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.
This week’s Chart of the Week highlights the Bitcoin Cash (BCH) repricing event amidst its listing on EDX Markets. EDX Markets, a non-custodial exchange, launched trading on the 20th of June, with backing from Charles Schwab, Fidelity Digital Assets and Citadel Securities. The platform has garnered significant interest from institutional players in the space, as well as being looked upon favourably by the regulators. As such, the four assets being listed on the exchange, BTC, ETH, LTC, and BCH, are now more accessible for institutional investors, which has led to positive price action and speculation.
BCH was the standout performer of the group, seeing its price double within the space of a week. This is likely due to its market cap being significantly lower than its peers, as well as its poor YTD performance, which needed a strong catalyst. It is worth monitoring any changes to the assets listed on EDX, as they can act as a proxy for assets which are seen to be safe in the eyes of the U.S. regulators.
In this week's Chart of the Week, we examine the changes in 1% market depth for BTC trading pairs on selected exchanges following the SEC lawsuit on Binance US. Since the lawsuit on June 5th, the 1% market depth of BTC pairs on Binance US has dropped by 78%. Similar effects can be observed on most other US exchanges, with Gemini and Kraken experiencing a decline in liquidity of 16% and 10%, respectively.
Coinbase stands out with a 27% increase in market depth since the lawsuit, suggesting that US-based traders and market makers may have sought refuge in the largest US exchange, considering it a safe haven. Binance and OKX have also witnessed a more modest rise in liquidity for BTC pairs, with market depth increasing by 2% and 12% respectively since June 5th, indicating heightened trading activity on exchanges outside the US.
In this week's Charts of the Week, we observe a significant impact on market liquidity following the SEC’s lawsuits against Binance and Coinbase. BinanceUS and Binance experienced substantial drops in liquidity for the BTC-USD pair, as shown in the 1% Market Depth. Both pairs experienced their lowest levels for the year, with decreases reaching as much as 85.0% and 65.6% respectively compared to January 1st. In contrast, Coinbase's 1% market depth demonstrated resilience, with a mere average decline of 5.18% as of June 10th.
As another ripple effect of the lawsuit announcement, assets identified as securities by the SEC took a severe hit. These recorded an average return of 20.4% on June 10th, a sharp contrast to Bitcoin's relatively minor drop of 5.03%.
In this week's chart of the week, we highlight the Grayscale Bitcoin Trust’s (GBTC) discount compared to net asset value (NAV), which is now at -43.10%. Despite improving this year, the discount fluctuates based on speculation related to their ongoing legal battle with the SEC.
Grayscale continues to contest the SEC's rejection of its bid to convert GBTC into a spot ETF. If successful, the NAV discount could be eliminated due to ETF's arbitrage mechanisms.
In this week’s Chart of the Week, we examine Binance's recent banking issues in Australia, which have led to a sharp drop in the BTC-AUD pair's price and volume on the exchange.
Deposits via bank transfer were halted on May 18th, and withdrawals were allowed only until June 1st. This pushed the discount of the BTC-AUD pair down by 9000 AUD (a 22% discount) on May 28th.
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