April 28, 2025
Investing.com-- Bitcoin steadied on Monday after steady buying into spot exchange-traded funds helped spark a strong rebound over the past week, even as markets remained on edge over U.S.-China trade uncertainty.
The world’s largest cryptocurrency surged over 11% in the past week, rebounding sharply from early April lows amid a broader recovery in global risk-driven markets. But this recovery now appeared to be running out of steam, especially amid mixed signals on U.S.-China trade talks and a worsening tariff exchange.
Bitcoin rose 0.1% to $94,051.8 by 01:35 ET (05:35 GMT). The crypto remained close to a two-month high of $95,000 hit last week, although trading volume s
Bitcoin’s recent gains were driven chiefly by increased buying into U.S.-listed spot ETFs, which surged to $3.06 billion last week, according to data from sosovalue. Inflows were also at their highest level since November.
While the immediate drivers of the inflows were unclear, gains in Bitcoin largely outpaced those seen in other risk-driven markets, especially stocks. The S&P 500 benchmark added about 5.6% in the past week, while the IXIC added 8.3%.
While Bitcoin does appear to be relatively insulated from disruptions in global trade, due to its decentralized nature, the crypto has historically struggled to perform as a safe haven asset. Traditional safe havens such as gold, the Japanese yen, and the Swiss Franc, have fared much better than Bitcoin so far in 2025.
Bitcoin in turn has moved largely in lockstep with equity markets, especially technology stocks.
Swiss National Bank President Martin Schlegel on Friday rejected recent calls that the central bank hold a portion of its reserves in Bitcoin.
Schlegel cited concerns over the volatile nature of crypto, especially in the case of fluctuating market liquidity in the time of market crises.
“Cryptocurrencies also are known for their high volatility, which is a risk for long term value preservation… cryptocurrencies for the moment do not fulfill the high requirements for our currency reserves,” Schlegel said at the central bank’s shareholder meeting on Friday.
Schlegel’s comments mirror anti-crypto stances among several other major central banks, who have largely rejected proposals touting Bitcoin as a reserve asset.
Broader crypto prices largely rose in tandem with Bitcoin, and were sitting on strong gains over the past week.
World no.2 crypto Ether fell 0.2% to $1,796.60, while XRP soared 4.6% to $2.2733.
Solana and Cardano added over 2% each, with the former also benefiting from increased on-chain activity around $TRUMP , which soared in value last week.
$TRUMP’s gains were driven chiefly by U.S. President Donald Trump promising a dinner for the memcoin’s biggest holders.
Among other memcoins, Dogecoin rose 0.2%.
