Crypto Daybook Americas: Bitcoin Dips, but ETF Inflows, Fed Week Keep Bulls Interested

Crypto Daybook Americas: Bitcoin Dips, but ETF Inflows, Fed Week Keep Bulls Interested

  • 9 hours ago
  • coindesk.com
  • Keywords: Success, Danger

Bitcoin dipped slightly but remains bullish as U.S.-listed spot ETFs saw strong inflows, with bulls eyeing the Federal Reserve's upcoming rate decision. On-chain activity has picked up, signaling renewed demand despite long-term holders holding steady near key price levels.

Coinbase ProductsCOINsentiment_dissatisfiedMARAsentiment_dissatisfiedRIOTsentiment_satisfiedCORZsentiment_dissatisfiedCLSKsentiment_satisfied
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Estimated market influence

Coinbase Global

Coinbase Global

Negativesentiment_dissatisfied
Analyst rating: Buy

Coinbase's stock price dropped in pre-market trading despite a positive close on Friday.

Galaxy Digital Holdings

Positivesentiment_satisfied
Analyst rating: N/A

Galaxy Digital closed at $26.84, up 11.6% from the previous day.

MARA Holdings

MARA Holdings

Negativesentiment_dissatisfied
Analyst rating: N/A

MARA's stock price decreased by 2.56% in pre-market trading despite a positive close on Friday.

Riot Platforms

Riot Platforms

Positivesentiment_satisfied
Analyst rating: N/A

Riot Platforms closed at $8.39, up 7.98% from the previous day.

Core Scientific

Core Scientific

Negativesentiment_dissatisfied
Analyst rating: N/A

Core Scientific's stock price dropped by 1.49% in pre-market trading despite a positive close on Friday.

CleanSpark

CleanSpark

Positivesentiment_satisfied
Analyst rating: N/A

CleanSpark closed at $8.81, up 1.61% from the previous day.

CoinShares Valkyrie Bitcoin Miners ETF

Positivesentiment_satisfied
Analyst rating: N/A

The ETF closed at $14.97, up 2.6% from the previous day.

Semler Scientific

Positivesentiment_satisfied
Analyst rating: N/A

Semler Scientific closed at $36.16, up 8.49% from the previous day.

Exodus Movement

Positivesentiment_satisfied
Analyst rating: N/A

Exodus Movement closed at $45.98, up 2.66% in pre-market trading.

Context

Crypto Daybook Americas: Bitcoin Dips, but ETF Inflows, Fed Week Keep BTC Bulls' Interest

Market Overview

  • Bitcoin (BTC) dipped to $95,000 from Friday's highs above $98,000, with the total crypto market capitalization dropping under $3 trillion.
  • Ethereum (ETH) saw its price drop by 0.77% to $1,819.25.

Key Trends

  • Spot Bitcoin ETF Inflows: U.S.-listed spot BTC ETFs recorded a cumulative net inflow of $1.8 billion last week, equivalent to over 18,500 BTC, six times the weekly mining output (3,150 BTC).
  • On-chain Activity: The number of active BTC addresses topped 800,000 on Sunday, indicating renewed market engagement.
  • Wrapped Bitcoin (WBTC): On-chain transactions involving WBTC continued to rise, signaling investor interest in bitcoin-backed DeFi.

Competitive Landscape

  • Ethereum's Accumulation: The number of ETH held by accumulation addresses rose to 19.04 million ETH over two months.
  • Shanghai Upgrade: Ethereum is set to implement the Shanghai upgrade on May 7, enhancing scalability and validator efficiency.

Macroeconomic Factors

  • Federal Reserve Policy: The Fed's interest-rate decision on May 7 could impact market sentiment. ING suggests limited easing due to inflation concerns but potential scope for easing in the second half.
  • Institutional Adoption: ETFs now hold 9% of Bitcoin's total supply, indicating structural institutional adoption.

Risks and Volatility

  • Derivatives Positioning: BTC futures open interest on CME rose to $14.01 billion, the highest since February 21.
  • Memecoin Dynamics: Celebrity hype no longer drives memecoin prices, with GORK token failing to gain traction despite Elon Musk's references.

Institutional Dynamics

  • Bitcoin vs Gold: Bitcoin's dominance over gold in market cap terms stood at 8.18%, with BTC priced at $94,447.49.
  • Crypto Equities: Mixed trading in pre-market, with companies like Galaxy Digital (+11.6%) and Riot Platforms (+7.98%) showing gains, while others saw declines.

Long-Term Implications

  • Market Maturity: The shift from short-term hype to focus on tokenomics and utility suggests a maturing crypto market.
  • Regulatory and Structural Changes: Institutional adoption and ETF inflows indicate long-term structural changes in the crypto ecosystem.