Crypto market drops 14.5% last week, 10x Research reports

ME News reports that, as of June 8 (UTC+8), according to data from 10x Research, the crypto market experienced a significant correction last week, with total market capitalization dropping to $2.13 trillion—a 14.5% weekly decline. Weekly trading volume reached $117 billion, 47% above average. Bitcoin’s weekly trading volume amounted to $47.3 billion, 61% above average, while Ethereum’s weekly trading volume reached $23.2 billion, 77% above average. Although the market widely attributes the sell-off to leveraged traders, the majority of selling pressure actually originated from the spot market. The report notes that Bitcoin’s funding rate rose to 5.7% this week, while open interest in futures contracts decreased by $3 billion to $21 billion. Ethereum’s funding rate fell to -6.6%, with open interest declining by $1.9 billion to $10.1 billion. 10x Research emphasizes that the “sellers” currently blamed by the market are not the true primary drivers; the actual sellers remain unidentified, which will significantly impact future market positioning. (Source: ChainCatcher)