Fear & Greed Index
Source: Alternative
Change in Fear and Greed Value: -2
Last Week’s Level: 73
This Week’s Level: 71
The Fear & Greed index fell from 73 to 71 this week, indicating a slight weakening in market sentiment. The US and China’s mutual tariff cuts were perceived positively by easing tensions on the trade front. Trump’s announcement of “full reset” with China and zero tariffs with India supported geopolitical optimism in the markets. Metaplanet’s purchase of 1,241 BTC showed continued institutional interest. The lower-than-expected US CPI and PPI data may indicate that inflationary pressures are easing, easing interest rate pressure on the Fed. This was considered positive for the market. On the other hand, the SEC investigation into Coinbase created a cautious mood on the crypto front. Overall, supportive economic data and positive political rhetoric maintained sentiment, while regulatory developments caused the index to decline slightly.
Fund Flow
Source: CoinShares
Overview
Markets saw inflows totaling $882 million last week, with Trump’s remarks on crypto assets and rhetoric about changes in US tariffs with China.
Fund Inputs
Bitcoin (BTC): Trump is expected to sign the crypto law before August. Statements about crypto assets and countries’ trade agreements supported the Bitcoin price, leading to an entry of $867 million this week.
Ethereum (ETH): The Ethereum network saw an inflow of $1.5 million following a bullish rally in cryptocurrencies on the back of advances in Layer-2 technologies, the expansion of the stablecoin ecosystem and increased institutional demand
Multi-asset: Total cumulative net inflows of spot Bitcoin ETFs rose to $41.49 billion. BlackRock ETHA ETF saw total inflows of $83.6 million, VanEck ETHV ETF saw inflows of $3 million, Franklin EZET ETF saw inflows of $3.1 million and Grayscale ETH ETF saw inflows of $7.4 million. With these developments, digital funds rose compared to last week, reaching $0.6 million.
Ripple (XRP): Trump’s post announcing the inclusion of XRP in the national crypto reserve was allegedly directed by a Ripple-linked lobbyist. Then this week, Ripple met with UAE officials at the Dubai FinTech Summit to discuss crypto regulation and blockchain adoption. XRP experienced a $1.4 billion inflow in light of this news
Litecoin (LTC): The SEC delayed its decision on whether to approve Canary’s Litecoin ETF and requested public comment. With these developments, an inflow of $ 0.2 million was seen.
SUI: Lending protocols on Sui, including NAVI, saw a 78.86% increase in TVL in the last month. These developments resulted in inflows of $11.7 million.
Cardano (ADA): Charles Hoskinson announced the launch of the privacy-focused sidechain Midnight and new details about the airdrop Glacier Drop. He announced the distribution of NIGHT governance tokens and DUST privacy transaction tokens to approximately 37 million users across 8 major blockchains. With this news, $0.8 million was raised this week.
Short Bitcoin: Inflows into short bitcoin positions totaled $1.6 million.
Other: In addition to all these developments, the US reduced its tariffs on China from 145% to 30% for 90 days, increasing investors’ appetite for crypto assets and allowing altcoins to see an inflow of $ 0.2 million this week
Fund Outflows
Solana (SOL): The SEC delayed Grayscale’s spot Solana ETF until October. Solana saw a total outflow of $3.4 million with these developments.
Total MarketCap
Source :Tradingview
- Last Week Market Capitalization : 27 Trillion Dollars
- Market Capitalization This Week: 28 Trillion Dollars
This week, the total market capitalization in the cryptocurrency market increased by about $9.92 billion, up 0.3%. With this movement, the total market capitalization continues to hover around $3.28 trillion
Total 2
Total 2 started the new week with a market capitalization of $1.21 trillion, up 0.57% to $6.93 billion. With this movement, it reached the level of $ 1.22 trillion.
Total 3
Total 3, which started this week at $903.57 billion, fell 0.44% to $899.5 billion, a weekly loss of $4.2 billion.
During the week, the market experienced a total growth of 9.92 billion dollars. When we look at the distribution of this fund flow:
- Bitcoin (BTC): 2.99-billion-dollar inflow
- Ethereum (ETH): $11.13 billion in inflows
- Non-Ethereum altcoins: $4.2 billion outflows
Looking at this chart, the strongest performance of the week belongs to Ethereum. ETH is the clear leader of this week’s rally, showing a much stronger outlook compared to Bitcoin and other altcoins.
This raises the possibility that an altcoin bull led by Ethereum could be at the door, as has been similarly observed in previous cycles.
Bitcoin Dominance
Source: Tradingview
Bitcoin Dominance
BTC dominance, which started the week at 63.15%, fell to 61.89% during the week, but then started to rise. It is currently at 63.01%.
This week, Strategy bought 13,390 Bitcoin, Metaplanet bought 1,241 Bitcoin, Tether and Twenty One Capital, backed by SoftBank, bought 4,812 Bitcoin.
