Monthly NTA update - April 2026
Monthly Updates
Welcome to the monthly update for Neverwinter Fund I SLP for April 2026.
The fund returned 8.79% over the month compared with the benchmark S&P500 return of 8.50%.
The fund experienced a strong recovery in April, notching its best monthly performance in its relatively short history. April 2026 was also the best month for BTC since April 2025. This performance effectively ended a five-month period of broad-based decline across crypto markets.
Despite the positive signs, we remain cautious about the current rally. Bitcoin’s recent price rebound has been driven largely by futures markets. While some institutional capital has returned, spot demand did not grow at the same pace suggesting this could be a fragile recovery.
Notwithstanding, there is still plenty to be optimistic about. Momentum appears to have returned somewhat, and key valuation ratios such as MVRV are not indicating an overly ‘toppy’ price at the current level. With the $125k peak from October 2025 serving as the benchmark, there is still considerable room for growth.
Other key metrics and developments from the month include:
Bitcoin ETFs saw net inflows of $1.9 billion, the strongest flows 2026 to date.
Bitcoin reached a peak of approximately $79,500 in April before trading at lower levels toward the end of the month, hovering near $78,190 at the start of May. BTC is currently trading in the low $80k range.
The Crypto Fear & Greed Index, which has been persistently bearish throughout 2026, ended the month in the "Fear" territory at 39, but on an upward trajectory. The index is currently at 50, the most bullish read since mid January.
The next few weeks will be telling for crypto markets. If this rally is supported by an increase in spot buying, we may be at the start of a strong rebound. However, without a more sustainable foundation, the market remains susceptible to short-term volatility and potential retracements if futures-driven momentum begins to stall.
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