Bitcoin surges as Ethereum strengthens and institutional flows pick up

Sign up to our weekly newsletter

Stay informed on the latest market update. Subscribe to our weekly newsletter today.

Introduction

Bitcoin pushed as high as A$106,360 (US$76,264), after a 4% daily gain in Monday's trading session. Momentum has slowed, though the structure beneath it has improved. ETF demand remained active, corporates added exposure, and major institutions continued to expand their presence through new products and distribution. Ethereum also began to separate from the broader market, supported by flows and rising network activity. Outside of price, adoption progressed across payments and tokenisation in Asia.

Check prices on the BTC Markets exchange.

State of crypto

• Bitcoin surged to A$106,360 (US$76,264) on the BTC Markets exchange
• ETF flows remained active across the week, with strong inflows offset by periods of outflows
• Ethereum outperformed, gaining over 6% to a multi month high of A$3,379 (US$2,422) with rising activity
• BlackRock and Fidelity dominated ETF inflows while Goldman Sachs filed a Bitcoin income ETF
• Morgan Stanley expanded Bitcoin ETF access to clients as Strategy added over US$1B in BTC
• Market strength remains selective, with limited altcoin follow-through

Bitcoin breaks out, eyes A$107K as bulls hold the line

Bitcoin moved higher earlier this week, testing the A$107K (US$77K) resistance line, before easing back, now trading near A$104K (US$75K). The move lost momentum near recent highs, where selling pressure continues to cap upside.

Check BTC

ETF flows and major financial institutions continue to expand Bitcoin exposure

Institutional activity remained steady, though not one-directional. US spot Bitcoin ETFs recorded A$1.2B (US$786M) in net inflows for the week, alongside a A$630M (US$411M) daily inflow. These were partially offset by outflows on other days, pointing to active positioning rather than passive accumulation.

BlackRock’s IBIT and Fidelity’s FBTC continued to lead flows, reinforcing their role as primary access points for institutional capital. At the same time, Goldman Sachs filed for a Bitcoin-linked income ETF using a covered call strategy, adding a new structure to the market. Morgan Stanley also expanded distribution through its adviser network, extending access to a broader client base.

Corporate demand remained in play. Strategy added over US$1 billion (A$1.5 billion) in Bitcoin, taking total holdings above 780,000 BTC. Participation is widening. Institutions are not stepping back, they are adding new ways to engage.

Ethereum outperforms as flows strengthen and on-chain activity continues to rise

Ethereum stood out across the week, rising more than 6% to a multi month high of A$3,379 (approximately US$2,422). The move was supported by both capital flows and network usage. Ethereum ETFs recorded their strongest inflows of the year, while on-chain activity reached new highs, including record daily transactions. This combination of flows and usage has pushed the ETH/BTC ratio higher, pointing to relative strength rather than a broad market move. Supply dynamics continue to support the trend. A significant share of ETH remains staked, limiting available liquidity and tightening circulating supply. Ethereum is where incremental demand is becoming more visible.

Check ETH

Adoption expands through tokenisation pilots and payment integrations across Asia

Beyond price, adoption continued to move forward across different regions and use cases. Ripple partnered with South Korea’s KYBO Life Insurance to pilot tokenised bond settlement, marking a step toward integrating blockchain into traditional financial systems. In Japan, Rakuten enabled its 44 million users to convert loyalty points into XRP, bringing crypto exposure into a large retail ecosystem. Elsewhere, Solana continued to gain traction in transaction-heavy use cases, capturing a leading share of stablecoin transfer volume. Crypto is moving further into financial infrastructure and consumer platforms.

Check XRP

Easing geopolitical tensions support sentiment while macro uncertainty remains in play

Tensions between the United States and Iran eased earlier in the week, with oil prices pulling back and risk appetite improving. However, the bigger macro picture remains unsettled. Inflation pressures tied to energy and supply constraints continue to shape expectations around monetary policy. Rate cut timing remains uncertain, and markets are adjusting accordingly.

For crypto, this creates a mixed backdrop. Improving sentiment supports upside attempts, but the lack of policy clarity limits follow-through. Macro is no longer the sole driver, but it continues to shape how risk is priced.

Check SOL

Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Cointelegraph: Chainalysis claims stablecoin volumes could reach $1.5 quadrillion by 2035

Rachael Lucas, crypto analyst at Australian crypto exchange BTC Markets, told Cointelegraph US$1.5 quadrillion is “a ceiling-case scenario, not a base case,” but said it could be possible because growth is accelerating.

She noted that volume measures how many times money moves, not how much exists; the same dollar can settle dozens of transactions a day.

Announcements

After Acacia: Australia's tokenisation moment has arrived

The RBA’s Project Acacia findings landed this week with a clear message: tokenisation in Australia is no longer a question of if, it is a question of how. That is a meaningful shift, and one that BTC Markets has been building for some time.

Read the full update of BTC Markets’ CEO Lucas Dobbins.

DOGE is now live on BTC Markets!

Deposits and withdrawals are open, and the order book is active for real-time trading. Dogecoin is an open-source, peer-to-peer digital currency born from internet culture, featuring the Shiba Inu “Doge” meme as its emblem.

Start trading the DOGE/AUD pair on our platform.

