CoinDesk's weekly ‘Chart of the Week’ highlights topical digital asset developments with vital commentary and analysis.
In this week’s Chart of the Week, we take a closer look at the ETH/BTC ratio from 2020 to present. On March 14th, the ratio fell to 0.0227, its lowest level since May 2020. While Bitcoin remains steady around $87,000, Ethereum is trading near $2,000—a level not seen since November 2023.
As a widely recognized indicator of altcoin strength, the prolonged downtrend in the ETH/BTC ratio highlights Ether’s underperformance relative to Bitcoin in this cycle.
This week’s Chart of the Week highlights May’s correlation of daily returns between BTC, ETH and the SP500, falling to 15.8% and 18.2%, respectively, the lowest level since August 2022.
Digital assets have benefitted from a significant price appreciation following signs that tight monetary policy and high interest rates may soon reach their peak. This comes after the recent collapse of Silicon Valley Bank, causing a stir in the banking system, and amplifying the interest in digital assets.
The depegging of USDC and regulatory issues with BUSD has led to Binance converting $1 billion of their Industry Recovery Initiative funds to BTC, ETH, and BNB, triggering further buy pressure for digital assets.
In this week's Chart of the Week, we examine the open interest for Solana on centralized exchanges in March 2025. Open interest in SOL pairs has fallen 17.3% to $3.03bn month-to-date. On March 17th, the highly-anticipated SOL futures launched on CME—the largest institutional exchange—however, open interest for the asset only reached $7.75 million.
Despite CME's dominance in open interest for Bitcoin (ranked 1st) and Ethereum (ranked 5th) futures markets, it currently sits in 10th place for SOL futures among exchanges tracked by CoinDesk Data.Binance continues to lead the SOL futures market with a commanding 34.2% share of total open interest.
In this week's Chart of the Week, we examine Bitcoin's weekly price change in USD over the years. Last week, Bitcoin experienced a sharp decline of $13,586, dropping from a weekly open of $94,381 to a close at $80,795. This marks the largest single-week price drop in Bitcoin's history, surpassing the previous record set in the week ending February 28, 2021, when Bitcoin fell from $57,550 to $45,234.
This significant drawdown underscores Bitcoin's recent volatility, following the week when the cryptocurrency recorded its largest weekly candle recorded its largest weekly candle (HIGH - LOW) ever.
In this week's Chart of the Week, we take a closer look at the total market capitalisation of digital assets from February 24th to March 4th.On March 2nd, the crypto market experienced a remarkable surge, with its total capitalisation soaring 11.1% to $3.17tn - an impressive daily increase of $317bn in market capitalisation - an all-time high for this metric.
This spike followed U.S. President Donald Trump's announcement of the U.S. Crypto Strategic Reserve, which is set to include altcoins such as SOL, ADA, and XRP.However, the excitement was short-lived as the market swiftly reversed trend the very next day. Concerns over U.S. tariffs and broader macroeconomic uncertainties rattled risk-on assets, causing the total market capitalisation to drop by 10.1% to $2.85tn. This represented a substantial daily drawdown of $319bn, the fourth-largest in history.
On February 21st, Bybit experienced a hack resulting in a loss of $1.5bn, leading to a significant decline in open interest (OI) on the exchange. Since the incident, open interest on Bybit has decreased by approximately $3.8bn. The exchange’s market share of open interest has also fallen from 18.5% to 15.5%, a notable decline from its year-to-date average of 19.21% in 2025.
Bybit CEO Ben Zhou has revealed that around 50% of customer funds were withdrawn from the exchange, yet the decline in open interest appears relatively moderate in comparison. A key factor in this moderation may be the continued operation of the Off-Exchange Settlement (OES) system.
In this week's Chart of the Week, we highlight the best-performing assets within the top 100 by market capitalisation this year. Leading the pack are TEL (+106%) and OM (+93%), with OM benefiting from the growing Real World Assets (RWA) narrative, while TEL’s rally is tied to growing adoption in telecom-focused blockchain services. Exchange tokens have also posted strong gains, reflecting growing optimism around retail trading volumes and declining regulatory pressures on offshore centralised exchanges.
Among the top performers are GT (+34.5%) native token, KCS (+14.8%), KuCoin’s exchange token, and LEO, Bitfinex’s utility token. Within the CoinDesk 20 (CD20), XRP (+24.2%) leads performance, followed by LTC (+21.5%). Both assets are widely seen as frontrunners for the next potential spot ETF approval in the U.S., further fuelling investor interest.
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