In the crypto market report prepared by the ICRYPEX Research team and covering the week of April 29 – May 6, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: April 29, 2024.
Overview of April 29 Weekly Crypto Market Report
Last week, when macroeconomic data was intense and important, the evaluations of FED Chairman Powell on Wednesday and the weak employment data on Friday caused Bitcoin, which fell to $ 56,000, to rise again. Bitcoin, which opened the week above $ 60,000, managed to complete the week above $ 64,000 with a 12% increase after reaching the bottom level of $ 56,000 during the week. In this process, Bitcoin’s market dominance fell below the 54% level and then approached 55% again with the increase. The total crypto asset market value finished the week at $2.30 trillion, following a 10% decline to $2 trillion.
Ethereum and altcoins, on the other hand, could not maintain their strong image against Bitcoin throughout the week and remained slightly more negative compared to Bitcoin, especially as of Friday. Although Ethereum managed to maintain the 2800 level as the bottom zone in this process, it completed the week with a 13% rise to the total level of 3200 dollars, against the nearly 20% rise of Bitcoin.
When we examine the internal developments of crypto assets, especially the news that BlackRock plans to add Bitcoin to its wealth and pension funds was evaluated very positively on behalf of the entire crypto ecosystem. Apart from these, BNP Paribas’s small investment in Spot Bitcoin ETFs, higher than expected inflows into Spot BTC-ETH ETFs listed in Hong Kong, the growth of altcoins in their quarterly reports, the volume record that Ethereum broke under the leadership of stablecoins, Avalanche News such as ‘s Stripe integration kept the mood on the crypto assets side positive despite the decline.
When we look at ETFs, we see that outflows continued throughout the week, but the week ended with a good inflow after the positive weather on Friday. While GBTC outflows continued during this period, the $563 million outflow seen on Wednesday was the highest outflow seen since the ETFs were put into service. While nearly $400 million in total assets exited ETFs during the week, the $378 million inflow seen on Friday was the first inflow seen since April 24. At the same time, with the $63 million inflow into GBTC on Friday, GBTC completed a day with an inflow for the first time since January 11, when it was launched as the Spot Bitcoin ETF.
Those who want to get more comprehensive information about the week covering April 29 – May 6 can review Weekly Crypto Market Reports: April 29, 2024.
