Weekly Report for 11 to 18 April

Market Turnover was Weak

Abstract: Trading has been weak in the recent week. US March CPI grew by 8.5% YoY and core CPI grew by 6.5% YoY, exceeding expectations. Circle announced to raise US$400M and Ether Foundation announced the merger of Q3 and Q4 this year. The NFT market was actively traded last week. With Moonbirds, the first NFT avatar series launched by the podcast Proof, being the most actively traded, with a floor price of over 15E.

  • Total market value declined. The total market value of digital assets declined to around US$1.9 trillion last week. Bitcoin plunged to below $40,000.
  • Mixed Performance for top 100 digital assets. Last week, 49 of the top 100 digital assets fell while 51 rose.
  • Exchanges turnover dropped. Last week, turnover of 10 exchanges tracked by us decreased by 28.2%. Binance moved down by -29.9%. Bitfinex, Bitstamp and Coinbase recorded a decrease of -16.9%, -8% and -25.5%, respectively.
  • Turnover of futures declined. Turnover of Bitcoin futures and Ethereum futures dropped by 8% and 15% respectively.
  • Turnover of DEXes fell to around US$14 billion. Weekly turnover of DEXes fell by 17.6% as compared to last week.
  • Turnover of OpenSea increased to around US$1.48 billion. Turnover of OpenSea increased by 38.3% as compared to last week.


  • Market trading was weak. Last week, market value of cryptocurrencies fell below US$2 trillion, with bitcoin falling below $40,000. Spot turnover slumped by approximately 28% compared to last week, where it reached the position at the end of February this year, with no major direction in trading. Bitcoin futures turnover dropped by 8% and Ethereum futures dropped by 15%. U.S. March CPI rose by 8.5% YoY and core CPI rose by 6.5% YoY, exceeding expectations, with discussion on whether a top exists. The Ether Foundation announced the merger of Q3 and Q4 this year, Circle announced to raise US$400 million, BlackRock, Fidelity and Fin Capital will participate in the investment, BlackRock said they would explore the application of USDC in the capital market with Circle, and Circle will be listed through SPAC afterwards. Stablecoin of Near Protocol might be online this week, USDN will cooperate with large stablecoins in the market. The NFT market was actively traded last week, with Moonbirds’s turnover reaching US$110M in 24 hours on April 17, and the floor price have reached 15.5E. Moonbirds is the first NFT avatar series launched by the podcast Proof and is being offered at 2.5ETH. The market is expected to hover at low levels under macro pressure moving forward.

Digital Currency Market Capitalization Change:

Source: HashKey Capital Research, Coin360

Bitcoin Futures Daily Trading Volume:

Source: HashKey Capital Research, The Block

Legal Disclaimer:


  • The information contained in this document has been compiled by HashKey Group (as defined below) from sources believed to be reliable, but no representation or warranty express or implied is made by HashKey Group, its affiliates or any other person as to its fairness, reasonableness, reliability, accuracy, completeness or correctness. All illustrations, examples or forward-looking information (if any) contained in this document have been provided in good faith for illustrative purposes only as of the date of this document, and are not intended to serve as, and must not be relied upon as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Whilst efforts are made to ensure the accuracy and completeness of the information contained in this document at the time of publication, errors or omissions may occur. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. HashKey Group reserves the right to correct any errors or omissions, and to change or update information at any time without prior notice.
  • Each legal jurisdiction has its own laws regulating the types of investments and/or services which may be offered to its residents and/or in its jurisdiction, as well as the process for doing so.  As a result, certain investment products or services discussed in this document may not be eligible for sale or offered in some jurisdictions. This document is not an offer to sell or a solicitation of an offer to purchase any investments or services. Unless otherwise specified, HashKey Group does not hold itself out to be licensed to carry on regulated activities in any jurisdiction. Additionally, providing this material is not, and under no circumstances should be construed to act as a regulated business in any jurisdiction by any person or company that is not legally permitted to carry on such regulated business in that jurisdiction.
  • Nothing in this document constitutes legal, accounting, or tax advice, and you are advised to seek independent legal, tax and accounting advice prior to acting upon anything contained in this document.  The contents of this material have not been reviewed by any regulatory authority. Investors are advised to exercise caution in relation to any investments or services in relation to this document. If you are in doubt about any of the contents of this material, you should obtain independent professional advice.
  • To the full extent permitted by law, neither HashKey Group nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or the information contained herein. No information contained in this document may be reproduced or copied by any means without the prior written consent of HashKey Group.
  • “HashKey Group” is a brand name to describe any one or more entities of the group companies composed of HashKey Digital Asset Group Limited and its Affiliates.