Tron, Cardano and Solana led weekly gains among the Top 10, while Bitcoin and Ether lagged as US spot ETF demand cooled on Thursday.
Crypto markets were mostly unchanged on Friday as Bitcoin hovered around the $80,000 level and spot ETF flows turned negative for the first time this month.
BTC is trading at $79,938, down 0.3% on the day but still up 2.1% over the past week, according to CoinGecko. Ether slipped 0.8% to $2,281, extending a weekly decline of 1.1% and continuing to lag behind Bitcoin.
Tron led the Top 10 over the past week with a 7.2% gain. Cardano added 6.6%, while Solana climbed 5.7% to $89. Hyperliquid’s HYPE rose 4% to $42.61, and BNB added 3%.
ETF Flows
US spot Bitcoin ETFs recorded $277.5 million in net outflows on Thursday, ending a five-day run that pulled in roughly $1.69 billion in fresh capital, according to SoSoValue.
Spot Ethereum ETFs followed the same script, registering $103.52 million in outflows after a four-day inflow streak that brought in $271.6 million. The funds now hold $13.6 billion in total net assets.
Crypto Languishes as Stocks Post Records
The crypto pullback is unfolding against another bullish session in US equities. The S&P 500 climbed 0.8% to 7,395, while the Nasdaq Composite gained 1.4% and traded above 26,000 for the first time, putting both indexes on track for a sixth straight weekly gain, the longest winning streak since October 2024.
The rally has been powered by a combination of strong corporate earnings and resilient labour data. The US added 115,000 jobs in April, well above the 65,000 expected, while unemployment held steady at 4.3%. Of the 440 S&P 500 companies that have reported first-quarter results, 83% have topped analyst estimates, with Nvidia and Apple each climbing more than 2% on the day.
The geopolitical backdrop remains volatile. The United States and Iran exchanged fire in the Strait of Hormuz on Thursday, raising fears that the fragile April 8 ceasefire could collapse, with US Central Command reporting strikes on Iranian military facilities at Bandar Abbas and Qeshm Island.
Inflation and Iran Response in Focus
Traders are now turning their attention to April’s Consumer Price Index, scheduled for release on Tuesday, May 12, after March’s print of +3.3% year-on-year marked the highest annual reading since May 2024, driven by rising energy prices tied to the Middle East conflict.
Iran’s response to the latest US peace proposal could land at any moment, with Washington signalling it expects an answer today. A constructive outcome would likely cement the recent oil pullback and extend the rally, while a breakdown risks reversing the macro tailwind that has supported risk assets this week.
