OVERVIEW

Stocktwits Crypto Data Dive - Week 51

Welcome to the Stocktwits Crypto Data Dive for Week 51 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 Stocktwits Crypto Data Dive has three main objectives:

1. Total and Altcoin caps, stamped with YTD moves and the gap to ATH.

2. Seven-layer market-cap recap (TMC ex-stables, ex-top-50, and five more flavors).

3. Crypto Index Performance covering 12 indices.

4. The Liquidation Station boards the train with 30-day totals plus a 7-day heatmap for maximum schadenfreude.

5. Market Heatmap, Social Volume Heatmap, Active Address Heatmap.

6. 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 51 and explore its intriguing insights! 🚀

SPONSORED
Exposure to the Growth of Blockchain Finance

Grayscale Chainlink Trust ETF (ticker: GLNK) delivers exposure to LINK, the native token of Chainlink, a leading oracle that connects external data and information to blockchains and serves as middleware between on- and off-chain systems. Chainlink has many potential use cases. For example, if an insurance company automatically knew a storm happened through connections with local weather services, it could issue payment on a claim instantly.

As the underpinning for many modern blockchain applications, including decentralized finance (DeFi) and real-world asset tokenization, we believe Chainlink is poised to grow alongside the broader digital finance industry.

Sponsored by Grayscale, the world’s largest digital asset-focused investment platform¹ with over a decade of expertise, GLNK allows investors to gain exposure to LINK for a 0% management fee².

1 Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

2 Gross expense ratio at 0% for 3 months or the first $1.0 billion of assets. After the fund reaches $1.0 billion in assets or after 3-month waiver period ending March 2, 2026, the fee will be 0.35%. Brokerage fees and other expenses may still apply.

Grayscale Chainlink Trust ETF (“GLNK” or the “Fund”), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GLNK is subject to significant risk and heightened volatility. GLNK is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GLNK is not a direct investment in Chainlink. Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

CRYPTOTWITS
Santa Doesn’t Like You And Holy Options Expiry Batman 😨

CRYPTO
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: -12%

• From ATH: -32%

Altcoin Market Cap

• All-Time High: $1.73 trillion

• YTD: -17%

• From ATH: -34%

CRYPTO
Stocktwits 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.

The GIF below shows the past 13 weeks of movement on the RRG.

STOCKTWITS
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CRYPTO
Total Market Cap (TMC) Performance For 2025

CRYPTO
Crypto Index Performance For 2025

SPONSORED
 The First-Ever Chainlink Fund for Investors

Grayscale Chainlink Trust ETF (ticker: GLNK) is the first ETF to offer investors exposure to LINK.

GLNK trades on NYSE and is available through your brokerage account. In other words, you can access it alongside traditional assets, while avoiding the challenges of buying, storing, and safekeeping the token directly. ¹

Sponsored by Grayscale, the world’s largest digital asset-focused investment ³ platform with over a decade of expertise, GLNK allows investors to gain exposure to LINK for a 0% management fee ⁴.

3 Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

4 Gross expense ratio at 0% for 3 months or the first $1.0 billion of assets. After the fund reaches $1.0 billion in assets or after 3-month waiver period ending March 2, 2026, the fee will be 0.35%. Brokerage fees and other expenses may still apply.

Grayscale Chainlink Trust ETF (“GLNK” or the “Fund”), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GLNK is subject to significant risk and heightened volatility. GLNK is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GLNK is not a direct investment in Chainlink.

Please read the prospectus carefully before investing in the Fund. 

Foreside Fund Services, LLC is the Marketing Agent for the Fund. Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

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.

• November 19-20 - the defining event of the window. Roughly $1.4-1.6B in long liquidations as BTC rolls over and the crowded upside trade finally snaps.

• November 30 - a clean, sharp long-side flush near $800M-$900M following a brief bounce attempt that failed fast.

• December 4-6 - a cluster of mid-sized long wipes in the $300M-$600M range as BTC stalls and leverage creeps back in anyway.

• December 8-10 - steady two-sided pressure, but still long-heavy, suggesting churn rather than capitulation.

• December 14-17 - repeated medium green bars as traders keep pressing longs into a sideways tape and get shaved down again.

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.

• December 14 - broad, sustained heat in BTC, ETH, SOL, and XRP, with multiple orange columns showing majors-led flushes.

• December 15 - majors stay hot while alts lag, a clean example of BTC and ETH doing the damage first.

• December 16 - repeated orange bursts across BTC, ETH, and SOL, with ZEC and ASTER flaring alongside them.

• December 17 - alt-heavy spike, especially FARTCOIN and a few smaller rows, while BTC cools slightly.

• December 18 - another synchronized wave where majors reheat and memes follow immediately after.

Some Interesting Insights 👓️ 

• Across both charts, the market spent a month punishing patience, not conviction. Long leverage was the consistent target.

• Liquidations stayed elevated even without a strong trend, signaling high participation and poor discipline.

• Heat-map spikes line up tightly with failed BTC pushes rather than clean breakdowns or breakouts.

• Majors still lead every meaningful liquidation wave, but the trader count damage concentrates in smaller names once the flush starts.

• The recurring pattern here is simple: sideways price plus rising liquidation counts equals leverage farming, not accumulation or distribution.

Get In Touch 📬

Email me, Jonathan Morgan, feedback; I’d love to hear from you. 📧
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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋

Grayscale Chainlink Trust ETF (“GLNK” or the “Fund”), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GLNK is subject to significant risk and heightened volatility. GLNK is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GLNK is not a direct investment in Chainlink. Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund.

1 Largest crypto-focused asset manager based on AUM as of 10/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

2 Gross expense ratio at 0% for 3 months or the first $1.0 billion of assets. After the fund reaches $1.0 billion in assets or after 3-month waiver period ending March 2, 2026, the fee will be 0.35%. Brokerage fees and other expenses may still apply.