JPMorgan analyzes the performance of leading cryptocurrencies in April.
Bitcoin has outperformed gold over the past year.
The outlook for Bitcoin remains positive.
This marks a stark turnaround from the gloom when Bitcoin hovered around $80,000 months ago. JPMorgan research found that Bitcoin's price strengthened throughout April, with an even stronger upward momentum in May.
In the weeks prior, the market had suffered a heavy blow—U.S. President Trump announced sweeping tariffs, sparking fears of a global trade war and putting pressure on international markets.
In a report on May 14, JPMorgan noted that while Trump touted support for cryptocurrency policies, he failed to drive up cryptocurrency prices or achieve regulatory reforms during his first hundred days in office.
However, as Trump made concessions on trade issues and more signs of global cryptocurrency adoption emerged at both corporate and national levels, market pessimism has gradually dissipated.
"The foundation for Bitcoin's bull market has never been so solid," former PayPal executive and well-known Bitcoin supporter David Marcus tweeted on May 10, "Buckle up."
This top cryptocurrency has risen 10% since May, currently priced at $103,500.
JPMorgan outlines its recovery trajectory through six charts.
Revaluation of Bitcoin's Value
The sharp drop at the beginning of the year has now reversed, with inflows into exchange-traded products, including Bitcoin ETFs issued by BlackRock and Fidelity, turning positive, achieving the best monthly performance since January.
Total Crypto Market Capitalization Jumps to $2.9tr (+10% MoM) at End of April, but Volumes Remain Muted this Month.Source: JPMorgan.
JPMorgan points out that BlackRock's IBIT is undoubtedly the biggest winner in April, as it accounted for 84% of total inflows into Bitcoin ETFs, with overall inflows reaching $3 billion in April.
U.S. Spot Bitcoin ETP Sales of $2,978mn Post Best Month in April Since January 2025.Source: JPMorgan
Dune Analytics data shows that the Bitcoin ETF market is currently dominated by BlackRock's IBIT, which holds a market share of 52%.
According to DefiLlama, Bitcoin ETFs have accumulated $96 billion in funds since their launch in 2024, compared to just $5 billion in assets under management for Ethereum ETFs.
Bitcoin Value 'Recovers Lost Ground'
April's market was dominated by turmoil from Trump's tariffs, with prices fluctuating wildly until recent pauses in tax hikes and agreements drove prices back up.
The tech stocks that Bitcoin has historically correlated with, namely the Nasdaq index, were about 15% lower for most of April compared to the level at Trump's inauguration in January.
With Bitcoin now strongly breaking through the $100,000 mark, the Nasdaq has also recovered. JPMorgan points out that most of Bitcoin's gains this month 'were concentrated in the last week.'
Bitcoin Mkt Cap Regains Ground and Ends April at $1.87tr, Up +14% MoM.Source: JPMorgan.
The Battle with Gold
BlackRock CEO Larry Fink has touted Bitcoin's potential as a safe-haven asset similar to gold.
However, JPMorgan research finds that this potential has yet to materialize.
At the same time, Bitcoin's volatility continues to decrease. According to CoinGlass data, JPMorgan notes that the 30-day volatility of Bitcoin and gold has shown a synchronized downward trend.
30-Day Volatility Falls Similar Percentages for both Bitcoin and Gold Throughout April.Source: JPMorgan.
In standardized comparisons (where two or more assets' values are set equal at the beginning of a specific period for performance comparison, as shown in the chart below), Bitcoin rose 15% as of the end of March, while gold's increase was 5%.
Indexed Performance of Bitcoin vs. Gold Over Past Year, Through April 2025.Source: JPMorgan.
Cryptocurrency stocks soar.
The total market capitalization of listed crypto companies has shrunk by 34% from the nearly $120 billion peak after the November 2024 election to $76 billion at the end of April.
April brought a glimmer of hope, with total market capitalization achieving a 19% month-on-month increase.
JPMorgan points out that Galaxy Digital announced plans to go public in the U.S. in April, becoming the biggest winner of market cap growth for the month with an increase of 45%.
This week, it was reported that Coinbase will be included in the S&P 500 index from May 19. This news drove its stock price up 16%, and according to JPMorgan data, the company's total market cap rose 18% month-on-month.
Market Cap of Public Crypto Companies Improves to ~$76bn at End of April (+19% MoM) but Still -34% Off from 4Q24 Peak.Source: JPMorgan.