10x Research: The cryptocurrency market fell by 14.5% last week, with most of the sell-off coming from the spot market
According to 10x Research data, the cryptocurrency market experienced a significant correction last week, with the total market capitalization dropping to $2.13 trillion, a weekly decline of 14.5%, and a weekly trading volume of $117 billion, which is 47% higher than the average.
Among them, Bitcoin's weekly trading volume was $47.3 billion, exceeding the average by 61%; Ethereum's weekly trading volume was $23.2 billion, exceeding the average by 77%. Although the market generally attributes this to leveraged traders, the actual majority of the sell-off came from the spot market.
The report pointed out that Bitcoin's funding rate rose to 5.7% this week, with futures open interest decreasing by $3.5 billion to $21 billion; Ethereum's funding rate dropped to -6.6%, with open interest decreasing by $1.9 billion to $10.1 billion.
10x Research emphasized that the "sellers" currently blamed by the market are not the real cause, and the true sellers are elsewhere, which will profoundly impact future market positioning.
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