CoinDesk
Bitcoin is on track for its best month in a year, up roughly 13.6% in April and holding above $77,000, according to CoinGlass data. The rebound ends a punishing stretch in which crypto markets logged their longest losing streak since 2018, posting consecutive monthly declines from October through February. Coincident with the rally, Tether's USDT supply has expanded by roughly $5 billion to nearly $150 billion — a sharp increase that analysts read as fresh liquidity working its way into digital assets.
Why it matters
Stablecoins are the working capital of the crypto economy — the rail traders use to deploy into spot and derivatives positions. When USDT supply expands at this pace, it usually means capital is parking on-chain in anticipation of buying risk, not exiting the asset class. That signal has been missing for most of the past six months, which is why the April bid has looked more structural than reflexive. The macro backdrop is doing its part too: the S&P 500 and Nasdaq have climbed back to record highs after briefly slipping into correction territory earlier in the year, and a strong U.S. earnings season has pulled investor attention away from Middle East headlines.
Wintermute OTC trader Jasper de Maere said equities and crypto "seem to have stopped caring about intricate headlines on the conflict's direction," calling it a sign of fatigue or complacency. Either reading carries risk if oil prices stay elevated, but for now the bid is winning.
Market impact
The next test is technical and calendar-driven. Bitcoin is pressing against the $79,000 level, which Adam Haeems of Tesseract Group called structurally significant because heavy institutional overhead supply sits just above it. A clean break on sustained ETF inflows could flip $79,000 from resistance into support and open a higher trading range; rejection risks a fade back into the $75,000–$77,000 zone. Large perpetual traders on Hyperliquid have already shifted to their most aggressively net-long positioning since early March, typically a leading signal for spot moves by days.
Frequently asked questions
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Why is Bitcoin up 13% in April 2025?
Bitcoin climbed roughly 13.6% in April, holding above $77,000, driven by a recovery in U.S. equities, strong corporate earnings, and a roughly $5 billion expansion in Tether's USDT supply to nearly $150 billion that analysts read as fresh liquidity flowing back into crypto.
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What does USDT supply growth mean for crypto markets?
Stablecoins like USDT act as the working capital of the crypto economy. When USDT supply expands sharply, it usually means capital is parking on-chain in anticipation of buying risk assets — a signal analysts interpret as healthy incoming liquidity for digital asset prices.
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What level is Bitcoin trying to break through?
Bitcoin is pressing against the $79,000 resistance level. Adam Haeems of Tesseract Group said heavy institutional overhead supply sits just above it, making a clean break structurally significant for the next leg of the move.
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Could the rally fade after the April Fed meeting?
Yes. Haeems said if ETF inflows continue through the Fed event, $79,000 could flip from resistance into support and open a higher trading range. If flows fade, bitcoin may slip back into the $75,000–$77,000 zone.
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How are large traders positioned ahead of the move?
Large perpetual traders on Hyperliquid — typically running positions above $10 million — have shifted to their most aggressively net-long bitcoin positioning since early March, coinciding with BTC's climb from the mid-$60,000s toward $80,000.
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