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Cardano, Avalanche Lead Crypto Decline in Volatile Trading Session
Altcoins posted a mixed performance as the crypto market declined ahead of a major options expiry for bitcoin on Friday.
Updated May 11, 2023, 4:45 p.m. Published Dec 30, 2021, 9:48 a.m.
Cryptocurrencies continued this week’s slide on Thursday, with tokens of some of the largest blockchains by market capitalization falling as much as 6% in Asian trading hours before recovering slightly in early European trading hours.
The move came ahead of a $6 billion options expiry for on Friday during a low-volume holiday period marked by volatility and range-bound price movement for larger-cap cryptocurrencies. Options are hedging instruments that allow investors the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date.
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Among larger caps, and fell 6% in the past 24 hours while and lost 4%.
Tokens of layer 1 blockchains – native blockchains over which other products and services can be built – rose as investors looked beyond the Ethereum ecosystem, which is bogged by high fees and long transaction times. That narrative has driven prices of LUNA, SOL, , and others higher in the past few weeks.
광고
Prices of bitcoin and ether , the two largest cryptocurrencies by market capitalization, posted a small decrease in early Asian trading hours on Thursday. European trading hours saw a sudden surge, with bitcoin gaining nearly $500. That led to a brief resurgence in other larger-cap cryptocurrencies, with the likes of ADA rising to $1.35 from $1.30 in a few hours and LUNA climbing to $86 from $81.
The rise in prices in European trading hours caused over $11 million in liquidations, data from analytics tool Coinglass showed. Slightly over 91% of these liquidations were on short positions, or from traders who’d bet on falling prices.
Liquidations occur when traders borrow funds from exchanges to bet on crypto prices using a relatively small initial capital, one that is forfeited when prices reach a predetermined liquidation level. Thursday’s figures contributed to over $400 million in liquidations in the past 24 hours, with over $274 million occurring on bitcoin and ether futures alone.
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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.
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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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알아야 할 것:
- 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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