Data on Bitcoin spot ETFs shows a total net inflow of $343.47 million during the week
In addition to all these developments, the reduction of US tariffs on China from 145% to 30% for 90 days may increase the appetite of institutional and ETF investors to buy Bitcoin. This may ensure the continuation of money inflows to Bitcoin.
The positive divergence of Ethereum and other altcoins from Bitcoin in recent days has led to a significant increase in the market dominance of these assets. The recent decline in Bitcoin dominance can be attributed to this strengthening in the altcoin market.
While institutional investors’ continued purchases and increased inflows to ETFs create a positive market sentiment, the increase in demand for Ethereum and other altcoins is noteworthy. In line with these developments, Bitcoin dominance can be expected to consolidate around 61% – 63% in the new week.
Ethereum Dominance
Source: Tradingview
Weekly Change:
- Last Week’s Level: 9.27%
- This Week’s Level: 9.63%
Ethereum dominance continued its upward momentum over the last four weeks, strengthened by the successful launch of the Pectra upgrade on the mainnet on May 7. This upward momentum was supported by the development of Layer-2 solutions, the expansion of stablecoin usage and the growing interest of institutional investors in Ethereum. As a result of these developments, Ethereum dominance increased from 7.50% to 10% in a short period of time.
In the same period, Bitcoin dominance performed poorly and, unlike Ethereum, showed a downward trend.
In this context, Ethereum dominance completed last week at 9.27%, while it has been following a horizontal and stable course at 9.63% as of the current week.
On the other hand, the Ethereum price has appreciated by 42% over the past week. This strong price movement is again directly attributed to the advancement of Layer-2 technologies, the expansion of the stablecoin ecosystem and increased institutional demand. In addition, the Pectra upgrade completed on May 7th significantly strengthened Ethereum’s technical infrastructure by increasing the network’s efficiency and transaction capacity.
Bitcoin Spot ETF
Source: SosoValue
Netflow Status: Spot Bitcoin ETFs received a total net inflow of $682.7 million between May 09 – 15, 2025. The highest inflow day was recorded on May 9 with $334.5 million. BlackRock’s IBIT ETF had a total inflow of $1.068 billion, while Grayscale GBTC ETF had a net outflow of $137.2 million, Fidelity FBTC ETF had a net outflow of $145.1 million and Ark ARKB ETF had a net outflow of $126.8 million.
Bitcoin Price: Bitcoin started the day at $103,261 on May 9 and closed at $103,763 on May 15. In this process, BTC price gained 0.49% on a weekly basis. The most notable rise in prices took place on May 13 with a 1.28% increase. However, weekly performance was volatile, reflecting investors’ cautious behavior.
Cumulative Net Inflows: As of the end of the 337th trading day, the total cumulative net inflows of Spot Bitcoin ETFs increased to $41.49 billion. This increase indicates continued long-term institutional investor interest.
| Date | Coin | Open | Close | Change % | ETF Flow (mil$) |
|---|---|---|---|---|---|
| 09-May-25 | BTC | 103,261 | 102,971 | -0.28% | 334.5 |
| 12-May-25 | BTC | 104,118 | 102,791 | -1.27% | 5.2 |
| 13-May-25 | BTC | 102,791 | 104,103 | 1.28% | -91.4 |
| 14-May-25 | BTC | 104,103 | 103,507 | -0.57% | 319.5 |
| 15-May-25 | BTC | 103,507 | 103,763 | 0.25% | 114.9 |
| Total for 09–15 May 25 | 0.49% | 682.7 | |||
Between May 09 – 15, 2025, while the Spot Bitcoin ETF market maintained a generally positive trend, both strong inflows and notable outflows were observed in this process. In particular, the net outflow of $ 91.4 million on May 13 revealed the effects of short-term profit realizations and cautious investor attitude. However, strong inflows to the BlackRock IBIT ETF confirmed that institutional confidence continues. While the Bitcoin price closed this period with a limited increase, the overall positive course of ETF flows had a supportive effect on the price. In the coming period, increased interest in ETFs in line with market stability and macroeconomic statements may strengthen Bitcoin’s upside potential.
