The crypto market experienced a challenging month in April, witnessing an 11.3% decline in total market capitalization. DeFi and NFT markets also saw a downturn, with a 0.7% decrease in Total Value Locked (TVL) and a 21% fall in the monthly trading volume.
However, the research also highlights several key positive developments. Six spot crypto-based ETFs began trading in Hong Kong, following approval from regulatory bodies. Additionally, the supply of USD-pegged stablecoins such as USDT and USDC reached a two-year high, indicating continued capital inflow into the crypto market.
Among the top ten coins by market capitalization, TON outperformed with a 1.0% gain, while BNB sustained minimal losses of 1.4%. ETH and BTC reported approximately 8% declines, with XRP and SHIB experiencing sharper drops.
DeFi's TVL echoed the broader market trend with a 0.7% decrease. Still, there were notable performers such as Merlin Chain, Pendle, and Hyperliquid with significant gains reflecting resilience within the sector.
The NFT market registered a 21% monthly decrease in total sales volume in April, dropping to $1.11 billion. Bitcoin-based collections continued to dominate, while Ethereum collections struggled.
