Weekly Market Index

All three crypto market indices increased last week. The price index increased slightly by +0.84%. However, the volume and volatility indices increased more drastically, by +20.63% and +135.92% respectively. The volume and volatility increases were mainly led by DOGE, as news reported that Tesla accepted Dogecoin as an official payment method.

Bitcoin (BTC) dropped to a near-US$57,000 level mid-week before rallying close to US$64,000 over the weekend. Ether (ETH) showed a similar trajectory and increased to the US$3,150 level over the weekend. The US Federal Reserve (Fed) kept its interest rate target range unchanged at 5.25-5.50% in its 1 May meeting, in line with market expectations. Fed Chairman Jerome Powell said it’s likely to take longer than previously expected to gain confidence in the country’s inflation trajectory before starting rate cuts. On 3 May, the US’s April nonfarm payrolls data came in below market expectations, which boosted optimism for a potential rate cut later this year due to signs of labour market weakness.

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Chart of the Week

Asia's first Spot Bitcoin and Ether ETFs commenced trading on 30 April in Hong Kong. The total trading volume on the first day for Bitcoin ETFs was $8.5 million, while Ether ETFs saw $2.5 million, lower than the previously expected $100 million. Meanwhile, the Bitcoin and Ether ETFs have garnered a net inflow of 4,220 BTC (~$250 million) and 16,280 ETH (~$49 million) respectively in the three trading days last week.

On the other hand, US Spot Bitcoin ETFs had a week of net outflows totalling $433 million, its fourth consecutive week of net outflows. On 1 May, the ETFs saw their largest day of net outflows, at $564 million, since launch. On the same day, Blackrock’s IBIT also saw its first day of net outflows ($37 million). The Grayscale Bitcoin Trust ETF (GBTC) saw its first daily net inflow of $63 million on 3 May, although weekly net outflow still settled at $277 million last week.

Weekly Performance

BTC increased slightly by +1.8% while ETH dropped by -4.4% in the past seven days. The price action for other selected top market cap tokens were mixed. ATOM led the gains while INJ led the drop.

Most selected key categories were up in terms of market capitalisation in the past seven days, with the Artificial Intelligence category leading the gain.

News Highlights

• Morgan Stanley filed with the US SEC to permit adding exposure to Bitcoin ETFs to 12 funds. This aims to diversify clients’ investment strategies and exposure.

• The Australian Securities Exchange is reportedly considering the launch of Bitcoin ETFs, following the US and Hong Kong. Potential issuers are VanEck Australia and BetaShares Holdings.

• Bitcoin processed one billion transactions after 15 years of its creation. It is also the first blockchain to hit this milestone. This came after the recent heightened levels of daily transactions with the launch of Ordinals and Runes.

• Microstrategy purchased 122 BTC in April 2024 and now owns 214,400 BTC ($13.6 billion), ~1% of bitcoin’s total circulating supply of 19.7 million tokens.

• Block, a fintech firm started by Twitter’s co-founder Jack Dorsey, is planning to allocate 10% of its gross profits from BTC products into BTC purchases, mentioning that “it is an investment in a future where economic empowerment is the norm”.

• Circle’s USDC has overtaken USDT in stablecoin transactions in April 2024, according to on-chain analytics by Visa. USDC saw 166.6 million transactions in April 2024, compared to USDT’s 163.6 million.

Recent Research Reports

• Alpha Navigator: Quest for Alpha [March 2024]: Asset classes were up in March, with crypto outperforming significantly. US and EU central banks kept interest rates unchanged.

• Research Roundup Newsletter [March 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into staking providers, Bitcoin Ordinals and Runes, decentralised AI, Ethereum L2 activities post-Dencun, and many more.

• Crypto.com Visa Card Consumer Spending Insights 2023: A full break-down of what our community across the globe likes to spend on in 2023.

Recent University Articles

• What Is Render Network and How to Buy the RNDR Crypto Token: Explore how the RNDR crypto token is revolutionising digital content creation through decentralised compute services.

• What Is the crow with knife (CAW) Meme Coin and How to Buy It: Crow with knife is the latest bird-themed meme coin to show significant price appreciation. This quick guide introduces you to the token and how to buy it on Crypto.com.

• What Are Web3 Wallets and How to Get One: Explore the role of Web3 wallets, including unparalleled control over digital assets and direct interaction with dApps.

Catalyst Calendar

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