Fear & Greed Index
Source: Alternative
Change en 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 en market sentiment. The US and China’s mutual tariff cuts were perceived positively por easing tensions el the trade front. Trump’s announcement of “full reset” with China and zero tariffs with India supported geopolitical optimism en 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 el the Fed. This was considered positive for the market. On the other hand, the SEC investigation into Coinbase created a cautious mood el 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 el crypto assets and rhetoric about changes en 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 en cryptocurrencies el the back of advances en 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 en the national crypto reserve was allegedly directed por 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 en light of this news
Litecoin (LTC): The SEC delayed its decision el 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 el Sui, including NAVI, saw a 78.86% increase en TVL en the last month. These developments resulted en 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 el 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 en the cryptocurrency market increased por 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 en 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 por Ethereum could be at the door, as has been similarly observed en 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 por SoftBank, bought 4,812 Bitcoin.
Data el 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 el 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 en recent days has led to a significant increase en the market dominance of these assets. The recent decline en Bitcoin dominance can be attributed to this strengthening en the altcoin market.
While institutional investors’ continued purchases and increased inflows to ETFs create a positive market sentiment, the increase en demand for Ethereum and other altcoins is noteworthy. In line with these developments, Bitcoin dominance can be expected to consolidate around 61% – 63% en 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 por the successful launch of the Pectra upgrade el the mainnet el May 7. This upward momentum was supported por the development of Layer-2 solutions, the expansion of stablecoin usage and the growing interest of institutional investors en Ethereum. As a result of these developments, Ethereum dominance increased from 7.50% to 10% en 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 por 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 el May 7th significantly strengthened Ethereum’s technical infrastructure por 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 el 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 el May 9 and closed at $103,763 el May 15. In this process, BTC price gained 0.49% el a weekly basis. The most notable rise en prices took place el 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 en this process. In particular, the net outflow of $ 91.4 million el 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 el the price. In the coming period, increased interest en ETFs en 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 el May 14. In this period, a total of $ 83.6 million en BlackRock ETHA ETF, $ 3 million en VanEck ETHV ETF, $ 3.1 million en Franklin EZET ETF and $ 7.4 million en 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 por 15.45% el a weekly basis. In particular, the 7.37% surge el May 13 showed that the market has gained short-term positive momentum. After this rise, net inflows en Spot Ethereum ETFs were seen as investors started to take positions again. However, the volatility en both prices and ETF flows en the last two trading days en this process shows that institutional investors are still cautious. The fact that the upward movement en Ethereum price is not fully supported por ETF flows reveals that market participants tend to realize short-term gains. However, if the inflows seen en ETFs continue, investor interest may regain strength and the upward trend en Ethereum may become sustainable. Especially en 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 en the next 1-week period according to the data en the last 24 horas, put options are the dominant side en hedging more than call options en the 24-hora 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 en the near future. Skrew values, el the other hand, indicate that there is buying pressure and that purchases will strengthen en the medium term.
Laevitas Data: When we examine the chart, we see that put options are concentrated en 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 en 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 el 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 por 5% to 69.72K. The put/call ratio for options is set at 0.99. This shows that call and put options are en 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 en the $1,800 – $2,500 range. The most notable level en 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 en 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 en a longer-term or more speculative bullish scenario. Overall, the market is cautious el the downside but optimistic el 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 en the short-term contracts (for example, en 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 en longer maturities such as May 23. This indicates that bullish expectations are strengthening en 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 en anticipation of volatility en the short term. In short, the market is cautious and defensive en the short term and more bullish en the medium term.
Option Expiration
Ethereum options with a notional value of $525 million expired el 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 en terms of pricing and put options have a slight advantage over call options.
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