Fear & Greed Index
Source:Alternative
Change in Fear and Greed Value: +7Last Week’s Level: 71This Week’s Level: 78
The Fear & Greed index rose from 71 to 78 this week, indicating a strong increase in market sentiment. Strategy’s large purchase of 7,390 BTC at an average of $103,498 showed that institutional confidence remains high. Metaplanet’s increase in BTC holdings to 7,800 also supported this picture. The minting of 2 billion USDT strengthened the expectation that market liquidity could increase.FIFA’s step into the blockchain space with AVAX shows that corporate expansion continues in the Web3 sector, while the SEC’s approval of the TRX ETF application stood out as a positive development on the regulatory front. Although the CETUS hack raised security concerns, optimism prevailed across the market. Overall, strong institutional buying, increased liquidity and favorable regulatory actions significantly boosted investor confidence this week.
Fund Flows
Source: CoinShares
Fund Inflows:
Bitcoin (BTC): The main catalysts for Bitcoin were the positive trend in ETF flows, the clarification of regulatory processes, the increase in institutional purchases and governments’ compliance with cryptocurrency regulations. In particular, US President Trump’s frequent reiteration of his support for the crypto market encouraged individual investors and small-scale companies to add BTC to their balance sheets. Bitcoin rose to $111,970, setting a new ATH level. In the process, saw an inflow of $557 million.
Ethereum (ETH): Ethereum’s realized market capitalization has increased by $3.8 billion since the Pectra update on May 7, reversing a three-month downtrend. This increase indicates a resurgence of institutional interest and on-chain activity in ETH. Ethereum saw inflows of $204 million this week.
Ripple (XRP): According to Ki Young Ju, CEO of CryptoQuant, if Ripple acquires Circle, the company behind USDC, as rumored, it would be a very positive development for XRP. Ju suggested that XRP could thus attract a significant portion of the interest in the stablecoin market. The process saw inflows of $4.9 million.
SUI: The Cetus Protocol hacker deposited around $10 million of stolen SUI assets into Suilend Protocol, presumably to borrow stablecoins. During this period, the SUI network saw inflows of $9.3 million.
Cardano (ADA):. Inflows into ADA decreased to $0.5 million.
Chainlink (LINK): Over $66 million worth of Chainlink tokens exited exchanges this week. This resulted in an inflow of $0.2 million.
Other: With the risk appetite increasing with optimistic developments, funds flowed into altcoins, albeit limited. This week saw inflows of $6.6 million.
Fund Outflows:
Multi-asset: There was an outflow of $2.9 million in digital funds this week.
Solana (SOL): Fund outflows totaled -$0.9 million despite activity and fundamental developments on the Solana network.
Short Bitcoin: Short bitcoin traders were forced to close their positions this week and liquidations took place from time to time, resulting in fund outflows totaling $5.8 million.
Total MarketCap
Source : Tradingview
- Market Capitalization Last Week:31 Trillion Dollars
- This Week Market Capitalization :46 Trillion Dollars
This week, the total market capitalization in the cryptocurrency market increased by $145.63 billion, up 4.4%. With this move, the total market capitalization reached 3.46 trillion dollars.
Total 2
Total 2 started the new week with a market capitalization of $1.2 trillion, up 4.8% to $57.63 billion. With this movement, it reached 1.25 trillion dollars.
Total 3
Starting the week at $895.3 billion, Total 3 rose 3.9% to $930.5 billion with a weekly gain of $34.91 billion.
During the week, the market experienced a total growth of $145.63 billion. When we look at the distribution of this fund flow:
- Bitcoin (BTC): $88 billion in inflows
- Ethereum (ETH): 22.72 billion dollar inflow
- Non-Ethereum altcoins: $34.91 billion in inflows
Looking at this chart, the strongest performance of the week belongs to Bitcoin by far. ETH accompanied the rise with more limited inflows compared to other altcoins, but saw the least amount of fund flows this week.
Bitcoin Dominance
Source: Tradingview
Bitcoin Dominance
BTC dominance, which started the week at 63.85%, rose to 64.29% during the week, but then started to decline. It is currently at 63.79%.
This week, Strategy bought 7,390 Bitcoin and Metaplanet bought 1,004 Bitcoin.
Data on Bitcoin spot ETFs show a total net inflow of $2.54 billion to date.
The recent price performance of Ethereum and other altcoins has been weak compared to Bitcoin. This has led to a decline in the market dominance of altcoins and a significant increase in Bitcoin dominance. This recent movement suggests that investor interest is shifting back to Bitcoin.
