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

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