Crypto Market Cap Plummets 14.5% to $2.13 Trillion as Spot Selling Outpaces Leverage Liquidations

According to 10x Research data reported by ChainCatcher, the cryptocurrency market capitalization plummeted 14.5% over the past week to $2.13 trillion. Trading activity surged during this period, with total weekly volume hitting $117 billion—47% above the historical average. Bitcoin and Ethereum saw volumes rise 61% and 77% above their respective averages. Contrary to the prevailing narrative blaming leveraged liquidations, 10x Research identifies spot market selling as the primary catalyst for the downturn. During the week, Bitcoin’s futures open interest fell by $3.5 billion to $21 billion, while Ethereum’s open interest dropped $1.9 billion to $10.1 billion. The report concludes that the actual source of selling pressure remains unidentified, suggesting that market participants may be misattributing the cause of the decline, a factor that could significantly influence future market positioning.