The continued buying by institutional investors and increased inflows into ETFs have created a generally positive sentiment in the markets. However, despite this positive sentiment, Ethereum and altcoins performed poorly against Bitcoin. In line with these developments, Bitcoin dominance is expected to strengthen and consolidate in the range of 63% – 65% in the new week.
Ethereum Dominance
Source: Tradingview
Weekly Change:
- Last Week’s Level:10%
- This Week’s Level:40%
Ethereum dominance further strengthened its bullish momentum over the last four weeks with the successful launch of the Pectra upgrade on the mainnet on May 7th. This technical development was supported by the increase in users, especially on decentralized exchanges (DEXs) on the Ethereum network. In fact, the number of daily active users on DEXs increased by 73% to 64,000 in May. With the impact of these positive developments, Ethereum dominance has risen towards 9.50% as of the current week. In addition, a total net inflow of $211.8 million in Spot Ethereum ETFs between May 16 – 22, 2025 contributed to this rise.
In this context, Ethereum dominance ended last week at 9.10% and is hovering around 9.40% as of the current week.
In the same period, Bitcoin dominance performed relatively weakly and showed a downward trend in contrast to Ethereum. This indicates a shift in the distribution of capital within the market in favor of Ethereum.
On the other hand, Ethereum co-founder Vitalik Buterin announced on social media that the goal is to increase the gas limit 10 to 100 times in order to increase the transaction capacity of the network. This statement also reveals a new vision for Ethereum’s scalability. Furthermore, according to SEC documents, Nasdaq has proposed to amend its existing regulations to allow the iShares Ethereum Trust to trade physical Ethereum. This arrangement aims to improve spot ETF efficiency and provide investors with direct delivery of Ethereum.
Bitcoin Spot ETF
Source: SosoValue
Netflow Status: Between May 16 and May 22, 2025, Spot Bitcoin ETFs received a total net inflow of $2.79 billion. The strongest daily inflow in this period was on May 22 with $934.8 million. On a weekly basis, BlackRock’s IBIT ETF received $2.13 billion, Fidelity FBTC ETF received $351.5 million and Ark ARKB ETF received $232.9 million. During this period, the positive net flow series in ETFs reached its 7th day.
Bitcoin Price: After opening at $103,763 on May 16, Bitcoin closed at $111,696 on May 22. During this period, the BTC price rose by 7.65% on a weekly basis to hit a new all-time high (ATH). The price surge was driven by strong institutional buying, especially on the ETF side.
Cumulative Net Inflows : Total cumulative net inflows in spot Bitcoin ETFs reached $44.29 billion at the end of the 342nd trading day. This growth reflects institutional investors’ continued confidence in the market and inflow volumes are still going strong.
| DATE | COIN | OPEN | CLOSE | CHANGE % | ETF FLOW (mil $) |
|---|---|---|---|---|---|
| 16-May-25 | BTC | 103,763 | 103,463 | -0.29% | 260.2 |
| 19-May-25 | 106,454 | 105,573 | -0.83% | 667.4 | |
| 20-May-25 | 105,573 | 106,849 | 1.21% | 329.2 | |
| 21-May-25 | 106,849 | 109,643 | 2.61% | 607.1 | |
| 22-May-25 | 109,643 | 111,696 | 1.87% | 934.8 | |
| Total (16–22 May) | — | — | — | 7.65% | 2798.7 |
Between May 16 and May 22, 2025, the Spot Bitcoin ETF market was marked by a strong uptrend. The Bitcoin price rose by 7.65% during this period, reaching an all-time high. The $2.79 billion inflow, especially on the ETF side, was the main driver of this rise. These purchases from funds managed by institutional investors continue to support the upward momentum of the market. The regularity and volume of net inflows suggest a steady increase in investor confidence. If the series of positive net flows in ETFs continues in the coming period, the Bitcoin price can be expected to test higher levels.
Ethereum spot ETF
Source: SosoValue
Between May 16 and May 22, 2025, Spot Ethereum ETFs saw a total net inflow of $211.8 million. The strongest ETF inflow day of the week was recorded on May 22 with $110.5 million, led by BlackRock ETHA ETF with $83.6 million, Fidelity FETH ETF with $51.3 million and Grayscale ETHE ETF with $43.7 million. The total cumulative net inflows of spot Ethereum ETFs at the end of the 210th trading day rose to $2.72 billion.
