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.
On Sunday, Curve DAO's token price experienced a sharp decline of ~17.0% as a result of a bug exploit related to the programming language, Vyper. This caused vulnerabilities in certain liquidity pools within the platform and resulted in over $20m in losses. The news of this exploit spread rapidly, prompting some exchanges, including Upbit, to temporarily halt trading of the token to assess the situation. As a consequence of the incident, the trading volume for the token skyrocketed,
reaching ~60% market share on the hourly trading volume chart, surpassing the trading volume of most other tokens on major decentralised exchanges. Furthermore, the open interest for the token surged dramatically, with many traders opting to short the token in response to the ongoing uncertainty and concerns about its vulnerability. This heightened shorting activity contributed to the token's funding rate recording an unprecedented -0.04% value, indicating the prevailing bearish sentiment among traders.
In this week's Chart of the Week, we examine Dogecoin's price action following Twitter's rebrand to 'X'. Dogecoin's price jumped 10% to a daily high of 0.0778 following Twitter's rebrand to X, outperforming the majority of the other crypto assets.
Meanwhile, the aggregate open interest for the token on centralised exchanges surged by 24% to $502mn after Elon Musk appeared to have added $DOGE symbol on his Twitter profile, with traders speculating on a possible integration of the token with the revamped platform.
In this week's Chart of the Week, we examine the aggregate open interest and average funding rate of Binance Coin (BNB). The average funding rate of BNB has dipped to a negative -0.0802%, marking its lowest level since May 2nd. This factor, coupled with an increase in open interest, suggests high levels of short positioning on BNB perpetual futures.
Since November 2022, there has been a noticeable trend between average funding rate and Binance Launchpad token launches - which require investors to lock BNB to gain access to coins launching on the platform. Investors seeking to maintain delta neutrality can hedge themselves via the perpetual contracts. In this instance, they accept funding rate costs to mitigate against market risk.
In this week's Chart of the Week, we highlight the large discount between fiat pairs trading on Binance.US vs the wider market. BTC/USD is trading at a 9.5% discount to CCCAGG's BTC reference price, whilst both USDT and USDC are trading at an 8.88% discount to their peg. The convergence of these discounts suggests the fair value discount to redeem fiat against crypto on Binance.US is around 9%.
Following the SEC's recent action against Binance.US, the exchange was forced to close down its fiat operations, with fiat deposits suspended in June. Only entities with liquid fiat available on Binance.US can take advantage of the low prices.
In this week's Chart of the Week, we examine the minimal impact on the markets despite the SEC's recent criticisms about the insufficiency of recent ETF filings. Following the news, Bitcoin's price underwent a moderate decline, falling from a peak of $31,116 to a trough of $29,613 within an hour. Additionally, open interest in Bitcoin futures contracts dropped from $10.4 billion to $9.3 billion, a decrease of 11.9%.
Market participants continue to maintain a positive outlook on the prospects of BlackRock's Bitcoin ETF, especially with Fidelity also showing interest and filing for its own Bitcoin ETF. This optimistic sentiment has effectively cushioned the market against potential negative impacts.
Get our latest research, reports and event news delivered straight to your inbox.