Weekly Data Report for 21 to 27 March


Market Sentiment Improved

Abstract: Institutional investors’ frequent entries in the market in recent week, including Goldman Sachs, Qualcomm, ANZ, Bridgewater and others. As Ethereum Merge is expected to take place in the industry in June, developers and the community are cautiously optimistic. The secondary market went up generally and market sentiment improved.

  • Total market value increased. Last week, the total market value of digital assets increased to around US$2.1 trillion. Bitcoin reached a high of over US$47,000, representing an increase of around 15%.
  • Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 95 staged growth, while 5 witnessed decline
  • Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose by 13.8%. Binance moved up by +12.2%. Bitfinex, Bitstamp and Coinbase recorded decrease of 0.4% and 6.7% and increase of 37.4%, respectively.
  • Futures registered modest changes in turnover. Last week, turnover of Bitcoin futures market grew by 2.7% week-on-week, with close position increasing to US$0.02 trillion. Turnover of Ethereum futures market grew by 2%, with open position growing to US$0.009 trillion.
  • Turnover of Dex decreased to US$0.01trillion. The decrease in weekly turnover of Dex dropped by 6.7% as compared to last week.
  • Turnover of Opensea decreased to approximately US$0.0006 trillion. Turnover of Opensea increased to approximately US$0.0007 trillion, down by 8% as compared to last week.

 

  • The market rose in general. Market value of cryptocurrencies increased to approximately US$2.1 trillion last week, topping $2 trillion, while Bitcoin rose to over US$47,000, with a gain of 15%. Spot turnover posted modest changes compared to last week and turnover of Bitcoin futures rose by 2.7% while turnover of Ethereum futures increased by 2%. Institutional investors’ frequent entries in the market in recent weeks: Goldman Sachs announced its first OTC crypto trade with Galaxy Digital to enter the derivatives market; Qualcomm launched a US$100 million Metaverse Fund to invest in XR and associated technologies; ANZ, one of Australia’s Big Four banks, became the first Australian bank to mint an Australia dollar pegged stablecoin; Bridgewater is also planning for a crypto fund. Avalanche Bridge in the industry will support the BTC network, allowing for the bridging of BTC assets to the Avalanche DeFi ecosystem. As Ethereum Merge is expected to take place in June, developers and the community are cautiously optimistic. For some of the NFT blue chip projects such as BAYC, floor price and turnover of Azuki continued to rise. The general market sentiment improved with overall rally of the secondary market.

Digital Currency Market Capitalization Change:

Source: HashKey Capital Research, Coin360

Bitcoin Futures Daily Trading Volume:

Source: HashKey Capital Research, The Block

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