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 ChartoftheWeek, we examine the depegging of numerous stablecoins following the collapse of Silicon Valley Bank. The depeg began after concerns surrounding the reserves of USDC were raised following the collapse of SVB. As a result, USDC de-pegged to below $0.90.
However, USDC and other stablecoins regained their parity following FDIC's intervention, which expanded deposit guarantees to all depositors. Other fiat-redeemable stablecoins including USDT, BUSD and TUSD largely remained pegged to their parity during the turmoil.
This week's Chart of the Week highlights how Bitcoin (BTC) has been outperforming both ETH and MVDA 100 (a market cap-weighted index tracking the performance of the 100 largest digital assets) in terms of returns so far in 2023.
As of March 2nd, BTC recorded an impressive 42.0% of returns, compared to 37.9% and 33.5% for ETH and MVDA, respectively. Additionally, Bitcoin's dominance has spiked to 41.7%, indicating that traders and investors may still have concerns about the overall market and the possibility of further declines.
This week's Charts of the Week shows a significant drop in Average Transaction Size (ATS) on Binance for major assets like BTC and ETH, falling from $1,690 and $1,768 in March 2022 to $865 and $1,021 in February 2023. This suggests lower market participant conviction, as they enter with smaller sizes compared to a year ago.
ATS can also reveal increased conviction and interest in other assets benefiting from specific narratives. Lido's LDO and Stack's STX tokens are examples of this. For example, LDO's ATS on Binance has risen from $141 in June 2022 to $385 in February 2023, whereas STX's ATS also increased to $240 in February, up 27.7% from the previous month.
In our Chart of the Week this week, we examine the decline in BUSD Market Share on Binance. After the initial surge in BUSD trading volumes on Binance - following the SEC's regulatory intervention, the market share of BUSD stablecoins has trended downward from 43.3% to 25.7% on February 13th.
This is the lowest daily market share for BUSD since the 25th of August 2022, days before the exchange implemented BUSD auto conversion, which saw customers' USDC, TUSD, AND USDP automatically converted to BUSD.
This week's Chart of the Week showcases the thriving liquid staking derivative (LSD) token market, with four major players making waves - Frax's FXS, Lido's LDO, Rocket Pool's RPL, and Ankr's ANKR.
These tokens have seen impressive growth, soaring by 286%, 239%, 208%, and 103%, respectively. Lido continues to dominate the market with a market share of 64.7% in January and 56.1% in February, while RPL experienced a decline.
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