Ethereum spot ETF
Source: SosoValue
“ETH ETF Image to be Added”
Between May 09 and 15, 2025, Spot Ethereum ETFs saw a total net inflow of $37.2 million. The most notable movement was the $63.5 million net inflow recorded on May 14. In this period, a total of $ 83.6 million in BlackRock ETHA ETF, $ 3 million in VanEck ETHV ETF, $ 3.1 million in Franklin EZET ETF and $ 7.4 million in Grayscale ETH ETF, while the most notable outflow was $ 33.7 million from Fidelity FETH ETF. The cumulative total net inflows of Spot Ethereum ETFs at the end of the 205th trading day rose to $ 2.5 billion.
| Date | Coin | Open | Close | Change % | ETF Flow (mil$) |
|---|---|---|---|---|---|
| 09-May-25 | ETH | 2,207 | 2,345 | 6.25% | 17.6 |
| 12-May-25 | ETH | 2,514 | 2,495 | -0.76% | -17.6 |
| 13-May-25 | ETH | 2,495 | 2,679 | 7.37% | 13.5 |
| 14-May-25 | ETH | 2,679 | 2,609 | -2.61% | 63.5 |
| 15-May-25 | ETH | 2,609 | 2,548 | -2.34% | -39.8 |
| Total for 09–15 May 25 | 15.45% | 37.2 | |||
Between May 09 and May 15, 2025, Ethereum price displayed a remarkable performance, increasing by 15.45% on a weekly basis. In particular, the 7.37% surge on May 13 showed that the market has gained short-term positive momentum. After this rise, net inflows in Spot Ethereum ETFs were seen as investors started to take positions again. However, the volatility in both prices and ETF flows in the last two trading days in this process shows that institutional investors are still cautious. The fact that the upward movement in Ethereum price is not fully supported by ETF flows reveals that market participants tend to realize short-term gains. However, if the inflows seen in ETFs continue, investor interest may regain strength and the upward trend in Ethereum may become sustainable. Especially in the event of macroeconomic stabilization, demand for Ethereum ETFs may increase and become a supportive factor for pricing.
Bitcoin Options Breakdown
Source: Laevitas
BTC: Notional: $2.66B | Put/Call: 0.99 | Max Pain: $100K
Deribit Data: Deribit data shows that BTC options contracts with a nominal value of approximately $ 2.66 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, put options are the dominant side in hedging more than call options in the 24-hour period. This shows us that the expectation of a decline has increased slightly. When we look at the expected volatility, the fact that it is above the realized volatility is a bullish signal, but it reflects that call contract fees are expensive, whereas the contract fees of put options are low. On the other hand, the fact that IV-RV (Implied Volatility vs Realized Volatility) is close to each other and the spread is positive indicates that there will be movement in the near future. Skrew values, on the other hand, indicate that there is buying pressure and that purchases will strengthen in the medium term.
Laevitas Data: When we examine the chart, we see that put options are concentrated in the band of $ 90,000 – 103,000. Call options are concentrated between 104,500 – 125,000 dollars and the concentration decreases towards the upper levels. At the same time, the level of approximately $ 95,000 is seen as support and the level of $ 110,000 as resistance. On the other hand, there are 1.82K 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 2.43K call option contracts peaked at the level of 110,000 dollars. When we look at the options market, we see that call contracts are dominant on a daily and weekly basis.
Option Expiration
Put/Call Ratio and Maximum Pain Point: In the last 7 days of data from Laevitas, the number of call options remained flat compared to last week at 100.35K. In contrast, the number of put options increased by 5% to 69.72K. The put/call ratio for options is set at 0.99. This shows that call and put options are in balance between traders. Bitcoin’s maximum pain point is seen at $100,000. It can be predicted that BTC is priced at $103,200 and if it does not break the $100,000 level, which is the pain point, the rises will continue. In the coming period, there are 1.36K call and 1.71K put options at the time of writing.
Ethereum Options Distribution
Source: Laevitas
ETH: $525M notional | Put/Call: 1.24 | Max Pain: $2,200
Laevitas Data: Looking at the chart, we see that put options are particularly concentrated in the $1,800 – $2,500 range. The most notable level in this range is $2,200 with about 11K contracts, which indicates that investors see this region as an important support point. On the call side, it is noticeable that volumes are significantly concentrated in the $ 2,800 – $ 3,500 band. The approximate density, especially at the $ 3,500 level, reveals a strong upward expectation for this level. In addition, the high call volume at the $6,000 strike suggests that the market is pricing in a longer-term or more speculative bullish scenario. Overall, the market is cautious on the downside but optimistic on the upside potential.
Deribit Data: Looking at the data for the next 1 week, the fact that the put volume is well above the call volume in the short-term contracts (for example, in the May 17 maturity, the put volume is around $57.5 million while the call volume is around $24.2 million) suggests that investors are looking for protection against downside risks. On the other hand, as the maturities progress, call volume increases rapidly and hovers at high levels, especially in longer maturities such as May 23. This indicates that bullish expectations are strengthening in the medium term. The high levels of ATM volatility (between 58 and 69 percent ) and negative risk reversal values reveal that the market’s demand for hedging continues in anticipation of volatility in the short term. In short, the market is cautious and defensive in the short term and more bullish in the medium term.
Option Expiration
Ethereum options with a notional value of $525 million expired on May 9. While the Max Pain level was calculated as $ 2,200, the put/call ratio was realized at 1.24. In this data, we see that the market sees around $ 2,200 as an important balance point in terms of pricing and put options have a slight advantage over call options.
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