OVERVIEW
Crypto Data Dive - Week 46
Welcome to the Crypto Data Dive for Week 46 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 46 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: $4.22 trillion
YTD: +2%
From ATH: -22%
Click to enlarge.
Altcoin Market Cap
All-Time High: $1.73 trillion
YTD: -4%
From ATH: -24%
Click to enlarge.
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Crypto Index RRG
Relative Rotation Graphs (RRG) help us visualize how a currency or sector performs compared to a benchmark - in this case, the U.S. Dollar Index (DXY). Think of the four colored sectors as stages in a race:
Leading Quadrant (green) - You're a champ! 🏆 You're ahead of everyone else, and the crowd is cheering. But watch out; you might be overdoing it.
Weakening Quadrant (yellow) - You're slowing down 😓 and losing your lead. Maybe you're a bit demoralized because your biggest fan didn't show up. You're now in the middle of the pack.
Lagging Quadrant (red) - Disaster strikes! 😱 You're injured, exhausted, or just made a big mistake. You're now in last place, and it's a sad scene.
Improving Quadrant (blue) - Time for a comeback! 💪 Your motivation returns, the music swells, and you're picking up speed. You're back in the middle, catching up with the leaders.
Analyzing the RRG Examples
Example 1: Rapid Rotation
- If an instrument moves quickly through all four quadrants, it could indicate high volatility or erratic behavior. Traders may want to be cautious or use appropriate risk management strategies in such cases.
Example 2: Stuck in the Middle
- An instrument that remains close to the center of the RRG might be in a consolidation phase, lacking a clear trend or momentum. Traders might wait for a decisive move before entering a position.
Example 3: Consistent Leader
- If an instrument stays in the Leading Quadrant (top right) for an extended period, it could signify a strong, sustained uptrend. Traders might consider buying opportunities or riding the trend.
Example 4: Slow Recovery
- An instrument that gradually moves from the Lagging Quadrant (bottom left) to the Improving Quadrant (blue) and eventually to the Leading Quadrant (green) could indicate a slow but steady recovery. Traders might look for potential reversal or bottom-fishing opportunities.
The GIF below shows the past 21 days of movement on the RRG.
Click to enlarge.
The GIF below shows the past 13 weeks of movement on the RRG.
Click to enlarge.
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Total Market Cap (TMC) Performance For 2025
Index | Value | Weekly Performance |
|---|---|---|
TMC Excluding BTC and ETH | $917B | +1% |
TMC Excluding BTC and Stablecoins | $1.02T | 0% |
TMC Excluding BTC, ETH, and Stablecoins | $635B | +1% |
TMC Excluding Stablecoins | $2.94T | -1% |
TMC Excluding Top 10 | $236B | +4% |
TMC Excluding Top 50 | $57B | +5% |
TMC Excluding Top 100 | $11B | +4% |
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Crypto Index Performance For 2025
Index | Weekly Performance |
|---|---|
AI | -3% |
Decentralized Finance | +2% |
Decentralized Physical Infrastructure | -2% |
Exchange Tokens | -1% |
Layer 1 | -1% |
Meme | +1% |
Proof-Of-Stake | -2% |
Proof-Of-Work | -1% |
Real World Asset Tokenization | +1% |
Rehypothecated | -1% |
Smart Contracts | -2% |
Stablecoins | -1% |
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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.
Oct 13 - Oct 17: three straight green days, building to $600-700Mby the 17th as BTC slid.
Oct 25: clean red day ($250-300M) on a pop; shorts got cute.
Oct 27 - Oct 31: stair-step into $900M on Oct 29; long side kept leaning the wrong way.
Nov 2: the largest print in this window, $1.6-1.7B long liquidations as BTC faded under $110K.
Nov 4 - Nov 6: alternating smaller reds/greens ($150-300M each) while price chopped.
Nov 10 - Nov 13: steady build again on the long side, finishing near $1.0B on Nov 13.
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.
Nov 7-8 (UTC): BTC and ETH spend long stretches yellow → orange; SOL runs hot early; DOGE/XRP echo one tier cooler.
Nov 9-10: mid-caps take turns - WLFI lights a multi-hour orange band, FIL gets its own streak, and WLFT/NEAR show clustered yellows.
Nov 11: majors warm again during U.S. hours; ZEC prints repeated yellows as spreads widen.
Nov 12-13: broad warm zone across the board that lines up with the rising green bars on the 30-day chart; alts follow majors with the usual 1-3 hour lag.
Nov 14 pre-open: cooling back to greens, which usually means… yes, traders are already re-leveraging.
Some Interesting Insights
Two waves did the damage: a broad long wipe on Oct 29 ($0.9B)and a bigger one on Nov 2 ($1.6-1.7B), then a fresh build-and-flush into Nov 13 ($1.0B).
Head-count stayed elevated:multiple BTC/ETH yellow→orangeruns this week confirmed thousands of positions per hour getting clipped; product-specific streaks (WLFI, FIL) added localized pain.
Same rule still cashes checks: 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 majors first, pull alt risk the moment those rows heat up, and expect the opposite-side stop-hunt after the big prints.
HEATMAP
One-Week Crypto Heat Map
Click to enlarge.
One-Month Crypto Heat Map
Click to enlarge.
Quarterly Crypto Heat Map
Click to enlarge.
YTD Heat Map
Click to enlarge.