Weekly Report

4th August 2021

Market Sentiment Improved

Abstract: Turnover rose significantly last week. NFT games and collectibles were traded more actively, and the secondary market went up in general with market sentiment improving.

  • Total market value increased. Last week, the total market value of digital assets rose from US$1.34 trillion to US$1.58 trillion. Following a price increase to US$40,000 last week, Bitcoin fluctuated in a narrow range of US$40,000.
  • Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 68 staged growth, while 32 witnessed decline.
  • Bitcoin’s hash rate rose. The average hash rate of Bitcoin declined modestly week-on-week. The weekly average hash rate was about 108.79 EH/s.
  • Bitcoin’s on-chain activity grew and Ethereum’s on-chain activity increased. The Bitcoin network saw a 10.75% increase, 8.24% increase and 120.99% increase in average number of transfers, number of active addresses and average transfer amount, respectively. In the Ethereum network, the average number of on-chain transactions grew 5.27%, with the number of active addresses and average on-chain transaction amount up by 9.30% and 13.33% respectively.
  • Stock exchanges posted a combined 43.2% increase in turnover. Last week, turnover on the 10 exchanges tracked by us rose 43.2% week-on-week. Binance moved up by 39.1%. Bitfinex, Bitstamp and Coinbase all recorded an increase of 46.6%, 66.0% and 68.0%.
  • Open position in futures increased to US$14.2 billion. Last week, turnover of Bitcoin futures market grew 72.4% week-on-week, with open position up to US$14.2 billion.
  • Bitcoin and stablecoin increased to US$109.4 billion. Last week, turnover of USDT increased by US$120 million. USDC increased by US$270 million, and BUSD increased by US$380 million.
  • The market was more active. Both the spot and futures markets saw a significant increase in turnover last week, and despite the news of Amazon’s acceptance of Bitcoin payments last Monday proved to be false, the market remained relatively active last week. The public blockchain ecosystem was much more active than before, with the total daily transactions of BSC reaching a new high of US$10 million and a 14% increase in total locked positions. In terms of individual subsectors and apart from games, NFT collectibles were also in very active trading last week with the turnover of Cryptopunk up by 12 times. At the regulatory level, the U.S. Senate passed a US$1 trillion infrastructure investment bill, looking to raise around US$28 billion through cryptocurrency taxes. This may be a potential risk but there was no concrete implementation plan yet. The secondary market went up generally last week as market sentiment improved.

 

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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