Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout

The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday

Bitcoin (BTC) and ether (ETH) saw little price movement over the weekend as open interest and trading volumes slumped following a $400 million leverage flush out on Friday, dampening market momentum.

However, analysts at Presto Research said in a market brief to CoinDesk that they expect market volatility to return in the week ahead with macroeconomic catalysts such as the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from former U.S. Treasury Secretary Janet Yellen on Friday.

Bitcoin's Price Dropped After Non-Farm Payrolls Figures Boosted Markets

A record build-up in leverage on bitcoin futures cost bulls dearly on Friday as the market plunged sharply following the release of non-farm payrolls (NFP) figures.

The NFP number came in stronger than expected, with the U.S. economy adding 275,000 jobs compared to the anticipated 185,000. This beat expectations and caused a sell-off in markets, especially in riskier assets.

BTC saw a sharp decline following the release, falling from $71,000 to lows of $69,000. The price recovered slightly later on but still showed weakness.

A slide in meme stock GameStop (GME) also appeared to weigh in on riskier assets such as alternative tokens and meme coins, with major memes dogecoin (DOGE) and shiba inu (SHIB) losing as much to 10%.

Open Interest Slid to $60 Billion Across Major Tokens

Since Friday, open interest, or the number of unsettled futures contracts across various tokens, slid from $99 billion to $60 billion, indicating traders significantly pared bets.

Volumes also fell 10% in the past 24 hours, according to data from Coinglass.

BTC traded just over $69,400 in early European hours on Monday, while ETH traded around $3,660. Solana (SOL) and XRP (XRP) showed slight losses.

BNB Chain’s BNB tokens lost 5.5% as traders likely took profits following a rise to a lifetime peak of over $710 last week.

Cardano’s ADA was seen trading slightly up on Monday following confirmation of a technical event that could affect the fundamentals of the network and its token.