Fear & Greed Index
Source: Alternative
Change in Fear and Greed Value: +6
Last Week’s Level: 67
This Week’s Level: 73
The Fear & Greed index rose from 67 to 73 this week, indicating a steady improvement in market sentiment. Strategy’s high-priced purchase of 1,985 BTC showed continued institutional confidence and supported the upward movement of the index. Donald Trump’s statement that “the stock market is really going to rally now” and his statements that Chinese tariffs could be reduced significantly increased short-term optimism in the market. The trade deal with the UK and signals of new talks reinforced expectations that global trade tensions could ease. Trump’s clear and aggressive market-friendly messages directly affected investor psychology and were decisive in the rise of the index. Overall, strong institutional buying and positive political rhetoric were the main drivers of investor confidence this week.
Fund Flow
Source: CoinShares
Overview
Markets saw inflows totaling $2 billion last week, driven by Trump’s statements on crypto assets and the possibility of lower tariffs on China. After the expected FED interest rate decision on May 7, the recovery in the markets reinforced investor confidence again.
Fund Inputs:
Bitcoin (BTC): The trade deal with the UK and signals of new talks strengthened expectations that global trade tensions could ease. Trump’s messages about crypto assets directly affected investor psychology and played a decisive role in the rise of the index. With these developments, Bitcoin saw an inflow of $1.840 billion last week.
Ethereum (ETH): On May 7th, the Ethereum mainnet activated the Pectra upgrade on Epoch 364032 as planned. On May 8, following the positive macroeconomic news flow, the ETH price jumped strongly, up 21.87% on a daily basis. With these developments, the ETH network saw inflows of $149 million this week.
Multi-asset: Bitcoin spot ETFs saw net inflows totaling $117 million on May 8. BlackRock’s IBIT ETF generated net inflows of $69 million, while Fidelity’s FBTC ETF generated net inflows of $35 million. With these developments, digital funds increased compared to last week and reached 1.9 million dollars.
Solana (SOL): Solana Treasury Reserve Strategy (UPXI) has filed with the SEC to acquire an additional 201,500 SOL shares. Solana saw a total of $6 million in inflows with these developments.
Ripple (XRP): The parties reached a settlement in the SEC-Ripple case that has been ongoing since 2020. According to court documents, Ripple will pay $50 million to the SEC and $75 million will be returned. The parties agreed not to appeal and not to seek the annulment of previous rulings. XRP experienced an inflow of $10.5 billion in light of this news.
SUI: While the market capitalization of the SUI ecosystem is still relatively modest compared to other Tier-1s, the network exhibits unparalleled user appeal. According to on-chain data from Artemis, since the beginning of this year, the SUI Network has registered more than 1 million new wallet addresses every day. These new wallets account for more than 80% of the daily active addresses. It has entered the top 10 altcoins in terms of market capitalization (excluding stablecoins). With these developments, an inflow of $0.3 million was seen.
Cardano (ADA): Cardano founder Hoskinson stated that Cardano will populate its new test network with thousands of AI agents to trade between each other. The Cardano CEO said that Cardano DApps will be given the opportunity to take advantage of high-speed trading with artificial intelligence to Cardano DApps asking any Cardano DApp that might want to sign up for the new protocol, which will be positioned on the Face Melting Net (FMN). Cardano could usher in a new frontier by introducing AI agents. With this news, an inflow of $1.2 million was seen this week.
Short Bitcoin: Inflows into short bitcoin positions totaled $6.4 million.
Other: US President Trump, who will visit Saudi Arabia, Qatar and the UAE between May 13-16, has announced a major announcement ahead of the tour. While the content of the announcement was kept secret, it was emphasized that it would be “one of the most important announcements in years”. This week, the Trump administration said that tariffs could be cut to between 50-54% in the talks with China that will start at the weekend. These steps increased the expectation that trade wars and tariff news could soften, leading to inflows in altcoins with the idea of further strengthening the role of digital assets as a long-term store of value. This week saw inflows of $13.2 million.
Total MarketCap
Source: Tradingview
Last Week Market Capitalization: 2.90 trillion Dollars
Market Capitalization This Week: 3.18 trillion Dollars
This week, the total market capitalization in the cryptocurrency market increased by approximately $283.37 billion, an increase of 9.80%. With this move, the total market capitalization has surpassed the $3 trillion threshold, reaching $3.18 trillion.
Total 2
Total 2 started the new week with a market capitalization of $1.02 trillion, up 10.88% to $111 billion. With this sharp rise, it reached $ 1.13 trillion.
Total 3
Total 3, which started this week at $800.14 billion, rose 7.83% to $862.3 billion, up $62.52 billion.
