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Bitcoin Looks to Break Long Streak of Weekend Skids
The world's largest crypto has declined for five consecutive weekends, noted Standard Charterd's Geoff Kendrick.
Updated Feb 14, 2025, 5:30 p.m. Published Feb 14, 2025, 4:45 p.m.
What to know:
- The price of bitcoin has fallen for five consecutive weekends.
- This isn't normal, said an analyst, noting weekend price action for all of 2024 tended to be rather muted.
- A rally during early U.S. trading hours Friday was quickly snuffed out.
Bitcoin (BTC) managed to put in a modest rally early in the U.S. trading session on Friday, but the move was quickly snuffed out. Are bulls lightening up positions ahead of the weekend?
They could be forgiven for doing so.
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In his Friday note, Standard Chartered's Geoff Kendrick said bitcoin's price has now declined for five consecutive weekends (measured from 5 pm ET Friday to the same time on Sunday).
Among the scares during that timeframe were the DeepSeek AI news and Trump tariff threats.
"This is not normal," reminded Kendrick, noting that weekend price action for all of 2024 tended to be rather muted, with Mondays and Fridays instead being the time to pay attention for big moves.
Failed rally on Friday
Turning to the action early Friday, bitcoin managed to rally about 1.5% to $97,600 in very short order following the release of U.S. retail sales data for January. The number missed economist estimates by a mile, giving hope that rate cuts for the Federal Reserve might be back on the table in the first half of the year.
The price has since returned to roughly where it was ahead of the print at $96,400.
An extra thought for those fearful about the coming weekend: It's three days in the U.S., which has Monday off for Presidents' Day.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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