Cryptocurrency exchange Binance released its latest “Monthly Market Insights” report, offering a detailed summary of notable cryptocurrency market trends and developments from the previous month.
The report notes a 9.9% increase in the overall cryptocurrency market capitalization during April, suggesting a recovery following recent downturns—potentially influenced by a 90-day suspension of tariffs. Although this measure provided short-term relief, especially for countries not exempt from the pause like Canada, Mexico, and China, broader investor sentiment remains cautious due to lingering concerns about global trade dynamics and continued economic uncertainty.
Meanwhile, Bitcoin’s market share rose to 63%, the highest level in four years. This increase in dominance comes amid tight financial conditions and ongoing geopolitical risks, factors that may enhance Bitcoin’s appeal as a relatively safer asset. Often compared to gold for its perceived stability, Bitcoin has seen growing institutional interest, particularly through its exchange-traded fund (ETF) products, which have drawn more investment than similar offerings tied to Ethereum.
Binance Highlights Global Liquidity Growth, Strong Digital Asset Performance, And Shifting Trends In CeFi And On-Chain Activity
Binance highlights that the combined M2 money supply of the G4 economies—comprising the US, Japan, China, and Europe—is projected to surpass $93 trillion in April, signaling continued global liquidity growth influenced by central bank strategies and fiscal measures. Historically, this liquidity trend has correlated closely with the performance of Bitcoin, with a current rolling correlation coefficient of 0.79. Such conditions are likely to continue supporting Bitcoin by encouraging risk-taking and interest in assets considered to hedge against inflation.
The report also points to notable asset performance, with SUI rising by 54% in April, buoyed by increased institutional attention and new partnerships within its ecosystem. Solana (SOL) posted a 15% gain, driven in part by Canada’s approval of its first spot Solana ETF and acquisitions by cryptocurrency treasury accounts.
Centralized finance (CeFi) firms have seen a notable rise in capital raised, accounting for an average of 41.42% of monthly fundraising activity since December 2024. This marks an uptick from the 6.07% average recorded between April and November of the same year, coinciding with a regulatory environment that has become more favorable following the election of President Donald Trump.
On-chain activity is also shifting. Over 70% of total fees are now attributed to the application layer—interfaces and tools that users directly interact with—while core protocol fees have fallen to 28.8%. Stablecoin issuers led in fee generation, contributing 47.2% in April, followed by decentralized exchanges and liquid staking platforms. However, without the influence of stablecoin usage, the application layer’s share of fees would drop to 24%, indicating that the trend is largely driven by a few dominant use cases.
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