On April 13, the crypto market carved out a pattern of initial decline followed by a rebound amid a two-way struggle between geopolitical pressures and liquidity flows. In the early trading session, the market was hit by the fallout from the breakdown of the US-Iran talks and the blockade order for the Strait of Hormuz, causing BTC to briefly dip below the $70,000 level and triggering a wave of liquidations across the entire network’s perpetual contracts. The market’s fear-and-greed index also fell to a new low for this cycle at 12.

However, the core driving force behind the market reversal was the counter-flow of institutional capital—last week, US Bitcoin spot ETFs recorded net inflows of $816 million, including BlackRock’s IBIT, which alone attracted $612 million in a single week. With liquidity providing a floor, market sentiment repaired rapidly. BTC surged strongly and rebounded above $74,000, with an approximately 5% gain over 24 hours; trading volume expanded by more than 60% to about $48 billion. ETH also broke above $2,300 in tandem, with trading volume up 26% to about $18.36 billion, while total market capitalization climbed back to $2.46 trillion.

Judging by the alignment between volume and energy and the breadth of sector participation, this rebound shows signals of capital confirmation. Still, the $70,000 level remains a mid-term divider between bulls and bears. Whether the outlook can continue depends on whether geopolitical tensions ease in a substantive way and on the persistence of institutional fund inflows. #加密市场回升