CryptoSlate
Global equity funds pulled in $48.72 billion in the week through April 22, capping a four-week streak of $118 billion in net inflows. The week before, money-market funds lost $173.24 billion in a single week — the largest cash exit since at least September 2018. Together the moves describe roughly $292 billion of risk-on rotation, with capital fleeing cash and chasing equities at a pace that has put Bitcoin directly in the path of the flow.
Coinbase and Glassnode's Q2 Institutional Outlook frames why BTC is the natural beneficiary: its daily return correlation with the S&P 500 sat at 0.58 in 4Q25, while its relationship with gold stayed negligible. The same survey of 91 global investors (29 institutions, 62 non-institutions, fielded Mar. 16 to Apr. 7) found 75% of institutional respondents and 61% of non-institutional crypto investors view Bitcoin as undervalued. Only 7% of institutions and 11% of non-institutions see it as overvalued — a setup where buyers of size still see room to the upside while the broader market is yet to lean into euphoria.
Why it matters
The on-chain backdrop reinforces the survey read. BTC supply that moved within the last three months fell 37% in Q1, while supply held for over a year rose 1% — speculative holders who bought higher cycled out through the drawdown, and long-duration holders accumulated. The Puell Multiple dropped to 0.7, a zone that has historically coincided with miner capitulation and accumulation. Long-term holder balances rose while exchange balances fell, and stablecoin supply climbed from $308B to $320B, meaning dry powder stayed inside the crypto market during the selloff rather than leaving the asset class entirely. Options open interest grew 2.4% and perpetual futures OI recovered roughly 8.6% — a market that absorbed its deleveraging and rebuilt at a measured pace.
Market impact
The bull case: if April's equity rotation broadens into high-yield credit, private credit, and emerging-market risk, Bitcoin sits in the path. EPFR flagged a "marked increase in risk appetite," with high-yield bond funds posting their first inflow since mid-February and private credit flows hitting an eight-week high.
Frequently asked questions
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How much capital rotated into risk assets in the four weeks through April 22?
Global equity funds pulled in roughly $118B across four weeks, with $48.72B in the week through April 22 alone. The week prior, money-market funds shed a record $173.24B — the largest single-week cash exit since at least September 2018 — bringing the combined risk-on signal to roughly $292B.
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What does Coinbase and Glassnode's Q2 survey say about institutional BTC sentiment?
Among 91 global investors surveyed between Mar. 16 and Apr. 7, 75% of the 29 institutional respondents and 61% of the 62 non-institutional crypto investors view Bitcoin as undervalued. Only 7% of institutions and 11% of non-institutions see it as overvalued, suggesting buyers of size still see room to the upside.
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How is Bitcoin's correlation with equities and gold described in the outlook?
Coinbase and Glassnode put BTC's daily return correlation with the S&P 500 at 0.58 in the fourth quarter of 2025, supporting the read that BTC trades as a risk asset. The correlation with gold is described as negligible, meaning Bitcoin is not behaving like a defensive hedge in the current regime.
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What on-chain signals support the bullish setup for BTC?
BTC supply that moved within the last three months fell 37% in Q1, while supply held for over a year rose 1%. The Puell Multiple dropped to 0.7, a zone historically associated with accumulation. Long-term holder balances rose, exchange balances fell, and stablecoin supply climbed from $308B to $320B, keeping dry…
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What are the bull and bear price scenarios for Q2 in the report?
The bull case targets $87,500–$94,000 — a 12–20% gain driven by sustained institutional rotation as the risk-on trade broadens. The bear case is $66,500–$72,000 — an 8–15% drawdown consistent with prior macro-driven corrections if oil stays elevated, inflation pins the Fed, and capital rotates back to cash.
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