Caroline Bowler to speak at SIAA 2026

We’re pleased to share that Caroline Bowler, Non-Executive Director at BTC Markets, will be speaking at the Stockbrokers and Investment Advisers Association 2026 Investment Advisers Association on 19-20 May 2026 at the Park Hyatt Melbourne.

The conference brings together industry professionals to examine how the foundations of investment are being shaped by pressures on global trade and cap

Register now

The week ahead: Economic events

Monday, April 20th

• Canada Inflation Rate

Tuesday, April 21st

• Japan Balance of Trade
• United Kingdom Unemployment Rate
• Germany ZEW Economic Sentiment Index
• US Retail Sales

Wednesday, April 22nd

• United Kingdom Inflation Rate

Source: Trading Economics

Market reflections

• United States: Fed signals rate cuts may be pushed out to 2027
• Europe: ECB remains undecided on rate path amid uncertain outlook
• China: Factory prices return to inflation on Iran-driven cost shock
• Japan: BOJ flags market volatility and economic risks from Middle East tensions
• Australia: Business and consumer confidence fall sharply on global uncertainty

In the United States, Fed officials struck a more cautious tone. Chicago Fed President Austan Goolsbee suggested that rate cuts may not arrive until 2027, reflecting concern that inflation progress could stall. This reinforces a higher-for-longer policy outlook, with markets adjusting expectations around the timing and pace of easing.

Across Europe, the policy outlook remains unclear. ECB President Christine Lagarde stated that the central bank has not yet decided on rates, highlighting uncertainty between baseline and more adverse economic scenarios. While inflation has eased in recent months, the current environment makes it difficult to commit to a clear easing path.

In China, factory-gate prices returned to inflation after a prolonged period of deflation. The shift was driven by rising input costs linked to the Iran conflict, particularly through energy and commodity channels. While this marks a notable change in price dynamics, the broader economic picture remains uneven, with external demand and structural challenges still weighing on growth.

In Japan, the Bank of Japan highlighted increased market volatility and potential economic impacts stemming from Middle East tensions. Policymakers are maintaining a cautious stance, monitoring how external shocks may affect inflation and financial stability. The global backdrop continues to play a larger role in shaping domestic policy considerations.

In Australia, both business and consumer confidence declined sharply, reflecting growing concern over the global fallout from the Iran conflict. The drop in sentiment points to increasing sensitivity to external risks, even as domestic conditions remain relatively stable. Markets are watching closely to see how global developments feed into local growth and policy expectations.

Across regions, inflation is becoming less about domestic demand and more about external shocks. That distinction matters. Supply-driven pressures are harder to contain and give central banks less control over outcomes. As a result, policy clarity has weakened and markets are adjusting to a more uncertain and reactive environment.

Final thoughts 

Bitcoin is holding above A$104,000 (US$74,500), but the market has yet to push through resistance near A$110,000 (US$76,000). That range remains the key reference point in the near term. Underneath, the setup continues to improve. BlackRock and Fidelity flows remain active, Goldman Sachs and Morgan Stanley are expanding product access, and corporate demand is still present. Ethereum’s strength also points to a shift in where capital is moving within the market.

For now, the market is holding together rather than breaking higher. Strength is building, but it remains concentrated. The next move will depend on whether demand can carry price beyond resistance.

Ready to take advantage of the opportunities shaping the market?

Log in to trade on Australia’s own digital asset exchange and stay positioned for what comes next.

Online safety: How to avoid fake job offers

Online job offers can appear attractive, especially when they promise quick earnings or flexible work. However, some of these opportunities are designed to obtain your personal details or ask for payments before any real work begins. These messages may impersonate well-known companies or recruiters, making them seem legitimate at first glance.

You may be asked to send money through bank transfer, PayID, or cryptocurrency to “activate” a role or complete simple tasks. In some cases, small initial payments are provided to build trust, followed by larger requests. These tactics aim to create urgency and prevent you from verifying the opportunity.

What to watch out for

• Unexpected job invitations through text or encrypted apps such as WhatsApp, Signal, or Telegram.
• Offers of easy, high-paying work with no interview or questions about your experience.
• Requests for upfront payments or cryptocurrency deposits to access tasks or secure a role.
• Job descriptions involving transferring funds, purchasing items, or handling packages for others.
• Pressure to act quickly, pay “recruitment fees,” or cover training costs.

How to stay safe

• Be cautious with online job ads, including those on reputable platforms, as listings can be copied or impersonated.
• Never send money or share banking or cryptocurrency details with someone you only know online.
• Verify recruiters through official company websites or trusted channels, not through links in a message.
• Take your time. Legitimate opportunities will not require upfront payments.
• Avoid sharing sensitive personal information (such as passport or ID details) unless you are certain the employer is genuine.

If you’ve shared information or made a payment, secure your accounts immediately and update your passwords.

Protect yourself and others. Learn more at scamwatch.gov.au.

Stay up to date on the latest news in the crypto space.

Sign up for free and join over 380,000 Australian traders who receive the BTC Markets Weekly Crypto Wrap.

Subscribe to our status page for live system updates or follow us on X.

Feedback

If you have any feedback on our newsletter or want to request specific content, please submit a support ticket and we will respond shortly.

Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice.

The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties, and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document. To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.