Cryptocurrency markets on Thursday rebounded modestly during the day as traders digested a night of big tech earnings that brought in about $650 billion in 2026 AI capital spending commitments and the most contentious FOMC vote since 1992.
Bitcoin was trading at $76,420, up 1.2% on the day but still down 1.8% for the week, according to CoinGecko. Ether was trading at $2,263, up 1.3% in 24 hours and down 2% for the week.
The market capitalization of cryptocurrencies once again exceeded $2.63 trillion, increasing by 1.1% on the day.
Among the majors, Solana is trading at $83. $XRP $1.37, BNB $618. Dogecoin is clearly a standout, rising 3.9% on the day and 10% over seven days, making it the only top 10 token to rise on a weekly basis.
ETF bidding dwindles
Despite the rebound in spot prices, the structural ETF demand that supported Bitcoin’s mid-April recovery has now been negative for three consecutive sessions. The US Spot Bitcoin ETF recorded net outflows of $138 million on April 29, according to SosoValue.
Cumulative net inflows since launch have reached $58 billion, bringing the ETF’s total net assets to $99.3 billion, equivalent to 6.55% of Bitcoin’s market capitalization. IBIT alone holds $61.11 billion, or 4.03% of the total $BTC supply.
The Spot Ethereum ETF lost $88 million in the same session, its biggest single-day loss this month. In terms of redemption value, FETH topped the list with $48.4 million, followed by ETHA with $37 million.
$XRP The only bright spot was funds, with net inflows of $3.59 million led by Bitwise. $XRP And Franklin XRPZ. Flowchart extends three-day risk reduction that started with $263 million on Monday $BTC ETF outflows halted nine consecutive days of inflows to the FOMC.
hawkish hold
Wednesday’s FOMC decision was on plan for the interest rate path, but a shock for forward guidance. The committee maintained its target range for federal funds at 3.50% to 3.75%, but the 8-4 split was the sharpest vote since October 1992.
Chairman Jerome Powell, whose term as chairman expires on May 15, said he will remain on the board.
$650 billion capital spending bill hits sentiment hard
All four hyperscalers announced after the close on Wednesday outperformed sales, testing investors’ patience for capital spending. Alphabet’s first quarter revenue was $109.9 billion, Google Cloud’s revenue was up 63% to $20 billion, and its backlog was $462 billion. CFO Anat Ashkenazi raised his 2026 capital spending outlook to $180 billion to $190 billion, with 2027 expected to be a “significant increase” from there. Shares rose about 9% after hours.
Meta raised its full-year 2026 capital spending outlook to $125 billion to $145 billion ($115 billion to $135 billion), citing higher component prices and data center capacity additions. The stock price fell 6%. Microsoft said it will spend more than $40 billion in capital spending in the fourth quarter, and CFO Amy Hood said the company expects capacity constraints to remain through 2026.
Total capital spending for hyperscalers in 2026 is currently expected to exceed $650 billion.
What traders are paying attention to
Macro catalysts for the future include Apple’s financial results after Thursday’s close, April non-farm payrolls to be announced on May 2, and the escalation of the situation in the Strait of Hormuz, where the US naval blockade continues due to the stalled US-Iran peace talks.
