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 October 19th, the Bitcoin open interest on centralised exchanges recorded a new all-time high of $45.8bn coinciding with an 8.1% surge in Bitcoin’s price to $68,370 from the previous week.
CME, the institutional exchange, captured the largest share of open interest among all centralised exchanges, accounting for 31.1% of the total.
The increase in open interest highlights the optimism as Bitcoin nears its previous all-time high. Positive catalysts such as easing macroeconomic factors and the upcoming US presidential election in November are helping to fuel this rally.
In this week's COTW, we analyse the returns of the top 100 assets by volume since Bitcoin’s upward trend to new highs in October 2023, a year ago this week.
This time last year marked the beginning of Bitcoin's upward surge that culminated in new all-time highs, kicking off the current bull market.
For the purposes of this analysis, tokens launched after this date have been excluded.
Memecoins like PEPE and FLOKI led the pack, delivering remarkable returns of 1501% and 698% respectively.
Solana also posted a strong performance, rising by 599%, a significant achievement given its large market capitalisation.
Conversely, CRV, ATOM, and ARB were the weakest performers, declining by 39%, 32%, and 30%, respectively since October 14th, 2023.
In this week's Chart of the Week, we take a closer look at Sui (SUI), which has experienced a notable rise in open interest across several major exchanges, indicating increased investor activity.
As of October 7th, 2024, exchanges such as Binance, Bitget, Bybit, Kraken, and OKX reported over $508 million in open interest for SUI, underscoring its increasing prominence in the market.
This surge coincides with the recent announcement that Circle’s USDC stablecoin will be launched on the Sui network, boosting market confidence and market participation
Since the start of 2024, SUI’s open interest has surged by an impressive 495%, outpacing many other major assets such as BNB and DOGE.
This growth has positioned SUI among the top five assets by open interest, reaching $508 million, just behind Bitcoin, Ethereum, Solana, and XRP.
Additionally, SUI has posted ~11% month-to-date (MTD) returns and ~150% year-to-date (YTD).
In this week's COTW, we analyse the quarterly performance of Bitcoin since 2014. Bitcoin ended Q3 with a modest gain of 1.00%, bouncing back significantly after dipping below $50k in August.
As we move into Q4, market sentiment has turned bullish, with this quarter historically averaging a strong return of 49.9% since 2014—the highest of any quarter.
This optimism aligns with a shift in market dynamics following last month’s Federal Reserve interest rate cut, along with upcoming catalysts like the US Presidential election in November.
In this week's Chart of the Week, we examined the cumulative trading volumes of centralised exchanges (CEXs).
This month, Binance became the first centralised exchange to surpass $100 trillion in combined spot and derivatives volume, marking a significant historical milestone.
OKX follows Binance with a lifetime trading volume of $25 trillion, while Bybit, Bitget, and HTX rank next among the largest exchanges.
Notably, despite ceasing operations in November 2022, FTX still holds the position of the sixth-largest exchange in terms of all-time volume.
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