Crypto markets ended the week with a modest rebound as Bitcoin climbed back toward the upper-$70,000 range alongside a broader recovery in risk assets. The move came after strong U.S. technology earnings helped improve investor appetite, though short-term pressure remained visible across ETF flows and trading volumes. The Crypto Fear & Greed Index sat at 26 on May 1, keeping the market in Fear, compared with 39 last week and 8 last month. For Metal Pay users, the message is mixed: prices have stabilized, but the market is still not showing full risk-on conviction.
Tether Slows Gold Purchases in Latest Reserve Update
Tether’s latest quarterly reserve data showed the stablecoin issuer slowed its gold purchases in the first quarter, buying about 6 metric tons compared with 27 tons in the prior quarter. The update matters because USDT remains the largest stablecoin in crypto and its reserve composition is closely watched by traders, regulators, and institutions. Reuters reported that the shift came as Tether continued managing a reserve mix that includes cash-equivalent assets, Bitcoin, and gold exposure. For users, it is another reminder that stablecoin backing, transparency, and reserve quality remain central themes as digital dollars become more important to crypto markets.
Dogecoin Leads as Risk Appetite Rotates Into High-Beta Tokens
Dogecoin was one of the strongest major tokens this week, rising around 10% and briefly pushing above 11 cents before settling near 10.5 cents, according to CoinDesk. The move stood out because DOGE separated from the more muted performance of Bitcoin and Ethereum, suggesting some traders were rotating into higher-beta assets as market conditions improved. Open interest also climbed to a year high, showing renewed derivatives activity around the token. For Metal Pay users, DOGE’s move shows that even in a cautious market, select assets can still attract momentum when sentiment turns less defensive.
Bitcoin ETF Flows
Bitcoin ETFs opened the week with $263.2 million in net outflows on Monday, led by Fidelity’s FBTC at $150.4 million, Grayscale’s GBTC at $46.6 million, and Ark’s ARKB at $43.3 million. Tuesday remained negative with $89.7 million in net outflows as BlackRock’s IBIT lost $112.2 million, partly offset by $41.2 million into ARKB. The weakest midweek session came Wednesday with $137.6 million in net outflows, led by IBIT, FBTC, ARKB, and GBTC, while Thursday was the strongest day with $23.5 million in net inflows as FBTC and IBIT returned to positive flows. Overall, Bitcoin ETFs saw a choppy week with heavy early outflows and only a late-week rebound.
Ethereum ETF Flows
Ethereum ETFs started the week with $50.4 million in net outflows on Monday, led by Fidelity’s FETH at $48.4 million and BlackRock’s ETHA at $13.8 million, partly offset by $11.8 million into BlackRock’s ETHB. Tuesday stayed negative with $21.8 million in net outflows as ETHA, FETH, and Grayscale’s ETHE all posted redemptions. The weakest midweek session came Wednesday with $87.8 million in net outflows, led by FETH at $48.4 million and ETHA at $37.1 million, while Thursday saw another $23.7 million in net outflows despite ETHB adding $29.1 million. Overall, Ethereum ETFs remained under pressure all week, with consistent redemptions across the major funds.
Top Movers (Coins Available on Metal Pay - 7 Day Chart)
Dogecoin was the clear standout this week, rising 11.1% as renewed trader interest and higher derivatives activity helped it outperform the broader market. Bitcoin held slightly positive at 0.6%, while Metal DAO, Ethereum, and Cardano were nearly flat but slightly negative. In a week where ETF flows were mixed and sentiment remained in Fear, the top of the Metal Pay watchlist showed selective strength rather than broad market momentum.
