According to the latest bi-weekly market update presented by CoinDesk Indices (CDI), the performance of the CoinDesk 20 Index (CD20) and the broader CoinDesk Market Index (CMI) showed mixed results. Eight out of the twenty index members ended the day with higher closures compared to the previous Friday. However, there was a significant difference in the performances of bitcoin (BTC) and ether (ETH). While BTC recorded a modest gain, ETH witnessed a 1.7% decrease in value. Dogecoin (DOGE) emerged as the leading gainer over the past week, followed closely by NEAR, which has seen a remarkable double in value so far this year. On the contrary, Internet Computer (ICP) suffered a steep fall and currently stands lower by more than 40% since hitting its highest point of $19 in March. The CoinDesk 20 consists of the most prominent digital assets, excluding stablecoins, and can be invested in via various platforms. The CMI comprises around 180 tokens spread across seven different crypto sectors, including currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization. This report was edited by Stephen Alpher.
Based on the latest data, the CoinDesk 20 Index (CD20) increased by 0.73%, and the broader CoinDesk Market Index (CMI) rose by 3.6%. Solana (SOL) was the standout performer amongst the CD20 constituents, gaining over 9% during this period. The market update also highlighted that Spot Bitcoin Exchange-Traded Funds (ETFs) surpassed $10bn in inflows for the initial time since their launch in January. Market analysts suggest that this could potentially trigger a “sell-side” predicament in the future if these trends continue. In contrast, cryptocurrency markets remained relatively unchanged, with Bitcoin trading at $66,300, rising 0.3% in the past 24 hours, whilst the CoinDesk 20 plunged 0.7%. Open interest on BCH-backed futures increased from under $200m in March to $700m recently, indicating a rise in bets on anticipated price fluctuations. Meanwhile, Bitcoin Cash spiked by 10% following its halving. Several organizations are currently developing broad-based digital asset benchmarks, such as the CoinDesk 20 and others, which are designed to facilitate trading and liquidity. As stated by the editors, these indices are similar to the S&P 500 and Nasdaq 100 for equities. During the weekend, major tokens experienced losses of up to 18% in comparison to their peak values prior to last week. These losses were partially reversed on Monday, but prices resumed falling during Asian trade times on Tuesday. Furthermore, inflows to Bitcoin ETFs have slowed down considerably in recent weeks. BlackRock’s IBIT product was the sole beneficiary of inflows on Monday, whilst ten other ETFs all witnessed outflows. Israel is currently mulling over its response to Iran’s bombardment of over 300 drones and missiles on its territory.
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