This week’s surge saw the market grow by a total of $283.37 billion. Of this: $172.37 billion in Bitcoin (BTC), $48.48 billion in Ethereum (ETH) and $62.52 billion in other altcoins. In this case, as a percentage distribution, 60.83% of the money flowing into the market this week was collected on Bitcoin, 17.11% entered Ethereum, and the remaining 22.06% was distributed among other altcoins.
Bitcoin Dominance
Source: Tradingview
Bitcoin Dominance
BTC dominance, which started the week at 64.77%, rose to 65.38% during the week, but then started to decline. It is currently at 63.98%.
This week, Strategy bought 1,895 Bitcoin and Metaplanet bought 555 Bitcoin.
Data on Bitcoin spot ETFs shows a total net inflow of $599.59 million during the week
In addition to all these developments, US President Trump’s statement that there are many talks planned on tariffs and China’s willingness to make a deal may increase the appetite of institutional and ETF investors to buy Bitcoin. This could lead to continued inflows into 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 64% – 65% in the new week.
Ethereum Dominance
Source: Tradingview
“ETH.D Chart Image to be Added”
Weekly Change:
Last Week’s Level: 7.56%
This Week’s Level: 8.88%
Ethereum dominance continued its upward momentum over the last three weeks, strengthened by the successful Pectra upgrade on the Ethereum mainnet on May 7th. Accordingly, Ethereum dominance increased by over 15% in the two days following the activation of the upgrade on May 7th. Thus, the dominance rate increased from 7.50% to over 8.50% in a short period of time.
In the same period, Bitcoin dominance followed a weak course and showed a downward trend in contrast to Ethereum dominance.
In this context, Ethereum dominance completed last week at 7.56% and is moving at 8.88% in the current week.
Meanwhile, on May 7th, the Ethereum mainnet successfully deployed the Pectra upgrade on Epoch 364032 as planned. The upgrade offers significant improvements in scalability, security, transaction costs and user experience at the application (Prague) and consensus (Electra) layers. In addition, blob capacity for Layer-2 solutions has been increased and staking processes have been made more flexible. In addition, the Ethereum Foundation raised a total of USD 32,647,065 in funding in the first quarter of 2025. This funding was distributed across various technical areas such as community and education, cryptography and zero-knowledge proofs, developer tools, Layer-2 protocols, and execution layer.
Bitcoin Spot ETF
Source: SosoValue
Netflow Status: Between May 02 and May 08, 2025, Spot Bitcoin ETFs saw a total net inflow of $1.274 billion. The strongest inflow was recorded on May 2 with $674.9 million. In this process, a strong inflow of $ 1.349 billion to the BlackRock IBIT ETF was noteworthy, while an outflow of $ 106.3 million from the Grayscale GBTC ETF and an outflow of $ 12.2 million from the Bitwise BITB ETF were observed. On May 6, a negative net flow of $85.7 million stood out as the only outflow day in the said date range.
Bitcoin Price: Bitcoin started the day at $96,489 on May 2 and closed at $103,261 on May 8. During this period, a total increase of 7.02% was recorded. The daily increase of 6.42%, especially on May 8, was the locomotive of the performance in this period.
Cumulative Net Inflows: As of the end of the 332nd trading day, the cumulative total net inflows of Spot Bitcoin ETFs reached $40.8 billion. The strong net inflow seen in this period indicates that ETF investor interest continues.
| DATE | COIN | OPEN | CLOSE | CHANGE % | ETF Flow (mil$) |
|---|---|---|---|---|---|
| 02-May-25 | BTC | 96,489 | 96,887 | 0.41% | 674.9 |
| 05-May-25 | BTC | 94,277 | 94,733 | 0.48% | 425.5 |
| 06-May-25 | BTC | 94,733 | 96,834 | 2.22% | -85.7 |
| 07-May-25 | BTC | 96,834 | 97,030 | 0.20% | 142.3 |
| 08-May-25 | BTC | 97,030 | 103,261 | 6.42% | 117.4 |
| Total for 02-08 May 25 | – | – | – | 7.02% | 1274.4 |
Between May 02 – 08, 2025, the positive trend in the Bitcoin ETF market was maintained. Despite the outflows, especially on May 6, strong ETF inflows continued in the said date range due to institutional purchases. Despite the volatility before the May 7 Fed rate decision, the post-decision recovery and the strong rally on May 8 re-enforced investor confidence.
These voluminous inflows into ETFs continued to have a positive impact on the Bitcoin price. If market stability continues in the coming period, institutional interest in Spot Bitcoin ETFs may continue to increase and prices may maintain their upward momentum.
