Bitcoin rebounded sharply last week, buoyed by optimistic trade comments from U.S. President Donald Trump. According to the latest crypto derivatives report from Bybit and Block Scholes, the upbeat tone on China-U.S. trade negotiations triggered a rally across both crypto and traditional equity markets.
Following these remarks, Bitcoin surged over 7% from April 21, moving in tandem with broader risk assets. This rise followed the U.S. government’s announcement of a 145% tariff on Chinese goods, which was widely interpreted as a bold geopolitical move. Short-tenor implied volatility spiked, while the put-call skew climbed 5%, indicating growing confidence among traders in a continued upward trend, according to the report.
Adding further momentum to the rally, U.S. spot Bitcoin ETFs recorded their highest single-day inflows in three months on April 21. This surge in investor demand reflected a wider shift toward riskier assets, amplified by Trump’s public criticism of Federal Reserve Chair Jerome Powell, which many saw as a signal of potential policy changes.
Meanwhile, activity in perpetual futures markets picked up significantly. The report noted a 20% increase in open interest across major tokens, with Ethereum (ETH) leading the charge. Trading volumes also jumped, peaking on April 7 after Trump boldly stated, “Forget markets for a second, we have all the advantages,” further fueling market enthusiasm.
Ethereum outperformed Bitcoin in the spot market, increasing by 1%. Options data showed that call open interest on ETH nearly doubled that of puts, indicating strong market expectations for short-term price movements. Additionally, a term structure inversion suggests Ethereum is trying to close the performance gap with competitors like Sui (SUI) and Solana (SOL).
Despite these encouraging indicators, perpetual funding rates have not provided clear direction on broader sentiment. Nevertheless, Bybit and Block Scholes analysts maintain that the current momentum could persist, especially if macroeconomic signals remain favourable in the weeks ahead.
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