $100 a barrel on hopes for renewed U.S.-Iran talks, easing inflation fears
Bitcoin held above $74,000 on Wednesday as investors returned to risk assets across the board. Global markets continued their recovery from losses tied to the U.S.-Iran conflict that began in late February.
Asian equity markets led the rebound. China’s CSI 300 became the latest index to fully erase its war-related declines, joining Taiwan and Singapore in returning to pre-conflict levels.
On Wall Street, the S&P 500 gained 1.2% and the Nasdaq Composite surged 2%. The Dow Jones Industrial Average added 317 points. The S&P 500 has now posted gains in nine of the past 10 sessions and sits just below its late-January record high.
The Nasdaq extended its winning streak to 10 consecutive days. Year-to-date losses from the Iran conflict have been effectively wiped out.
Optimism around diplomacy played a key role. President Trump indicated earlier this week that outreach between the U.S. and Iran has taken place. Oil prices dropped on the news and remained below $100 a barrel, easing the inflationary pressure that had weighed on markets through March.
Bitcoin ETF Inflows Signal Long-Term Demand
In crypto markets, U.S. spot Bitcoin ETFs recorded $471 million in net inflows on April 6, their strongest single-day intake since February. Cumulative inflows have now crossed $56 billion since the products launched in January 2024.
The current Bitcoin price sits near the estimated average entry price for ETF holders. Analysts say this level could act as a price floor, as investors who held through the dip below $60,000 have little reason to sell at breakeven.
“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,” said Vikrant Sharma, founder of CakeWallet.
Altcoins Mixed as Ether Outperforms
Ether gained 4% on the week to trade near $2,325, outpacing Bitcoin’s 3.9% rise. Not all altcoins followed. Solana dropped 1.5% to $83, Cardano fell 1%, and Dogecoin slipped 1.3% to $0.093.
Tron bucked the trend with a 3% weekly gain.
Market participants are also pricing in the possibility of Federal Reserve rate cuts later this year. Rate cuts would add liquidity to risk assets, which has historically supported both stocks and crypto.
Earnings season is also in focus. Bank of America and Morgan Stanley are both set to report before Wednesday’s open.
U.S. stock futures held near flat levels Tuesday evening after the strong session, with futures tied to the S&P 500, Nasdaq 100, and Dow Jones all hovering around the baseline.
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