This week’s price action confirmed our forecast from last week: The bottom is holding, but there’s a ceiling on the upside. $BTC (+1,59%) It has risen by about 13 percent since its low of $57,750 on July 1, making this the best month since January. However, it has been trading within a range of $64,000 to $66,800 for three days now, while $ETH (+1,14%) it is trading near $1,920. Inflows into cryptocurrency investment products totaled $716 million for the week—the strongest week since early May. While the regulatory outlook looks encouraging, we see no catalyst for a significant price rally in the short term unless the Federal Reserve signals interest rate cuts—which was not the case this week. The markets are focused on two main questions: Will the Senate pass the Clarity Act, and will the oil tanker conflict escalate? As long as neither of these factors sees a decisive shift, we expect prices to trend sideways within their current range.
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Hyperliquid continues to outperform the broader crypto market—driven by strong ETF inflows
The crypto market has received little support from capital inflows recently. U.S. spot$BTC (+1,59%)ETFs have now recorded eight consecutive weeks of outflows—the longest streak since their launch—with more than $6.5 billion flowing out since May. In $ETH (+1,14%)-ETFs, inflows have slowed, while Strategy, the Saylor-led #bitcoinTreasury company, sold 3,588 $BTC (+1,59%) to finance dividends on preferred shares. Against the backdrop of these challenging market conditions, $HYPE (-0,44%) continues to trade near its all-time high.
#hyperliquid-ETFs have recorded inflows every week since their launch in May, including approximately $161 million in June, bringing the total assets under management (AUM) of the three U.S. products to about $336 million. The European products have additionally recorded a volume of over 55 million US dollars. While these figures are still small in absolute terms, on a market-capitalization-adjusted basis, this ranks $HYPE (-0,44%) rank among the strongest crypto ETF launches to date. Their relative strength compared to the broader crypto market remains clearly evident.
In our view, this is a strong signal that the tokenomics of $HYPE (-0,44%) are resonating with investors. The allocation of 99% of platform fees toward the systematic buyback of $HYPE (-0,44%) creates a direct link between protocol activity and token demand, thereby giving the asset a value creation mechanism that clearly stands out in the current market.
Which cryptocurrencies should experts be paying particular attention to right now, and why?
We would frame this thematically, rather than as tips. $BTC (+1,59%) The core position remains—best understood as long-term monetary hedging rather than as a risky investment. It has proven remarkably resilient amid the Fed’s shift toward a restrictive monetary policy. $ETH (+1,14%) is the direct beneficiary of the tokenization trend and serves as a settlement infrastructure—we evaluate it based on its staking yields. One name that illustrates where the market structure is heading is $HYPE (-0,22%): Prior to the recent SpaceX listing, its SPCX perpetual contract traded over $1.30 billion in 24 hours, and its pre-IPO complex has open positions of around $291 million and a cumulative volume of $6 billion. This illustrates that on-chain venues are becoming true drivers of price discovery for assets that traditional markets either severely ration or fail to price continuously.
CLARITY Act: Decision in May?
The CLARITY Act has been stuck in the Senate for months - now things could move quickly. A vote in the Banking Committee is scheduled for May, but the tight schedule (Memorial Day, summer break, election campaign) is putting the project under massive pressure.
What does this mean for the market?
- $ETH (+1,14%) & Altcoins: biggest winners if passed, as regulatory clarity (especially for staking and DeFi)
- $BTC (+1,59%): hardly any additional effect, status already largely clarified
If the law fails or is postponed to 2027, there is a clear risk-off for altcoins (-15 to -25% vs. BTC).
Macro situation remains tense:
- Outflows from crypto ETPs (USD 605 million this week)
- At the same time, strong inflows into #bitcoin & blockchain stocks (USD 624 million in four weeks)
Interpretation:
Investors reduce direct crypto exposure but build structural positions via equities (e.g. beneficiaries of stablecoins and AI)
Conclusion:
Caution in the short term - clear capital rotation into the sector continues in the long term.
(Text: James Butterfill, CoinShares' Head of Research)
Ethereum's recovery has a silent tailwind
The majority of $ETHs (+1,14%) circulating supply is no longer freely tradable. Around 30 % of the total #ethereum are in validator contracts - a record figure. A further 5.8% is on the balance sheets of listed digital asset treasury companies, led by Bitmine with 4.98 million tokens - this corresponds to around 4.1% of the total supply and is therefore within reach of the 5% target. US spot$ETH (+1,14%)-ETFs hold a further 5%. Net inflows into these products amounted to around USD 560 million in the first three weeks of April, led by BlackRock's ETHA and the staggered ETHB. Taking into account the overlap between staking and DAT pools, the actual tradable free float on the exchanges is at its lowest level since the merger.
