The global cryptocurrency market capitalisation closed the week at $3.87 trillion, its highest level since the peak of the 2021 bull cycle. Bitcoin maintained its position above $100,000 for the seventh consecutive week, with spot ETF flows continuing to provide steady buying pressure against a backdrop of measured retail participation.
Bitcoin: $104,250 — Weekly Change: +3.2%
Bitcoin’s weekly candle closed with a bullish engulfing pattern on the daily chart, suggesting buyers remain in control at these price levels. Exchange reserves of BTC continued to fall, now at their lowest level in six years as long-term holders absorb newly mined supply and ETF custodians continue to accumulate. Options market data shows the highest concentration of open interest at the $110,000 strike for the June expiry, suggesting this level is a key near-term target for the market.
Ethereum: $3,890 — Weekly Change: +1.8%
Ethereum underperformed Bitcoin on a relative basis this week, though absolute gains remain positive. The ETH/BTC ratio dipped to 0.037, approaching historically low levels that have preceded significant ETH outperformance in previous cycles. Gas fees on the Ethereum base layer remained low due to the efficiency gains from the Pectra upgrade, with most activity migrating to Layer-2 networks.
Solana: $192 — Weekly Change: +6.4%
Solana was the standout performer among large-cap assets this week. DEX trading volume on Solana-based platforms surpassed $12 billion for the week, its highest ever, as memecoin activity remained elevated. The Firedancer validator client entered its final public testnet phase, and developer activity on Solana reached an all-time high according to on-chain contributor metrics.
Notable Movers
Sui (SUI) gained 24% following the announcement of a major AAA gaming title launching natively on the network. Render (RENDER) rose 18% as data centre GPU shortage reports intensified demand for decentralised compute. Pendle (PENDLE) declined 12% after a governance proposal to adjust tokenomics failed to gain sufficient support.
Market Sentiment
The Crypto Fear and Greed Index closed the week at 78 (Greed), down from 82 the previous week. While elevated sentiment warrants caution, the index has remained in Greed territory for 14 consecutive weeks without the extreme readings above 90 that have historically marked local market tops.
