Crypto Market

BTC and ETH Market Insight

BTC ETFs attracted over $1 billion in a single day, and ETH ETFs had one of their most successful weeks, with weekly inflows approaching $1 billion. More than $240 million in Bitcoin shorts were liquidated on Friday, marking the highest total in four years. Across all crypto derivatives, over $1.14 billion in shorts were liquidated. Long sentiment prevailed in $PUMP pre-market perpetual contracts, gaining momentum on major exchanges. The trading volume reached $346 million, with $115 million in open interest.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Strong institutional flow sustained robust market momentum, propelling BTC to a record high and driving ETH past $3,000 for the first time since early February 2025. Implied volatility rose alongside increasing realized volatility, though BTC's volatility stayed in a relative lower bound. The volatility spread between BTC and ETH narrowed. Bullish sentiment boosted the call skew on the front end, while the ETH/BTC ratio climbed to 0.025, breaking from a month-long consolidation around 0.024.

Altcoins and Blockchain News

• PUMP completed a public sale of tokens worth $500 million in just 12 minutes.
• OpenSea, Coinbase, OKX, and other prominent projects have changed their official X profile pictures to feature "Pudgy Penguins" themed images.
• U.S. national debt has hit a record high of $36.58 trillion, the first time since February.
• Tether reportedly holds $8 billion worth of gold in secret vaults in Switzerland.
• New Zealand will ban crypto ATMs and restrict crypto transfers as part of its anti-money laundering reform.
• Inception, a restaking protocol built on EigenLayer, announced it will cease operations. The team cited failure to find product-market fit over the past two years and a lack of liquidity incentives in shared security.
• The GMX hacker has returned $37.5 million worth of stolen crypto assets to the GMX Security Council multisig wallet, including approximately 9,000 ETH and 10.5 million FRAX.
• Toncoin, in collaboration with the UAE, is offering a 10-year Golden Visa to TON stakers.
• Turkey has imposed an access ban on PancakeSwap, marking the first sanction against a decentralized exchange (DEX).

Macro

The major benchmarks finished the week slightly lower: the DJIA lost 1.0%, the S&P 500 lost 0.3%, and the Nasdaq -0.1%. The Chinese finished the week with solid gains: the Shanghai Composite Index added +1.09%, the CSI 300 added +0.82% and the Hang Seng index +0.93%.