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 examines crypto Open Interest following the leverage wipeout that took place on August 5th, which saw Bitcoin record an intraday drawdown of 15.4% to $49,202 - the highest since FTX’s collapse. This news came on the back of numerous macroeconomic events, including the unwinding of the Japanese Yen carry trade, further geopolitical tensions, and recession scares in the U.S. This saw OI on centralised exchanges fall by roughly 18.4% to 31.9bn, the highest open interest wipeout since August 2023.
SUI remains a significant outlier in the market, having seen an Open Interest increase of roughly 505% since the low, from roughly $40mn to $240mn on aggregate across exchanges. CRV follows in 2nd, seeing a 113% increase from roughly $47mn to $100mn. Following suit, SEI, TIA, ONDO and APT all experienced OI increases between 58% and 52% respectively. Interestingly, only one memecoin has maintained a position in the top 10, WIF, seeing a 34% increase in OI from $142mn to $191mn.
This week's Chart of the Week highlights Ethereum's (ETH) underperformance against Bitcoin (BTC), with the ETH/BTC ratio reaching its lowest point since April 21st 2021, at 0.044. When ETH was previously at this level in 2021, it was rallying dramatically against BTC, driven by the previous bull market and declining BTC dominance during alt season. Recently, Ethereum has not maintained this momentum in comparison to Bitcoin, even with the recent introduction of Ethereum-based exchange-traded funds (ETFs).
So far, Ether Spot ETF flows have observed a net outflow of roughly -$461mn, highlighting the difficult start faced by Ethereum which has only been exacerbated by the recent market downturn.
In this week’s Chart of the Week, we look at the historical market cap of Binance Coin (BNB) and Solana (SOL). In the past week, SOL has flipped BNB to become the fourth largest coin cryptocurrency, with a market cap of $84.8bn to BNB’s $83.8bn. This comes after a year of increased competition between the currencies, with SOL crossing BNB nine days across four separate instances.
In 2023, SOL seemed nowhere near this feat, and only managed to flip BNB one time in the last days of December. However, both coins had sharp increases from the beginning of this year, SOL with 79.32% and BNB by 69.44%, which has led to the narrowing gap between their market caps. Increased activity on SOL can be attributed to the recent launch of an ETH ETF in the U.S.. The early success of the ETF will increase confidence and excitement for an impending SOL ETF which VanEck filed to list in late June.
In this week's Chart of the Week, we examine Ethereum’s market cap from its inception to the present day.
As we approach the 9th anniversary of the Ethereum mainnet rollout, its market cap hovers around $400bn, reflecting Ethereum's journey from a nascent blockchain project to a dominant force in the cryptocurrency space.
The launch of spot Ethereum ETFs in the U.S. joins a long line of exciting innovations and technological advancements which have driven the market cap.
On the day of the announcement, ETH accounted for 16.9% of the total market cap, down from 21.7% on November 11, 2021, when the coin recorded its peak market cap of $568bn.
In this Week’s Charts of the Week, we look at how the ETF news has influenced Ethereum's price over the past few months.
After reaching recent lows against Bitcoin and experiencing a period of minor swings in both price and open interest, Ethereum surged following the announcement of a potential ETF approval on May 23, 2024. The price recorded an increase of approximately 20%. Its open interest also surged to 8 million, increasing by about 60% since the beginning of the month.
Yesterday, Bloomberg analysts announced that the ETFs are expected to start trading next week. This news has once again ignited Ethereum's market activity, as evidenced by a marked increase in trading volumes and open interest which soared by 77% and 5.5%in the last 24 hours.
This latest development continues to underscore the impact of ETF news on the market behaviour of digital assets, mirroring the trends observed with Bitcoin.
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