The week kicked off with a dump, led by traditional equities, with the sell off continuing after the weekend as the bulls failed to take control of the market. The end of the week saw slightly better performance, with better supporting macroeconomic data, although price action remains lackluster. Total crypto market cap fell more than 10% this week, from $3.048T to $2.739T.
Bitcoin ($BTC ) finished the week down 5.16%, while Ethereum ($ETH ) performed much worse, closing at 11.52% down from the week before.
Daily liquidations spiked early in the week with the majority of the week’s liquidations occurring on Sunday and Monday. A total of $1.1B in longs were liquidated over these two days, with only approximately another $500M in longs taken out over the remainder of the week. Funding rates continue to show little to no life, with most continuing to chop within the 0-10% range, with some even falling negative, indicating a risk-off approach in general.
