Today, the cryptocurrency market has seen a surge, with the total market capitalization increasing by 2.65% to $2.38 trillion on April 22. Notably, leading cryptocurrencies like Bitcoin and Ether experienced gains of 2.40% and 2.80%, respectively.

The resurgence in risk appetite across traditional markets has coincided with the crypto market's upward movement. On April 22, S&P 500 futures rose by up to 0.33% to 5,031 points, indicating a shift in investors' focus from geopolitical tensions to corporate earnings releases. Confidence in corporate profits has surged, contributing to positive market sentiment and boosting the cryptocurrency market, which has shown a 30-day average correlation of 0.82 with the S&P 500.

Additionally, positive net inflows into spot Bitcoin exchange-traded funds (ETFs) have contributed to today's gains. After experiencing significant outflows, Bitcoin ETFs received approximately $60 million in net inflows on April 19. This trend suggests investor confidence in future gains, as they seize the opportunity to buy at lower prices with expectations of market recovery.

The derivatives market has also witnessed increased activity, with open interest in options and futures markets rising by 1.84% and 1.19%, respectively, in the last 24 hours. Institutional investors have shown similar sentiments, with CME's Bitcoin Futures open interest increasing by 1.70% during the same period. This rise in trading activity typically indicates growing investor confidence and contributes to a more stable trading environment.

Technical indicators further support the bullish outlook of the crypto market. A rebound from the lower trendline of a bull flag pattern suggests a potential upward movement, with the next upside target estimated at around $3.25 trillion. Additionally, the market's bounce from its multi-month ascending trendline support reinforces bullish sentiment, indicating that the long-term upward trend remains intact. The daily relative strength index (RSI) reading, hovering around 38, suggests psychological support and potential for significant rebounds, as observed in the past.