Why this report matters

Crypto markets are entering the week with mixed signals and fragile momentum. While Bitcoin ETF inflows have rebounded and stablecoin minting remains strong, derivatives positioning shows traders becoming increasingly defensive as funding rates collapse and downside hedging rises. At the same time, trading volumes remain extremely subdued, raising questions about whether any rally can be sustained without a meaningful liquidity catalyst.

In this week’s 10x Weekly Crypto Kickoff, we analyze positioning across Bitcoin and Ethereum, key option flows, ETF and stablecoin dynamics, expected trading ranges, and the major catalysts ahead, including CPI, a large $4.7 billion altcoin unlock week, and shifting geopolitical risks, to assess where the next meaningful move in crypto markets could come from.

Bitcoin - an initial attempt to break above the $70,000 level failed

Main data points

Crypto volumes appear near average, but spot volumes have notably declined. The Crypto market cap stands at $2.29 trillion, 0.9% larger than the week before, with an average weekly volume of $109 billion, 12% higher than average. Weekly Bitcoin volume was $48.9 billion, 19% higher than average, while Ethereum volume was $22.9 billion, 10% higher than average. Ethereum network fees (0.03 Gwei) are in the 4th percentile, indicating low network usage.