Bitcoin

This event fits into a larger pattern of China gradually regaining economic confidence after a brief geopolitical shock in March. If sustained, it may dampen the narrative of crypto as a hedge against yuan depreciation, but it also aligns with global risk-on shifts if China's recovery boosts commodity demand and emerging market sentiment.

China's cross-border inflow resumed in April following a reversal in March, reinforcing confidence in the economy and an appreciating yuan.