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In the week ending April 1, global equity funds experienced an influx of over $15 billion. This trend continued with inflows of $23.47 billion, $31.26 billion, and peaked at $48.72 billion by April 22.
Conversely, global money-market funds faced a staggering outflow of $173.24 billion in the week ending April 15—the largest single-week withdrawal from cash since at least September 2018.
The combined data indicates a substantial risk-on sentiment amounting to approximately $292 billion—this includes around $118 billion in global equity fund inflows over four weeks alongside the notable cash exit.
According to Coinbase and Glassnode’s Q2 Institutional Outlook report, Bitcoin’s daily return correlation with the S&P 500 is projected to be at 0.58 for Q4 of 2025, while its relationship with gold remains insignificant.
This suggests that when capital seeks higher risk opportunities, it gravitates towards assets like Bitcoin.
A detailed survey conducted by Coinbase among 91 global investors—including both institutional (29) and non-institutional (62) participants—between March 16 and April 7 reveals significant insights into market sentiment.
A striking majority—75%—of institutional respondents consider Bitcoin undervalued; similarly, this view is shared by about 61% of non-institutional crypto investors. Only a small fraction sees Bitcoin as overvalued: just about 7% among institutions and slightly more at around11% for non-institutions.
This data paints a picture where substantial buyers still perceive potential for growth ahead as capital shifts towards riskier assets that are still regarded as undervalued by their most knowledgeable holders amidst evolving market dynamics aimed toward euphoria.
The On-Chain Landscape
In recent months leading up to Q1, there has been a notable decline in active Bitcoin supply—a drop of about37%, whereas supply that remained untouched for more than one year saw only a modest increase of about1% during this period.
This shift indicates speculative holders who had purchased at elevated prices have exited through price corrections while long-term holders continue accumulating their positions actively.
The Puell Multiple fell to0.7 during Q1 indicating miner revenues were approximately30% below their one-year average baseline—a scenario historically linked with accumulation phases within markets like these.
Long-term holder balances increased while exchange balances decreased significantly; stablecoin supply also rose from$308billionto$320billion signifying liquidity remained within cryptocurrency markets even amid sell-offs.
Additionally,options open interest climbedby2 .4%,while perpetual futures open interest rebounded roughly8 .6%, illustrating how well the market absorbed its deleveraging process whilst rebuilding steadily thereafter.