| DATE | COIN | OPEN | CLOSE | CHANGE % | ETF FLOW (mil $) |
|---|---|---|---|---|---|
| 16-May-25 | ETH | 2,548 | 2,537 | -0.43% | 22.2 |
| 19-May-25 | ETH | 2,497 | 2,528 | 1.24% | 13.7 |
| 20-May-25 | ETH | 2,528 | 2,524 | -0.16% | 64.8 |
| 21-May-25 | ETH | 2,524 | 2,550 | 1.03% | 0.6 |
| 22-May-25 | ETH | 2,550 | 2,664 | 4.47% | 110.5 |
| Total for 16–22 May 25 | 4.55% | 211.8 | |||
Between May 16 and May 22, 2025, Ethereum price appreciated, while Spot Ethereum ETFs also saw five consecutive days of positive net inflows. The upbeat sentiment across the crypto market and Bitcoin reaching a new ATH triggered upward movements in many major altcoins, especially Ethereum. The net inflows seen across spot Ethereum ETFs reveal the continued confidence of institutional investors in the market. In particular, the strong price increase seen on May 22 and the simultaneous net inflows of $110.5 million show that price and ETF flows are moving in sync. These developments show that confidence in Ethereum is growing in the medium term, rather than market participants evaluating short-term opportunities. If ETF inflows continue at this pace in the coming period, the uptrend in Ethereum pricing can be expected to strengthen.
Bitcoin Options Distribution
Source: Laevitas
BTC: Notional: $2.76B | Put/Call: 1.20 | Max Pain: $103K
Deribit Data: Deribit data shows that BTC options contracts with a nominal value of approximately $ 2.76 billion expired today. At the same time, if we look at the risk conversion in the next 1-week period according to the data in the last 24 hours, call options are the dominant side in hedging more than put options in the 24-hour period. This indicates that the bullish expectation is increasing. When we look at the expected volatility, it is at the same level in parallel with the realized volatility. On the other hand, the negative spread value shows that investors are currently cautious. Skrew values, on the other hand, suggest that there is buying pressure and that purchases will strengthen in the medium term.
Laevitas Data: When we examine the chart, it is seen that put options are concentrated in the band of 95,000 – 111,500 dollars. Call options are concentrated between 110,000 – 140,000 dollars and the concentration decreases towards the upper levels. At the same time, the $95,000 level is seen as support and the $120,000 level as resistance. On the other hand, there are 3.19K put options at the $ 100,000 level, where there is a peak and there is a decrease in put volume after this level. However, it is seen that 3.48K call option contracts peaked at the $120,000 level. When we look at the options market, we see that call contracts are dominant on a daily and weekly basis.
Option Maturity:
Put/Call Ratio and Maximum Pain Point: If we look at the options in the last 7 days data from Laevitas, the number of call options increased by 15% compared to last week to 115.33K. In contrast, the number of put options increased by 20% to 83.43K. The put/call ratio for options was set at 1.20. This indicates that put options are more in demand among investors than call options. Bitcoin’s maximum pain point is seen at $103,000. It can be predicted that BTC is priced at $ 110,700 and if it does not break the pain point of $ 103,000 downwards, the rises will continue. Looking ahead, there are 3.52K call and 2.10K put options at the time of writing.
Ethereum Option Distribution
Source: Laevitas
ETH: $526M notional | Put/Call: 1.23 | Max Pain: $2,400
Deribit Data: Looking at ETH options data for the next 1 week, call volume is higher than put volume in short-term contracts. For example, on May 23, call volume is about $59.6 million, while put volume is $52.24 million. On May 25, the call volume is only $5.18 million. This suggests that investors were more cautious in the short term, but on May 30, call volume rebounded to $55.63 million, indicating renewed optimism. ATM volatility is high across all maturities (in the 66-75 range) and risk reversal ratios are positive, indicating that upside positioning is strengthening.
Laevitas Data: Looking at the chart, the most notable level in put options is the $2,400 strike with around 19K contracts. This concentration indicates that traders consider this level as a strong support zone. However, there are also significant put volumes at the $2,200 and $2,500 levels. On the call side, volumes are mostly concentrated in the $2,800 – $3,500 band. Especially at the $3,000 and $3,300 levels, there is a density of around 18K contracts. This suggests that traders have strong upside expectations for these levels. There are also significant volumes at $2,900, $3,200 and $3,500, suggesting a generally bullish sentiment. Overall, the market is cautious about certain support levels on the downside but more optimistic about the upside potential. The concentration of call options in particular reveals that investors are pricing in a bullish expectation for the Ethereum price in the coming period.
Option Expiration:
Ethereum options with a notional value of $526 million expire on May 23. While the Max Pain level was calculated at $ 2,400, the put/call ratio was realized at 1.23.
LEGAL NOTICE
The investment information, comments and recommendations contained in this document do not constitute investment advisory services. Investment advisory services are provided by authorized institutions on a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained in this document are of a general type. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained in this document may not result in results that are in line with your expectations.
