CoinDesk's weekly ‘Chart of the Week’ highlights topical digital asset developments with vital commentary and analysis.
In contrast, Q3 has historically underperformed, with average returns of only 6.07% since 2011, aligning with the seasonality effects and summer lull when reduced trading volumes and subdued investor engagement often dampen price action.
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 Bitcoin's historical performance during the month of July dating back to 2011. July has generally been a favourable month, delivering an average return of 7.89%.
However, it lags behind most other months, yielding only the fourth least positive returns on average since 2011.
In this week's COTW, we analyze the SOL/ETH price ratio since 2024. On June 14th, SOL/ETH ratio fell to 0.0571, the lowest level since February earlier this year. The downtrend in the price ratio can be attributed to Ethereum's outperformance against Solana in the recent market pullback.
SOL is trading below all key EMAs on the daily while the 200D EMA has acted as a key support for Ethereum since May.
In this week's COTW, we analyze the total stablecoin market cap since 2020. The total stablecoin market cap surpassed $250 billion for the first time earlier this week, now representing 7.24% of the total crypto market cap. The stablecoin market cap is now on track to record its twenty-first consecutive increase in end-of-month market capitalization.
USDT continues to be the dominant stablecoin with a market share of 62.2%, followed by the newly IPO’d Circle’s USDC, which commands a market share of 24.2%.
In this week's Chart of the Week, we examine the market share of decentralized exchanges in spot markets. In May, DEXs saw a sharp resurgence in activity, with spot trading volumes surging by 95.0% to $475 billion — marking the first monthly increase in four months. Centralized exchanges (CEXs) also experienced a rebound, with spot volumes rising for the first time in five months to $2.06 trillion.
As a result, DEXs captured a record 18.7% share of total spot trading volume, surpassing the previous all-time high of 16.4% set in January during the hype surrounding Trump’s memecoin launch.
In this week’s Chart of the Week, we break down the top 100 crypto assets by market cap and their performance since Bitcoin hit its yearly low on April 8. The standout performers are VIRTUAL (+463%), WIF (+243%), PENGU (+228%), HYPE (+217%), and FARTCOIN (+166%)—each posting massive gains in a short span. Interestingly, 7 of the top 15 performers were memecoins, underscoring the persistent speculative momentum in the space.
AI tokens also had a strong showing, with 4 among the top 15, signalling sustained interest in the narrative. Meanwhile, Bitcoin has gained 43% since its April low—a steady climb supported by seven consecutive weeks of positive returns, highlighting the broader market strength beneath the hype.
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