What drove the market this week?

TLDR

The market was steered by US macro prints (GDP, jobless claims) in holiday?thin liquidity, ETF outflows, and a tilt toward risk?off as gold set records.

1. Macro events drove positioning shifts and liquidations ahead of GDP releases per a market update.
2. Digital asset products saw ~$952M weekly outflows tied to regulatory uncertainty in the U.S. per an outflows report.
3. Risk aversion rose with gold strength while Bitcoin (BTC) struggled near resistance per a daybook note.

Deep Dive

1. Macro Prints

U.S. GDP and jobless claims set the weeks tone as traders adjusted risk in thin holiday conditions.

1. Liquidations spiked around macro releases, signaling de?risking into data prints per a market update.
2. Ahead and after the GDP release, crypto saw choppy, range?bound action as traders balanced easing hopes with near?term uncertainty.
3. Aggregate market data shows total crypto market cap near 2.96 T and down modestly over 7 days (based on market aggregates).

2. ETF Flows

ETF and ETP flows leaned negative, pressuring beta while select alts saw inflows.

1. Digital asset products recorded ~$952M outflows last week, driven by U.S. policy delays per an outflows report.
2. Alt ETPs (for example, Solana and XRP) showed selective inflows even as broader products bled, suggesting narrow risk?taking.
3. Aggregate data indicates BTC ETF AUM fell about 3.3% over the week and BTC dominance ticked up slightly (based on market aggregates).

3. Risk-Off Tilt

Golds strength and cautious equity sentiment signaled higher risk aversion for crypto.

1. Gold set fresh highs while BTC struggled under resistance, highlighting defensive flows per a daybook note.
2. Several updates framed holiday?thin conditions and year?end caution, keeping moves muted despite occasional equity strength.
3. Institutional headlines (for example, JPMorgan evaluating crypto trading for clients) added support at the margin amid mixed risk signals per an institutional report.

Conclusion

This weeks drivers were macro prints, holiday?thin liquidity, and flow dynamics. ETF outflows and gold strength kept risk appetite measured, while selective alt inflows and institutional headlines provided balance. If ETF flows stabilize and macro prints stay supportive, breadth could improve; otherwise, expect continued rotation into liquidity and defensiveness.