OVERVIEW
Crypto Data Dive - Week 37
Welcome to the Crypto Data Dive for Week 37 of 2025!
In this issue, we'll dive into the data to keep you informed about the progress of the overall crypto market and shine a spotlight on emerging and established trends.
What You’ll Find In The Crypto Data Dive has three main objectives:
- Total and Altcoin caps, stamped with YTD moves and the gap to ATH.
- Seven-layer market-cap recap (TMC ex-stables, ex-top-50, and five more flavors).
- Crypto Index Performance covering 12 indices.
- The Liquidation Station boards the train with 30-day totals plus a 7-day heatmap for maximum schadenfreude.
- Market Heatmap, Social Volume Heatmap, Active Address Heatmap.
- ETF scorecards for BTC and ETH still tracking 7- and 30-day flows.
So, without further delay, let's jump right into the data from week 37 and explore its intriguing insights!
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Crypto Market Cap Update
What is the broader trend within the crypto market? The simplest way to track this is by using three market cap charts. So let's see what we got.
*the price levels and performance values may be very different from what you read in your mailbox vs. what's happening in the live market. This is especially true when crypto faces a new bull or bear run.
Total Market Cap
- All-Time High Close: $4.11 trillion
- YTD: +22%
- From ATH: -4%
Click to enlarge.
Altcoin Market Cap
- All-Time High: $1.66 trillion
- YTD: +20%
- From ATH: -1%
Click to enlarge.
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Total Market Cap (TMC) Performance For 2025
| Index | Value | Weekly Performance |
| TMC Excluding BTC and ETH | $1.1T | +8% |
| TMC Excluding BTC and Stablecoins | $1.4T | +8% |
| TMC Excluding BTC, ETH, and Stablecoins | $848B | +10% |
| TMC Excluding Stablecoins | $3.7T | +6% |
| TMC Excluding Top 10 | $323B | +11% |
| TMC Excluding Top 50 | $80B | +13% |
| TMC Excluding Top 100 | $15B | +10% |
CRYPTO
Crypto Index Performance For 2025
| Index | Weekly Performance |
| AI | +13% |
| Decentralized Finance | +10% |
| Decentralized Physical Infrastructure | +6% |
| Exchange Tokens | +7% |
| Layer 1 | +5% |
| Meme | +18% |
| Proof-Of-Stake | +5% |
| Proof-Of-Work | +5% |
| Real World Asset Tokenization | +11% |
| Rehypothecated | +5% |
| Smart Contracts | +6% |
| Stablecoins | +1% |
CRYPTO
Liquidation Station
Interested in how much has been flushed out of leveraged long and short positions? Who’s getting hurt the most? This is the best place to get an idea of how leveraged positions are doing.
30-day Total Liquidations
What You’re Looking At
- Green bars above zero = longs blown out because price fell.
- Red bars below zero = shorts blown out because price ripped.
- Left-hand scale is U.S. dollars (millions); the dashed line near the top sits at $1B.
30-day Total Crypto Liquidation Chart - Click to enlarge.
- August 13 - largest long flush of the window, $850-900M.
- August 22 - deepest short squeeze, $450-500M.
- August 24 - another heavy long purge, $750-850M.
- August 28-29 - follow-through long liquidations, $350-500M per day.
- September 1 - shorts hit again, $250-300M.
- September 7 - red returns, $300M shorts wiped.
- September 9 - September 11 - persistent but smaller short wipes, $150-250M each day.
7-day Liquidation Heat Map
What You’re Looking At
- Rows = coins, columns = timestamps.
- Color = head-count of forced liquidations (legend tops at 2,000).
- A cell showing “BTC 1,600” means 1,600 separate BTC positions were liquidated.
7-day Cryptocurrency Liquidation Heatmap - Click to enlarge.
- September 6 - September 7 - BTC and ETH cycle yellow to orange several times; SOL trails one notch cooler. TRX prints an isolated bright yellow burst.
- September 9 - broad surge across majors; alts echo 1-3 hours after BTC/ETH.
- September 11 - another hot stretch in BTC and ETH; SOL and XRP follow.
- WLFI - sustained orange bands for long runs this week, well above typical mid-caps.
Some Interesting Insights
- Symmetric pain - Longs took the month’s biggest hits on August 13and August 24-29. Shorts got squeezed on August 22, September 1, and September 7-11.
- Participation still high - Multiple BTC/ETH hours pressed into yellow/orange this week, and WLFI ran unusually hot for extended periods.
- Same rule keeps working - Any day > $600M liquidated or any hour > 1,500 head-count tends to be followed by a sharp counter-move inside 24-48 hours.
- Process - Watch BTC and ETH on the heatmap. When they flip yellow, cut alt exposure or tighten stops.
HEATMAP
Total Crypto Market Heatmap
Weekly Heat Map - Source: Santiment - Click to enlarge.
Social Volume Heatmap
Weekly Social Volume Heat Map - Source: Santiment - Click to enlarge.
Active Addresses Heatmap
Weekly Active Addresses Heat Map - Source: Santiment - Click to enlarge.