Market action was relatively muted over the past week as the saying “sell in May and go away” may have been the case for crypto markets. Both Bitcoin and Ethereum remained trading within the ranges set by the selloff and subsequent bounce in mid-May. The relatively lower volatility is likely due to the reduced open interest as well as traders being able to close out futures positions prior to expiration when the spreads collapsed. Spreads have since widened slightly and funding rates have begun to climb again, but both are still not close to the elevated levels seen over the past 60 days. Volumes remain lower than other recent weeks. The news cycle has also remained fairly tame with the focus being on the Bitcoin conference in Miami. We are looking forward to possible headlines regarding an analysis and possible whitepaper on CBDCs from the Fed that have been teased for later this month.