This has not yet been reflected in the share price. $ETH (+1,14%) DAT is still trading 52 % below its August high of $ 4,950. But the $ETH (+1,14%)/$BTC (+1,59%)-ratio has started to slowly work its way up from the February low - a first indication that capital is rotating back into $ALT (+2%) - beta again. If this rotation gains momentum, there will be less supply to absorb it than in any previous cycle.
Crypto assets record inflows of 224 million US dollars - XRP tops the rankings
$XRP (+0,67%) recorded the largest inflows of all assets, attracting USD 119.6 million - the highest figure since mid-December 2025.
Digital asset investment products recorded inflows totaling USD 224 million last week.
While #xrp led the market, the downward $ETH (+1,14%) the downward trend continued with further outflows, and sentiment towards digital asset $BTC (+1,59%) remained mixed - with moderate inflows coupled with continued interest in short Bitcoin products.
Also $SOL (+1,22%) registered inflows, reflecting continued stable investor demand.
Three consecutive weeks of inflows for crypto ETPs
Digital investment products for cryptocurrencies recorded inflows of USD 1.06 billion last week. This marks the third consecutive week of net inflows amid significant geopolitical tensions that have strengthened digital assets, particularly $BTC (+1,59%)as a relative safe haven compared to other asset classes. Since the start of the Iran crisis, total assets under management (AuM) in crypto ETPs have risen by 9.4 percent to USD 140 billion. Bitcoin accounted for 75 percent of total inflows, which corresponds to USD 793 million. This brings the total inflows over the past three weeks to USD 2.2 billion, approaching the previous five-week period with outflows totaling USD 3.0 billion. Short Bitcoin products also saw inflows of USD 8.1 million last week, indicating that market sentiment remains somewhat divided. Also $ETH (+1,14%) also saw significant inflows of 315 million US dollars. This brings year-to-date flows back towards a broadly balanced net position, driven in part by the introduction of new staking ETF listings in the US.
You can invest in Bitcoin and Ethereum through these vehicles: $BITC (+1,36%)
$CETH (+1,15%)
Crypto continues to stabilize
Digital asset investment products saw inflows of USD 619 million last week, indicating that the initial market reaction to the Iran crisis is supportive for this asset class. Early optimism is particularly evident, with an impressive USD 1.44 billion flowing into these products in the first three days of the week. However, investor sentiment weakened noticeably later in the week, which is reflected in outflows totaling USD 829 million on Thursday and Friday, even though the published labour market data was significantly weaker than expected. This decline in inflows indicates that investors are acting more cautiously in the short term and are taking possible economic uncertainties into account. Nevertheless, rising oil prices are offsetting potential declines in inflation that could result from the weak labor market figures, meaning that the general market optimism is not completely interrupted. Overall, capital flows show that despite geopolitical tensions and short-term volatility, an overwhelmingly positive attitude towards digital asset investment products prevails, with investors continuing to see opportunities in this emerging asset class and willing to accept the risk.
$BTC (+1,59%)
$ETH (+1,14%)
$SOL (+1,22%)
$XRP (+0,67%)
How to invest in crypto:
Inflows of one billion US dollars mark shift in sentiment for digital assets
Investment products on digital assets recorded inflows of USD 1 billion last week, ending a five-week period of outflows that totaled USD 4 billion. From a macroeconomic perspective, it is difficult to attribute the change in sentiment to a single trigger. However, the previously weak price performance, the break of important technical support levels and renewed accumulation by large $BTC (+1,59%)-holders are likely to have contributed to the trend reversal. Anecdotally, it can also be observed that recent client discussions are almost exclusively about attractive entry levels and no longer about reducing the allocation to this asset class.
Bitcoin was the main beneficiary, attracting USD 881 million. At the same time, inflows into short Bitcoin products amounting to USD 3.7 million illustrate that opinions continue to diverge. Ethereum also saw inflows totaling USD 117 million - the highest since mid-January. Both $ETH (+1,14%) and #bitcoin are still net negative since the beginning of the year.
$SOL (+1,22%) In contrast, inflows of USD 53.8 million were recorded last week and total USD 156 million since the start of the year. At $LINK (+2,41%) (Chainlink) saw inflows of a moderate USD 3.4 million, while there were no significant outflows.
You can invest in Bitcoin, Ethereum, Solana and Chainlink via the following vehicles:
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