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 Philip Moran, co-founder and CEO at Digital Opportunities Group.

First, Tracy Stevens, senior index manager at CoinDesk Indices, provides markets highlights

for the weekend in April 26th with data from April 23rd.

Near gained 40% to lead the CoinDest 20 this week. The smart contract platform has now reached a market cap above $7 billion.

Nearly all of the 20 assets within the CoinDestk20 index closed yesterday, noticeably higher than last Monday.

The one exception was Dogecoin, which is near flat on the week.

Dogecoin's underperformance shows a divergence among meme coins.

Shiby gained 24% over the same time period, the second most of all 20 index members.

For our analysis section this week, Philip Moran writes,

The cryptocurrency market's response to the recent halving has been marked by a decisive shift

in sector performance and derivative market dynamics. After the market exploding to the upside

late last year and early this year, just prior to the halving, we experienced a downtrend

across most sectors of the crypto market, as evidenced by the negative month-on-month performance

in all Coin-Desk market indices, except for the currency sector. However, we saw a short-term

mean reversion immediately post-having with previous laggard sectors outperforming Bitcoin and

other currency-style tokens.

Simultaneously, we've witnessed a dramatic normalization in funding rates within perpetual swap derivative markets.

The cooling from exorbitant double to triple digit annualized yields to single digits is a clear indicator of a market transitioning to a more balanced state.

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