Crypto markets rebounded in April as rising ETF inflows, stablecoin growth, and expanding tokenized real-world asset (RWA) activity helped push the sector’s total market capitalization above $2.6 trillion, according to Binance Research’s latest Monthly Market Insights report.
The report, released on May 6, said the crypto market gained more than 8% during April despite ongoing geopolitical tensions, higher oil prices, and macroeconomic uncertainty tied to inflation and interest rate expectations.
Bitcoin led large-cap crypto gains, while institutional participation through spot ETFs and tokenized financial products continued to expand across the sector.
ETF flows and Bitcoin recovery lift markets
Binance Research said Bitcoin climbed roughly 12.1% in April, outperforming other top cryptocurrencies as spot ETF demand accelerated and corporate accumulation increased.
According to the report, BTC ETF net inflows reached approximately $1.97 billion during the month, nearly doubling from March levels. Ethereum ETF flows also turned positive, recording about $492 million in inflows. The report linked Bitcoin’s move toward the $80,000 level to a continued short squeeze, even as derivatives funding rates remained negative.
Binance Research also pointed to aggressive treasury accumulation by Strategy, which purchased around 56,000 BTC in April, including a single acquisition of roughly 34,000 BTC on April 20.
Ethereum gained 7.8% during the month, while Dogecoin rose 7.7%. Binance Research noted that Bitmine expanded its ETH holdings to about 4.21% of the circulating supply after acquiring roughly 244,000 ETH in April.
Stablecoin supply continues expanding
The report showed stablecoin supply rising to around $320 billion in April, reflecting continued capital inflows into digital asset markets. USDT supply alone increased by roughly $5 billion to reach a record $189.6 billion, according to Binance Research. The firm linked part of that growth to market confidence following Tether’s announcement of a planned Big Four audit earlier this year.
Binance Research also highlighted ongoing regulatory discussions in the United States around stablecoin legislation, including renewed attention on the proposed CLARITY Act. The report said delays in the legislative process could affect the timeline for broader stablecoin regulation ahead of the U.S. midterm election cycle.
Tokenized RWAs see fresh institutional interest
Tokenized real-world assets also continued growing in April, with total RWA value rising about 4% month-over-month to $27.1 billion. Government debt products remained the largest contributor to growth, with Circle’s USYC and BlackRock’s BUIDL fund both recording double-digit monthly increases.
The report also highlighted Ondo Finance’s USDY token, which rose 32% during the month after Broadridge Financial Solutions integrated support for tokenized shareholder voting through crypto wallets. At the blockchain level, XRP Ledger’s tokenized RWA value climbed about 66% to approximately $537 million, according to Binance Research.
DeFi risks remain after April exploits
Despite broader market gains, the report said April also exposed continued vulnerabilities across decentralized finance. Crypto exploit losses reached roughly $635 million across 28 separate incidents during the month, making it the highest monthly incident count on record, according to data cited by Binance Research.
The KelpDAO exploit and Drift Protocol attack accounted for most of the losses and triggered sharp declines in DeFi total value locked (TVL). Binance Research said DeFi TVL fell from roughly $99.5 billion to $82.7 billion following the incidents.
The report said the events renewed focus on how DeFi protocols manage collateral risk, insurance systems, and cross-platform contagion during periods of market stress.
AI and pre-IPO crypto markets gain momentum
Binance Research also identified rising interest in AI-linked crypto infrastructure and pre-IPO perpetual products.
The report noted that trading activity tied to synthetic exposure for companies such as OpenAI, SpaceX, and Anthropic increased sharply in late April. Open interest on Ventuals, a protocol offering pre-IPO perpetual contracts, nearly doubled during the month. At the same time, semiconductor stocks and AI infrastructure demand remained among the strongest-performing sectors globally, even as geopolitical tensions persisted.
Binance Research said markets increasingly appeared to treat geopolitical conflict as a “background risk,” allowing crypto and equities to continue recovering despite elevated oil prices and inflation concerns. Looking ahead, the firm said upcoming U.S. CPI and PCE inflation data remain key macro indicators that could shape crypto market direction in the coming months.
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