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 Chart of the Week, we analyse the number of assets listed on centralised exchange so far this year. Year-to-date, memecoins account for the majority of listed assets, with 32 tokens, including WIF, added to exchanges following the heightened interest and volume in memecoins.
DeFi projects, with tokens such as AEVO and JUP, are the next highest category on the list, with 24 tokens. GameFi and RWA tokens follow, with high-profile listings including MAVIA and ONDO.
In this week’s Chart of the Week, we look into how Ethereum's open interest has reached unprecedented levels following the approval of U.S. ETH ETFs.
At the start of May, open interest was $8.7 billion (2.9 million ETH). It has now surged to $14.4 billion (3.7 million ETH), marking an increase of approximately 65.5%. This significant rise underscores growing investor confidence and the impact of regulatory approvals on Ethereum's market dynamics.
In this week's Chart of the Week, we examine how, Ethereum recorded a 17.8% increase in just 2 hours (22:46 May 20 - 00:46 May 21) following news that there was an increased likelihood of the United States Securities and Securities Exchange Commission (SEC) approving a spot Ether exchange-traded fund (ETF). Alongside this price increase, Ethereum's volume surged to over $21 million within a couple of minutes, marking a 618% increase according to our CCIX index for ETH-USD.
Previous filings from the regulator, statements from SEC Chair Gary Gensler, and reports of investigations had indicated that the commission was likely to deny spot Ether ETF applications. However, In their May 20 posts on X, Bloomberg ETF analysts James Seyffart and Eric Balchunas suggested that the SEC might be reconsidering - revising their prediction for the odds of spot Ether ETF approval from 25% to 75%.
At the beginning of the Asian market hours, a notable wave of selling pressure targeted the BTC-USD trading pair on Coinbase. Approximately 3,000 BTC was sold, in a matter of 2 hours - equivalent to around $200 million. This significant market activity drew the attention of market makers who seized the opportunity to engage, and capitalise on the opportunity. The 2% bid depth for BTC-USD on Coinbase increased from 200 to 700 BTC in a matter of minutes, indicating heightened trading activity.
In response to these dynamics, the price of Bitcoin experienced a substantial downturn. Initially, Bitcoin was trading around the $63,000 mark at the time of the event but subsequently fell to $61,200 levels. The downward momentum persisted throughout the trading session, with Bitcoin's price marking a low of $61,025 by 12:30 today. This trend underscores the persistent volatility and rapid shifts that can occur in the cryptocurrency markets, often influenced by large-scale trading movements and the strategic responses of market participants.
In this week's Chart of the Week, we examine Bitcoin’s recent price performance, which closed April with a 15.0% drop to $60,634. This marked the largest monthly decline since the FTX collapse in November 2022.
The retracement registered Bitcoin's first negative monthly returns in eight months, coinciding with weakened ETF inflows, higher than anticipated CPI inflation rate, and the recent escalation in the geopolitical crisis in the Middle East.
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