Ethereum spot ETF
Source: SosoValue
Between May 02 and May 08, 2025, Spot Ethereum ETFs recorded a total net outflow of $35.7 million. The most notable day of the week was May 8, when a net outflow of $16.1 million was recorded on the ETF side, despite a sharp 21.87% rise in the Ethereum price. On a weekly basis, there were outflows of $1.7 million from the BlackRock ETHA ETF and $37.2 million from the Fidelity FETH ETF, while only the Grayscale ETH ETF saw a limited inflow of $3.2 million. The cumulative total net inflows of Spot Ethereum ETFs at the end of the 200th trading day amounted to $2.47 billion.
| DATE | COIN | OPEN | CLOSE | CHANGE % | ETF Flow (mil$) |
|---|---|---|---|---|---|
| 02-May-25 | ETH | 1,838 | 1,842 | 0.22% | 20.1 |
| 05-May-25 | ETH | 1,808 | 1,820 | 0.66% | 0 |
| 06-May-25 | ETH | 1,820 | 1,817 | -0.16% | -17.9 |
| 07-May-25 | ETH | 1,817 | 1,811 | -0.33% | -21.8 |
| 08-May-25 | ETH | 1,811 | 2,207 | 21.87% | -16.1 |
| Total for 02-08 May 25 | – | – | – | 20.08% | -35.7 |
Between May 02 and May 07, Ethereum price moved sideways in a narrow band, while ETH price jumped 21.87% on a daily basis after the positive macroeconomic news flow on May 8. Despite this, the continued outflows from Spot Ethereum ETFs were interpreted as institutional investors taking the rise as an opportunity for profit realization. Despite rising prices, weak flows on the ETF side indicate that a cautious stance continues in investor behavior. The strong price action may pave the way for the resumption of positive net inflows in Spot Ethereum ETFs in the coming days. If institutional interest increases again along with price performance, the upward momentum in Ethereum is likely to gain momentum.
Bitcoin Options Breakdown
Source: Laevitas
BTC: Notional: $2.57B | Put/Call: 0.91 | Max Pain: $93K
Deribit Data: Deribit data shows that BTC options contracts with a nominal value of approximately $ 2.57 billion expired today. At the same time, according to the data in the last 24 hours, if we look at the risk conversion in the next 1-week period, call options are the dominant side in hedging more than put options in the 24-hour period. This shows us that the bullish expectation is increasing. However, there is a decrease in acceleration towards the middle of the process. When we look at the expected volatility, the fact that it is above the realized volatility is a bullish signal, but it shows us that call contract fees are expensive, whereas the contract fees of put options are low. 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 $ 85,000 – $ 101,500 band. Call options are concentrated between $ 100,000 and $ 120,000 and the concentration decreases towards the upper levels. At the same time, the $ 100,000 level is seen as support and the $ 110,000 level as resistance. On the other hand, there are 2.84K 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 6.64K 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 increased by 39% compared to last week to 100.19K. In contrast, the number of put options increased by 28% to 66.22K . The put/call ratio for options was set at 0.91. This shows that call options are more dominant among traders. Bitcoin’s maximum pain point is seen at $93,000. It can be predicted that BTC is priced at $ 104,000 and if it does not break the $ 93,000 level, which is the pain point, downwards, the rises will continue. In the coming period, there are 7.92K call and 3.72K put options at the time of writing.
Ethereum Options Distribution
Source: Laevitas
ETH: $257M notional | Put/Call: 1.20 | Max Pain: $1,800
Laevitas Data: When we examine the chart, it is seen that put options are particularly concentrated in the range of $ 1,800 – $ 2,000. Within this band, there are notable volume increases at the $1,900 and $2,000 levels. Especially at the $1,950 level, the volume of put contracts approaching 10K suggests that these regions are perceived as important support zones by market participants. On the call options side, it is noticeable that volumes are significantly concentrated in the $ 2,100 – $ 2,400 band. In this range, especially the $2,200 and $2,300 levels stand out. Especially at the $2,200 level, there is a significant peak with a volume of approximately 60K call contracts. This volume reveals that there is a serious pricing expectation for this level in the market and this level is seen as an important resistance area. There are also significant call concentrations at $2,400, $2,500 and $2,600, but not as strong as at $2,200.
Our overall assessment, especially $ 2,200 is critical resistance for an upward breakout, while $ 1,950 can be monitored as a downward defense line.
Deribit Data: With the spot price up 17.91% to $2,250, ATM volatility rose 18.22% to 81.47, indicating that the market expects high volatility in the short term. Notably, call option volume surged 175% to $84.29 million, while put volume surged 87.6% to $87.6 million. Total 24-hour volume increased by 137% to $171.9 million, while open interest (OI) rose 43.95% to $375 million. In terms of these metrics, we can say that the market is pricing in upside expectations and supporting this direction with new positions.
Option Expiration
Ethereum options with a nominal value of 257 million dollars expired on May 9. Max Pain is at $ 1,800 and the put/call ratio is 1.20.
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.
