Bitcoin's Milestone Overshadowed By SOARING Ethereum! (This week in crypto summary May 9)Bitcoin Breaks 100K as Ethereum Steals the Spotlight: This W

Bitcoin Breaks 100K as Ethereum Steals the Spotlight: This Week in Crypto May 9th

Crypto markets showed major gains this week with historic milestones across the board. Our weekly market analysis breaks down the most significant moves, metrics, and indicators that matter to traders right now. The data points to both short-term caution and promising long-term signals as we enter mid-2025.

Bitcoin hits 100K while Ethereum soars past 2300

Bitcoin reached the historic 100K milestone this week, peaking at $103.8K before settling around $103.1K at the time of recording. But the bigger story was Ethereum. The number two crypto asset surged past $2340 following its PECTRA upgrade. Initial market reaction to the upgrade was muted, with sentiment turning negative after a day or two of price stability. This perfectly illustrates market psychology - retail investors often write off news events when prices don't move instantly. The moment they give up, prices rocket upward.

Trading volume explodes 177% as memecoins surge

The overall crypto market cap rose 3.6% this past week, but this number doesn't tell the full story. Trading volume across 4,000+ assets increased by a massive 177% compared to last week - one of the biggest weekly jumps in recent memory. Memecoin volume exploded, with Pepe up over 40%. The volume surge was the key indicator signaling Bitcoin's push above 100K. As usual in crypto cycles, profits from Bitcoin's rise quickly flowed into more speculative assets, including memecoins and Ethereum.

Ethereum sentiment shifts after long underperformance

Ethereum social media discussions jumped 44% as investors try to understand what's happening with an asset that had underperformed most top cryptocurrencies for 2-3 years. Sentiment shows mixed signals - about half the commentary is positive, a third negative, and 17.5% neutral. This polarization is actually promising for continued price action. When social volume spikes during a pump, it's often a top signal, but the current mix of bearish and bullish views suggests this move might have room to run.

Warning signs flash in Ethereum metrics

Several key metrics suggest caution for Ethereum buyers at current levels. The 30-day MVRV (Market Value to Realized Value) sits at 25.9%, well above the 15% danger zone that historically signals tops. This means wallets active in the last 30 days are showing substantial profits. However, the 365-day MVRV remains negative, so longer-term investors still show paper losses. Funding rates show increased longing activity, suggesting growing market greed. The spike in million-dollar-plus whale transactions is the year's largest and could signal profit-taking ahead.

Bitcoin whale patterns show continued accumulation

Bitcoin wallets holding 10-10,000 BTC (significant holders but not exchanges) reached peak holdings in late April. Their accumulation has moved sideways recently but started climbing again in recent days. An interesting inverse indicator comes from micro wallets (0-0.01 BTC). When these small holders accumulate, prices often struggle - as seen from February through April when they bought while prices dropped. Once they started selling after the tariff news, prices pumped significantly. Their current selling pattern supports the bullish case.

Alt season indicators build as ETF inflows accelerate

Mentions of altcoins and "alt season" have risen rapidly over the past month as interest in more speculative assets grows. Between April 16th and May 4th, Bitcoin ETFs saw net inflows of about $5.3 billion. After a minor outflow before Powell's FOMC speech ($77.4 million), inflows resumed once interest rates remained unchanged. These ETF flows provide transparency into institutional interest and continue to drive Bitcoin's price upward. Meanwhile, the declining number of Bitcoin holders suggests retail is capitulating, essentially donating their coins to larger investors.

Market outlook: Short-term tops with bullish momentum

The overall picture shows signs of short-term "topishness" with potential price stagnation as retail FOMO cools. This is a necessary phase to build sustainable momentum. The declining mean dollar invested age (MDIA) is a positive signal - it shows dormant coins moving for the first time in months, validating we're in a bull cycle. For longer-term bullish momentum to continue, we need to see traders taking profits while larger holders increase their positions. External factors like SP 500 performance and potential tariff policy surprises remain important to monitor. Overall, the mid-to-long term outlook remains strong as we enter the middle of 2025.

Conclusion: Data-Driven Trading Wins

As crypto markets enter this exciting but volatile phase, staying focused on actual data rather than emotions becomes even more critical. Both Bitcoin and Ethereum show mixed signals - breakthrough price levels coupled with metrics suggesting caution. The most successful traders will watch for healthy consolidation at these levels before further advances.

For ongoing insights and up-to-the-minute analysis, join where you can ask questions directly. Trade with knowledge, not FOMO, as we pass through the middle stages of this crypto cycle.