CCData's weekly ‘Chart of the Week’ highlights topical digital asset developments with vital commentary and analysis.
In this week's Chart of the Week, we examine BTC's daily returns so far in 2025. More days have posted positive returns than negative, highlighting Bitcoin’s resilience in the market. Monday has been the strongest day, averaging a 1.55% gain, followed by Friday’s 1.06%, suggesting bullish momentum leading into the weekend. Meanwhile, Sunday (date) recorded the most extreme downside, with an average return of -1.32%, making it the weakest day of the week.
BTC’s price movements have been largely influenced by key announcements from the Trump administration and a series of macroeconomic events, including the release of CPI data as well as the latest FOMC meeting. Despite these mid-week catalysts, Wednesday and Thursday (date) returns remained relatively flat, at 0.12% and 0.11%, respectively.
This week’s Chart of the Week highlights May’s correlation of daily returns between BTC, ETH and the SP500, falling to 15.8% and 18.2%, respectively, the lowest level since August 2022.
Digital assets have benefitted from a significant price appreciation following signs that tight monetary policy and high interest rates may soon reach their peak. This comes after the recent collapse of Silicon Valley Bank, causing a stir in the banking system, and amplifying the interest in digital assets.
The depegging of USDC and regulatory issues with BUSD has led to Binance converting $1 billion of their Industry Recovery Initiative funds to BTC, ETH, and BNB, triggering further buy pressure for digital assets.
In this week's Chart of the Week, we examine the surge in market liquidity and the notable increase in Bitcoin's price, which recently surpassed the $50k mark. However, despite these developments, the anticipated altcoin season has yet to materialise.
When comparing the performance of altcoins to Bitcoin, it's clear that Bitcoin has outperformed them, with most altcoins yielding returns that fall short of Bitcoin's. This trend is likely driven by cumulative net inflows into BTC Spot ETFs in the U.S.. Notably, February 13th saw approximately $630 million in inflows within a single day, the largest to date. The chart illustrates Bitcoin's dominance continuing to rise as prices increase, a positive indicator for the health and sustainability of this market expansion.
In this week's Charts of the Week, we look into how, for the first time since November 8 2023, Binance's Bitcoin open interest has surpassed that of the CME. The CME had previously experienced a notable rise in #Bitcoin open interest, driven by optimism surrounding the potential for a Bitcoin spot ETF.
Since the announcement of the spot Bitcoin ETF on January 10th, open interest in the CME has fallen by 32.9%. The recent decrease can be linked to withdrawals from BITO, which invests in CME BTC futures, as investor focus shifts towards spot Bitcoin ETFs.
In this week’s Chart of the Week, we observe how the open interest for #BTC futures on the CME fell by 23.0% to $4.96 billion after reaching a multi-year high of $6.45 billion on the day of the approval of the US Spot Bitcoin ETF. Meanwhile, the open interest in Binance and OKX, the top two derivatives exchanges by volume, has increased by 2.40% and 8.97% to $4.42 billion and $1.79 billion, respectively.
Despite this decline, CME remains the largest derivatives exchange by open interest in BTC futures, with the decline in open interest coinciding with the drawdown in the price of #Bitcoin following the launch of the Spot Bitcoin ETF in the US.
In this week's Charts of the Week, we look at how #Bitcoin has breached its recent resistance level, falling below the $39,000 mark for the first time since December 2, 2023. This decline was anticipated, given the losses suffered by short-term holders and the selling pressure resulting from the outflows from the Grayscale Bitcoin ETF, which was recently amplified by FTX selling their $1B #GBTC Shares, according to Coindesk.
Despite the significant drop in 7-day rolling volumes following the announcement of an Exchange-Traded Fund approval, the average size of trades has remained relatively stable. This indicates the increased influence of institutional investors and long-term holders.
In this week’s Chart of the Week, we examine how BTC's Open Interest on CME has reached a record high of $5.75 billion, surpassing its previous peak in October 2021. This increase aligns with the approaching ETF deadline, indicating a rise in institutional demand and a heightened interest in speculating on ETF outcomes. This trend has propelled CME's market share to 34.5% as of January 5th.
In early January, BTC’s funding rate soared as speculative activities increased, however, a subsequent decline in Open Interest normalised these rates. Despite this, the market sentiment remains predominantly bullish, supported by a persistently positive funding rate.
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