Crypto market sheds 14.5% last week as total cap falls to $2.13T: 10x Research

As of June 8 (UTC+8), 10x Research data cited by ME News show the crypto market underwent a sharp pullback last week, with total market capitalization sliding to $2.13 trillion, down 14.5% on the week. Weekly trading volume reached $117 billion, 47% above the average. Bitcoin recorded $47.3 billion in weekly volume, 61% above average, while Ethereum posted $23.2 billion, 77% above average. While the selloff has been widely attributed to leveraged traders, the report says most of the selling pressure actually came from the spot market. Bitcoin's funding rate climbed to 5.7% this week, as futures open interest fell by $3 billion to $21 billion. Ethereum's funding rate slipped to 6.6%, with open interest down $1.9 billion to $10.1 billion. 10x Research argues that the "sellers" currently blamed by the market are not the real primary force, and the identity of the true sellers remains unclear—a factor it says could materially influence positioning in the weeks ahead. (Source: ChainCatcher)