Share this article
Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout
The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.
Updated Jun 10, 2024, 8:21 p.m. Published Jun 10, 2024, 8:12 a.m.
Make us preferred on Google
- Analysts expect increased market volatility in the upcoming week due to key macroeconomic events such as the CPI release and a speech by Janet Yellen.
- The crypto market experienced a downturn following the release of stonger-than-expected U.S. jobs data, with meme stocks like GameStop also seeing declines, impacting riskier assets like alternative tokens and meme coins.
Bitcoin and ether were little changed over the weekend as open interest and trading volumes slumped after a $400 million leverage flush out on Friday, dampening market momentum.
However, analysts at Presto Research said in a market brief to CoinDesk that they expect market volatility to return in the week ahead with macroeconomic catalysts such as the CPI release on Wednesday, the FOMC meeting on Thursday, and Janet Yellen's speech on Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Record leverage build-up on bitcoin futures cost bulls as the market plunged on Friday following the release of non-farm payrolls (NFP) figures. The NFP number came in stronger than expected, with the US economy adding 275,000 jobs compared to the expected 185,000. BTC saw a sharp decline following the release, falling from $71,000 to $69,000.
Elsewhere, a slide in meme stock GameStop (GME) appeared to weigh in on riskier assets such as alternative tokens and meme coins, with major memes and shiba inu losing as much as 10%.
Since Friday, open interest, or the number of unsettled futures contracts across various tokens, slid from $99 billion to $60 billion, indicating traders significantly pared bets. Volumes fell 10% in the past 24 hours, Coinglass data shows.
BTC traded just over $69,400 in early European hours on Monday, while ETH traded around $3,660. Solana and xrp showed slight losses. BNB Chain’s BNB tokens lost 5.5% as traders likely took profits following a rise to a lifetime peak of over $710 last week.
Cardano’s was slightly up on Monday following confirmation of a technical event that could affect the fundamentals of the network and its token.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Silver nears $1 billion in volume on Hyperliquid as bitcoin remains frozen: Asia Morning Briefing
Silver perps have more volume on Hyperliquid than SOL or XRP.
What to know:
- Silver futures on the Hyperliquid crypto derivatives exchange have surged to become one of its most active markets, ranking just behind bitcoin and ether in trading volume.
- The SILVER-USDC contract’s high volume, sizable open interest and slightly negative funding suggest traders are using crypto infrastructure for volatility and hedging in macro commodities rather than for directional crypto bets.
- Bitcoin is holding near $88,000 in a "defensive equilibrium" with cooling ETF inflows, uneven derivatives positioning and rising demand for downside protection, while ether lags and capital rotates toward hard assets like gold and silver.
Top Stories
