Bitcoin staged a strong overnight rally, surging from a 24-hour low of $76,133 to a high of $79,473, briefly touching $79,321 earlier this morning—marking a two-week high. As of Beijing time, BTC trades at $78,357, up 2.63% in 24 hours. Ethereum followed, rising from $2,313 to a peak of $2,424 and currently at $2,370 (+1.93%), still about 3% below its 14-day high of $2,451.
Over $459M Liquidated in 24 Hours, Shorts Account for 76%
The sharp price move triggered massive liquidations. Total liquidations across the crypto market reached $459 million, with shorts accounting for $350 million (76%) and longs $109 million. By coin, BTC shorts saw $190 million liquidated versus $23.58 million for longs; ETH shorts hit $94.49 million against $28.68 million longs. The single largest liquidation was a $7.51 million BTCUSDT contract on Binance. Notably, in the last hour, liquidations climbed to $50.63 million, with longs representing $37.84 million (74.7%), indicating that some long positions were flushed out near the top, leaving short-term volatility risks.
Iran Ceasefire, Record Highs in US Stocks, and 5-Day ETF Inflow Streak
The rally was sparked by geopolitical easing—Trump announced an indefinite extension of the US-Iran ceasefire, injecting optimism into risk assets. US stocks closed at all-time highs on April 22: S&P 500 at 7,137.90 (+1.05%), Nasdaq at 24,657.57 (+1.64%), and Dow Jones at 49,490.03 (+0.69%). Tech stocks led the charge.
Institutional flows were equally strong. BTC spot ETFs recorded five consecutive days of net inflows, with $238 million on April 21 alone, led by BlackRock's IBIT at $214 million. Last week's total inflow reached $996 million, the largest weekly figure since mid-January. Strategy (formerly MicroStrategy) disclosed a massive purchase of 34,164 BTC this week—its largest single buy since end-2024. Meanwhile, the White House said the framework for a “US Strategic Bitcoin Reserve” is expected to be unveiled within two months, adding policy tailwind for bulls.
SOL Edges Higher, XRP Dips Slightly
Solana (SOL) trades at $86.72 (+0.44%), oscillating between $85.97 and $89.32 over 24 hours, roughly 4% below its 14-day high of $90.32—a consolidating pattern. XRP slips to $1.4284 (-0.20%), the only one among the top coins in the red, with a 24-hour range of $1.4626 to $1.4166, about 5% off its 14-day peak of $1.50, showing weaker short-term momentum. The overall crypto market cap rose with BTC, maintaining a structure where Bitcoin leads and altcoins follow.
Fear Index Surges 35 Points in a Month; FOMC and Strategic Reserve in Focus
The sentiment recovery is the most striking shift. The Crypto Fear & Greed Index now stands at 46 (Fear), up from 32 yesterday, 23 last week (Extreme Fear), and just 11 a month ago—a 35-point rebound in 30 days. While still below the greed threshold (50), the rapid climb from extreme fear territory signals fast-building market confidence.
The next major event risk is the Fed's FOMC meeting on April 28-29. Polymarket currently prices a 99.4% probability of rates staying at 3.50-3.75%, so no rate surprise is expected. However, the Fed's language—especially its response to March CPI rising to 3.3% YoY, partly due to Iran conflict–fueled energy costs—remains a short-term sensitivity point. Medium-term, the timeline for the White House's “Strategic Bitcoin Reserve” could serve as the next policy catalyst for institutional inflows.