Cryptocurrencies are trading slightly above the flatline on Thursday morning as markets react to the multiple catalysts impacting the digital assets market. The massive outflows from U.S.-listed Bitcoin Spot ETF products, the looming transition at the helm of the Federal Reserve from Jerome Powell to Kevin Warsh, the impending Senate vote on the U.S. Clarity Act, the higher-than-expected levels of inflation readings in the U.S., all swayed sentiment in the cryptocurrency market. Overall cryptocurrency market capitalization has increased a little over a quarter percent in the past 24 hours.
Amidst disappointment surrounding the hotter-than-expected inflation readings from the U.S., Bitcoin Spot ETF products in the U.S. witnessed massive outflows. Net outflows jumped to $630 million on Wednesday from $233 million on Tuesday. iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $285 million followed by ARK 21Shares Bitcoin ETF (ARKB) that recorded net outflows of $177 million. Fidelity Wise Origin Bitcoin Fund (FBTC) also recorded net outflows of $133 million.
The market sentiment was also reflected in the CoinMarketCap's Fear and Greed Index. The index has edged up within the "neutral" territory to 48, from 47 a day earlier and 48 a week ago.
Data for the past 24 hours from Coinglass shows crypto liquidations, i.e. the forced closure of a trader's leveraged position by an exchange or lending protocol for insufficient funds (margin or collateral) to cover potential losses, at $266 million. This comprises long positions of $202 million and short positions of $64 million. The large proportion of liquidation of long positions is attributed to the weak sentiment triggered by the spike in inflation readings and fading expectations of an immediate easing by the Federal Reserve.
Overall crypto market capitalization has gained more than a quarter percent in the past 24 hours to $2.67 trillion. In addition to gold with a market capitalization of $32.6 trillion and silver with a market capitalization of $4.8 trillion, five corporates individually command a market capitalization higher than the aggregate crypto market capitalization of $2.67 trillion. These include NVIDIA (market capitalization of $5.7 trillion), Alphabet (market capitalization of $4.8 trillion), Apple (market capitalization of $4.4 trillion), Microsoft (market capitalization of $3.0 trillion) and Amazon (market capitalization of $2.9 trillion).
The 24-hour trading volume has however decreased 1.8 percent to $89 billion. Around 21 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent whereas 23 are trading with overnight losses of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is trading 0.33 percent higher at $80,080.76. The current price is around 37 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has lost 0.46 percent in the past week and 8.49 percent on a year-to-date basis.
Bitcoin continues to be ranked 12th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com, positioned between Tesla, Inc. (TSLA) ranked 11th and Meta Platforms (META) ranked 13th in the list.
Ethereum (ETH) declined 0.23 percent overnight as it traded at $2,263.43. The leading alternate coin is trading 54 percent below the all-time-high of $4,953.73 recorded on August 25, 2025.
Ethereum Spot ETF products in the U.S. witnessed net outflows declining to $36 million on Wednesday from $131 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with outflows of $21 million.
Ethereum has slipped 2 notches to the 66th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) added 0.95 percent overnight resulting in price increasing to $677.73. BNB is trading 51 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP (XRP) gained 1.7 percent overnight and is currently trading at $1.45, around 62 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) dropped 0.6 percent overnight to $91.54. SOL's current price is around 69 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON (TRX) ranked 8th overall rallied 1.5 percent overnight and is currently changing hands at $0.3551. The trading price is 19 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Dogecoin (DOGE) rallied 3.2 percent overnight and is currently trading at $0.1149. DOGE is trading 84 percent below the peak price of $0.7376 recorded on May 8, 2021.
10th ranked Hyperliquid (HYPE) jumped 6.4 percent in the past 24 hours. HYPE is trading at $41.76, around 30 percent below the all-time high of $59.39 recorded on September 18, 2025.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.