MARKETS week ahead: April 19 – 25Crypto Total Market Cap, $CRYPTOCAP:TOTALXBTFXLast week in the news The Strait of Hormuz was declared open, while the inflation figures in the US were relatively calm, which caused investors to regain optimism and push US equity markets to higher grounds. The S&P 500 managed to cross the 7K mark, and reach a fresh new all time highest level at 7.146. The still relatively unstable geopolitical situation continues to support a demand for safe haven assets, in which sense, the price of gold remained at higher levels, closing the week at $4.837. US Treasury yields continue to digest the macro environment, trying to decide which side to take, however, this week was a relaxing one, with 10Y yields closing it at 4,24%. Investors' optimism this time was reflected also on the crypto market, where BTC crossed the $75K mark. Recent U.S. macro data suggests that inflation remains contained, while signs of economic slowdown are becoming more visible, particularly in the industrial sector. Existing home sales declined by 3.6% in March, sharply missing expectations of a 2.0% monthly increase, pointing to continued weakness in the housing market. Meanwhile, the Producer Price Index (PPI) rose 0.5% m/m, well below the 1.1% consensus, indicating softer upstream price pressures. Core PPI also underperformed, increasing just 0.1% m/m and 3.8% y/y, compared to expectations of 0.5% m/m and 4.1% y/y, reinforcing the narrative of easing inflation momentum. On the growth side, industrial production fell by -0.5% m/m, missing forecasts of a +0.5% increase, although it remains slightly positive at 0.7% y/y, still below expectations of 1.8% y/y. Overall, the data points to cooling inflation alongside weakening economic activity, which might help the Fed to cut interest rates somewhere during the course of this year. Oil prices posted a sharp decline, with both WTI and Brent falling significantly as a U.S.-brokered ceasefire between Israel and Lebanon raised expectations of easing supply disruptions. The move was reinforced by signals that the Strait of Hormuz could remain open, reducing fears of a major energy shock and inflation spike. However, despite the sell-off, markets remain cautious as the situation is still fragile, with ongoing tensions, a continued U.S. blockade, and uncertainty over the durability of the ceasefire limiting confidence in a sustained downward trend in oil. Federal Reserve Governor Christopher Waller said ongoing Middle East tensions are likely to push inflation higher in the near term, mainly through elevated energy prices, complicating the outlook for rate cuts. However, he noted that a swift resolution of the conflict could stabilize inflation and keep the door open for rate cuts later this year, while a prolonged crisis may force the Fed to hold rates higher for longer. Citi maintains a bullish outlook on Japanese equities, supported by an improving macro backdrop and relatively resilient global conditions. Stronger corporate fundamentals and earnings trends are seen as key drivers, alongside continued interest from international investors. From a macro perspective, Japan is benefiting from a more stable environment compared to previous years, even as risks from higher oil prices and global uncertainties remain, in which sense, Citi expects Japanese stocks to continue trending higher. CRYPTO MARKET Another positive week is behind the crypto market, with continued upward momentum across the majority of digital assets. While gains were more moderate compared to the previous rally, sentiment remained constructive, supporting further price appreciation across both large-cap and select altcoins. Total crypto market capitalization was increased by 3.7% adding total $91B to the market cap. Daily trading volumes were doubled, moving around $307B, from last week's $155B. Total market capitalization since the beginning of this year currently stands in a negative territory of -13%, with a total outflow of -$396B. BTC and ETH once again led the market higher. Bitcoin advanced 4.4% on a weekly basis, while Ethereum posted a slightly stronger 4.7% w/w gain, maintaining the positive trend among the largest cryptocurrencies. XRP stood out among majors with a 6.5% increase, while BNB gained 3.2%. Solana and Tron also moved higher, rising 2.5% and 3.3% respectively, confirming broad market strength. Strongest performers among other altcoins were THETA delivering an exceptional 36.2% weekly surge, clearly leading the market. OMG Network also posted a significant gain of 20.0%, while Stellar advanced 10.5%. On the negative side, DASH experienced the most pronounced correction, falling 22.9% w/w after the previous week’s strong rally. Zcash also declined notably by 13.3%, indicating a pullback in previously outperforming assets. Other declines were limited, with most of the market remaining in positive territory. Several tokens delivered exceptional performance this week. RaveDAO led with a remarkable 447% weekly surge, followed by DeXe with a 46.7% increase, while EdgeX and MemeCore posted strong gains of 36.7% and 36.3% respectively, highlighting continued speculative interest in select segments of the market, mostly related to the connection between AI and blockchain. Circulating supply dynamics showed some more visible changes this week. IOTA recorded a 0.5% increase, Stellar expanded supply by 0.2%, alongside Solana and Filecoin, which also posted 0.2% growth. XRP saw a 0.3% increase, while several other assets, including DOGE, Cardano, DASH and Zcash, recorded 0.1% increases. On the downside, BNB registered a notable 1.2% decrease in circulating supply, while Hyperliquid continued to show a slight 0.2% decline. Overall, supply changes were somewhat more pronounced this week but remained secondary to price-driven market dynamics. CRYPTO FUTURES MARKET Bitcoin futures extended their upward momentum this week, building on the prior strong recovery with another leg higher across the curve. The April 2026 maturity increased by 5.60% w/w, settling at $77,600. Gains were broadly consistent across maturities, ranging between 5.51% and 6.05%, with slightly stronger performance observed in the longer-dated segment of the curve. The March 2027 maturity recorded the largest increase at 6.05%, while the December 2027 contract closed at $84,780, up 5.67% on the week. The continued parallel upward shift reflects sustained positive sentiment and ongoing demand for Bitcoin futures exposure. Ether futures once again outperformed Bitcoin, posting stronger gains across the entire term structure. The April 2026 contract settled at $2,434, rising 7.70% w/w. Weekly gains ranged from 7.65% to 8.54%, with the December 2026 maturity recording the strongest increase at 8.54%. Longer-dated contracts also advanced solidly, with the December 2027 maturity closing at $2,679, up 7.68% on the week. Overall, the week was characterized by a continuation of the bullish trend in crypto futures markets, with both Bitcoin and Ether recording consecutive weekly gains. Ether maintained its relative outperformance, highlighting stronger momentum in that segment. The persistence of contango across both curves indicates that market participants continue to price higher valuations further along the forward curve, while the consistent gains across maturities suggest a broad-based improvement in sentiment rather than isolated positioning shifts.