Bitcoin rose to the $74,000 range alongside record highs in U.S. equities, but the derivatives market continued to signal that the rebound was hard to view as a trend reversal.

According to blockchain media outlet CoinDesk on April 16 local time, bitcoin rose 2.74 percent on the week to $74,940.

The rise came alongside a revival in risk appetite after reports said the United States and Iran agreed to extend talks beyond a ceasefire expiry deadline scheduled for next week. U.S. stocks gained in response. The S&P 500 rose 0.8 percent and the Nasdaq 100 climbed 1.4 percent, with both setting fresh record highs. The two indexes have extended their rebound for a second week since their late-March lows.

Other asset classes did not reflect the same strong sense of relief as equities. Yields on long-dated U.S. Treasuries barely moved, and gold held around $4,800 an ounce. Brent crude rose to $95 a barrel as the United States continued to push for a maritime blockade of the Strait of Hormuz.

In crypto markets, rising spot prices diverged from derivatives signals. QCP Capital viewed bitcoin's advance as closer to a spot-led rally than a broad-based recovery in risk appetite. Funding rates for bitcoin perpetual futures remained negative and open interest weakened. That leaves room for an interpretation that the move was not driven by short covering, but that bets on declines were holding up instead.

Options markets also stayed cautious. Short-dated implied volatility remained low, and 1-month volatility traded below 3-month volatility. In 30-day 25-delta risk reversals, demand for downside protection outweighed bullish bets. Prices for bitcoin options expiring in the coming weeks also stayed unusually calm compared with a typical breakout market. That suggests market participants are paying more for protection against declines than for further gains.

Among major altcoins, ethereum showed relative strength. Ethereum rose 4.61 percent over the past week to $2,345. XRP rose 6.14 percent to $1.45, dogecoin rose 4.8 percent to $0.099, and solana rose 3.97 percent to $89. Ethereum's strength was cited as a signal that is difficult to explain by bitcoin-specific supply and demand alone.

The ETH/BTC ratio, which shows ethereum's relative strength versus bitcoin, rose to about 0.0315 on April 15. That marked a rebound from around 0.028, the 2026 low recorded in February, and was presented as the first instance in months in which ethereum sustained a meaningful zone of outperformance against bitcoin.

Ethereum network indicators also moved in a different direction from prices. On-chain transactions in the first quarter hit a record 240 million, and stablecoin supply also reached an all-time high of $180 billion.

Market attention is focused on whether ethereum falls less than bitcoin in the next risk-off market. If ethereum keeps relative strength even in a down market, it could be a signal that a shift of funds into higher-risk assets has actually formed. If it drops more sharply, the current strength is likely to remain a result of riding bitcoin's rise with higher beta.

A key variable ahead is whether the U.S.-Iran negotiating framework itself holds. With the ceasefire expiry next week, markets are watching whether talks related to the Strait of Hormuz and Iran's nuclear programme continue. QCP Capital saw the current move as headline-driven relief rather than a resolution. The rebound has continued in the short term, but whether the market recognises a full return of risk appetite is expected to remain the key point to watch for now.