10x Weekly Crypto Kickoff – Leverage Is High, Liquidity Is Thin—Which Crypto Cracks First?

Why this report matters

Crypto markets appear calm on the surface, but positioning data reveals a very different story. Futures open interest sits near record highs even as volumes collapse to multi-month lows, leaving leverage stacked on a shrinking base of liquidity. Option traders are quietly selling upside, hinting at waning conviction just as ETF flows shift and stablecoin issuance remains strong. Bitcoin’s rally attempt stalled below $120k, while Ethereum shows signs of losing momentum—yet sentiment indicators suggest neither asset is out of play. Altcoins are stirring in the background, with shifting dominance levels pointing to a potential rotation. The question is whether thin liquidity turns a small move into the next big shock—and which asset will lead the way.

Main data points

Crypto market standing still: The Crypto market cap stands at $4.03 trillion, -0.5% smaller than the week before, with an average weekly volume of $148 billion, 2% higher than average. Weekly Bitcoin volume was $43.5 billion, 0% lower than average, while Ethereum volume was $32.7 billion, -3% lower than average. Ethereum network fees (0.12 Gwei) are in the 5th percentile range, which indicates low network usage.

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