Happy Friday, everyone. This is Markets Daily from CoinDesk. I'm your host, Jen Sanassi, and on today's show,

we're passing it over to Coin Desk Indices for some weekly market insights.

Wondercraft AI voice here to give you three crypto markets takeaways from this week.

And stick around. We'll have additional analysis from Dan Weisskopf, portfolio manager at Tidal Financial Group.

First, Tracy Stevens, senior index manager at Coin desk indices, provides markets highlights for the week ending May 3rd with data from

April 30th. The CoinDest 20 slipped 6.8% this week, meaning that the index has lost 21% of its

value so far in the month of April. Each of the 20 assets in the index traded lower this week,

following a disappointing launch of spot Bitcoin and Ethereum ETFs in Hong Kong.

Ethereum has fared relatively well amidst the broader market downturn. It closed Monday with a minimal loss of 0.5%, the smallest decline in the CoinDesk 20.

Conversely, alternative layer-1 cryptocurrencies experience the most significant declines.

Solana, Cardano, and Aptos all dropped by more than 10%,

making them the weakest performers this week. For our analysis section this week, Dan Weiskef

writes, Bitcoin and Ethereum currently make up about 54% and 16.5% of the market cap of crypto,

respectively. This is not new news and may vary over time as new

coins find footing. However, it is easier to be bullish on Bitcoin right now because of the evolution

around Bitcoin Spot ETFs. Such a development will potentially bring about new buyers, traders,

and institutions into the Bitcoin Spot market that otherwise would not be getting

involved in the more speculative small-cap crypto market. We also anticipate that companies like

micro strategy will continue their treasury strategy with very low-cost funding. Buying hard money on an

accretive basis when you can borrow at less than 1% and sell convertibles at a premium,

seems like a logical conclusion, if you are a believer that Bitcoin is a financial hedge

against inflation and the declining purchasing power. If this is the case, while volatility

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