The Week On-Chain 33, 2025
Pressure continues to mount across the digital asset landscape, with broad-based sell-offs hitting major assets. Derivatives activity, in particular, continues to accelerate, leaving the market increasingly sensitive and reflexive in its structure.

Executive Summary
- Capital inflows into Bitcoin continue to decline, even as a new ATH of $124.4k forms, highlighting weaker investor demand.
- Altcoin open interest hit an ATH of $60B, but quickly fell by -$2.6B, marking the 10th largest drop on record.
- Ethereum’s open interest dominance is at its 4th highest level, while perpetual futures volume dominance reached a new ATH of 67%.
- In prior cycles (2015–2018, 2018–2022), ATHs were reached 2–3 months later than where we are in the current cycle.

Read more in The Week On-Chain newsletter.