10x Research: Crypto Market Cap Fell 14.5% to $2.13 Trillion Last Week

The crypto market saw a sharp pullback last week, with total market capitalization falling 14.5% to $2.13 trillion, while weekly trading volume reached $117 billion, 47% above the average level. According to ChainCatcher, 10x Research data showed Bitcoin’s weekly trading volume was $47.3 billion, 61% above average, and Ethereum’s was $23.2 billion, 77% above average. While the market broadly attributed the sell-off to leveraged traders, the report said most of the selling actually came from the spot market. The report also noted changes in derivatives positioning. Bitcoin funding rates rose to 5.7% this week, and futures open interest fell by $3.5 billion to $21.0 billion. Ethereum funding rates dropped to -6.6%, and open interest declined by $1.9 billion to $10.1 billion. 10x Research said the “sellers” currently being blamed are not the main driver, arguing that the true source of selling is elsewhere and could affect how the market is positioned going forward.