Key dealers
- Bitcoin received 13% in April despite a broader market sales.
- Ethereum’s dominance in smart contract fees decreased significantly when users migrated to other networks.
Bitcoin showed flashes of independence from shares in April and renewed hopes that it is developing into a real macro hedge. However, Vaneck’s latest data tells another story.
In a monthly summary Analysts on Monday, analysts at Vanecse say that flagship insights still trade closely with traditional markets, as it is quickly synchronized with large indexes after a short divergence.
Bitcoin showed cards Signs of decoupling From US shares during the week ending April 6, when former President Trump announced new customs measures that laughed global markets. While shares and gold decreased, Bitcoin climbed from $ 81,500 to over $ 84,500 at the end of the week, which suggested a potential displacement against independent price measures.
This divergence is hoped that Bitcoin can break away from traditional asset behavior and drive towards new heights. However, the momentum did not last long, and access soon resumed trade in line with the stock markets.
Vaneck, which offers more contexts in this area, deducts data from Vaneck Research and Artemis XYZ – believes that Bitcoin has not meaningfully linked from the stock market.
Although the 30-day variable average value between BTC and S&P 500 cards dipped below 0.25 in early April, it quickly recovered to about 0.55 at the end of the month.
Bitcoin still surpassed the large equity indices during the month. It increased 13%, while the Nasdaq composition fell 1% and the S&P 500 laid out only a small increase.
Perhaps most remarkably reduced Bitcoin’s volatility by 4% in April, even when the volatility in the stock markets doubled in the midst of rising geopolitical and trade voltages.
Structural back winds are building
According to Vaneck, although Bitcoin still appears as a risk supply in the short term, structural devices, including aggressive company’s BTC accumulation, can set the stage for long-term deviation.
Analysts suggest that when individuals, companies and central banks are increasingly seeing bitcoin as a sovereign, uncorrected store-of-value, its long-term behavior can break away from traditional risk resources.
Russia and Venezuela, who have already begun to embrace Bitcoin’s benefit in international trade, are early examples of this transformation, according to analysts.
Bitcoin accumulation at corporate level was active in April. To summarize, the strategy added 25,400 BTC to their holdings, while Metaplanet and Semler Scientific also made significant purchases.
A key height of the month was the launch of a new company, XXI (twenty), formed by Softbank, Tether and Cantor Fitzgerald, with the goal of acquiring over $ 3 billion in Bitcoin.
This signals Bitcoin’s growing role on companies’ balance sheets, as institutional exposure is shifted from speculative investments to long -term strategic positioning.
Crypto stumbles when bitcoin stays steady
Bitcoin avoids the customs case, but altcoins were not lucky.
Warehouse 1 network led the decline, with Ethereum, Solana and SUI, all published heavy reductions from their January heights, fell between 66% and 68%, according to Vaneck. Marketvector Smart Contract Leaders Index (MVSCLE) fell by 5% in April and is now down by 34% the year before.
The decline followed a global sale of capital that triggered new trading rates, aggravated by the locking of fatigue and heavy losses in speculative sectors such as defi AI, desci and AI agents. Meme Coin Trading Volume also collapsed by 93% between January and March.
Still, some chains succeeded in the tenth, including SUI, Solana and stacks, according to Vaneck.
Solana steps 16%, lift of network upgrades and growing institutional state interest. Ethereum, in the meantime, decreased another 3%and underperformed its peers as the fees and Layer 2 competition continued.
Solanas April was quiet but constructive. The network released SIMD-0207, a computer upgrade that sets the stage for future profit gains. The Solana Foundation also began to decommission underperforming validers who depend on delegation and aimed to prioritize those who offer ecosystem value.
With about 18% of stacked sun handled through the foundation, validatord dynamics remain an important part of the chain’s control. While some issues on the issue were Meme Coin, Solana’s unmatched throughput continued to dominate the trade activity. In April, Meme coins accounted for 95% of all DEX activity on the chain, excluding sun and stablecoins.
Sui’s strength goes beyond the price. In April, its daily Dex volumes jumped 45%and placed it among the most active chains. It entered the top 10 in the Smart Contract Platform revenue and published the highest Stablecoin sales rate of 716%. Nuclear developer Mysten Labs received praise for product speed and responsiveness in an increasingly crowded warehouse 1 sector.
Ethereum, on the other hand, is facing increasing pressure. Its share of Layer 1 fee revenue slid to about 14%, from 74% two years ago. Developers proposed major changes, including a transition to the RISC-V architecture for faster ZK commercials, a 100x gas limit via EIP-9698 and parallel transaction version during the EIP-9580.
But Ethereum’s Layer 2S continued that Sifon users and activity. Flashbot’s distribution on base and optimism reduced confirmation times to 200 milliseconds, while Arbitrum introduced gas payments in non-ETH-tokens, which further undermines the role of ETH. The core dilemma remains: Layer 2S relies on the safety of Ethereum while eroding their fee base.
At the same time, faith and hyperliquid took the best places in average daily blockchain revenue and earned more than both Solana and Ethereum.
Faith’s dominance in Stablecoin transfers and Hyperliquid’s niche in eternal trade helped them generate $ 1.7 million and $ 1.4 million daily, according to Vaneck.
Speculative energy continued to fade. Meme coins, which once ran volumes over chains, saw trading activity and feel. The Market Vector MEME coin index has dropped 48% the year before, although MEME coins still accounted for 35% of Solana’s Dex activity in April.
