Weekly Report

5th January 2022

Market Trading is Pretty Quiet

Abstract: With a more active performance in the NFT segment, the daily transaction volume of Opensea surpassed its peak since last October and the number of trading addresses and transaction volume on Opensea (Polygon) also hit a record high. Some pop stars and IPs were actively exploring the world of NFT and Metaverse. In general, the secondary market saw a continuous decline in turnover with downcast trading mood and high level of uncertainty in the absence of new stimulus.

  • Total market value increased. Last week, the total market value of digital assets rose from US$2.1 trillion to around US$2.32 trillion. Bitcoin fluctuated within a range of US$45,000 to US$50,000.
  • Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 21 staged growth, while 79 witnessed decline.
  • Bitcoin’s hash rate decreased. The average hash rate of Bitcoin declined week-on-week. The weekly average hash rate was about 176.55EH/s.
  • Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 7.1%. Binance moved down by 9.4%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 25.7%, 23.9% and 10.2%, respectively.
  • Open position in futures decreased to US$18.4 billion. Last week, turnover of Bitcoin futures market grew by 9.4% week-on-week, with open position down to US$18.4 billion.
  • Bitcoin and stablecoin rose to US$147.1 billion. Last week, turnover of USDT increased by US$1.9 billion. USDC increased by US$400 million while BUSD showed modest changes.
  • Market Trading is Pretty Quiet. Market value remained at around US$2.2 trillion last week and Bitcoin fluctuated between US$45,000 and US$50,000 with its market share further down to below 40%. Spots turnover continued to drop by 4.6%. Bitcoin futures recorded an increase of 9.4% in its turnover with no significant change to that of Ethereum futures. Open positions in both Bitcoin and Ethereum fell. Driven by the active performance in NFT segment last week, the daily transaction volume of Opensea surpassed US$240 million, its highest level since last October, and Opensea (Polygon) also reached a record high in terms of its monthly transaction volume and the number of addresses which exceeded 80 million.  In addition, some pop stars and IPs started to actively explore the world of Metaverse and NFT, including Jay Chou and Britney Jean Spears. The secondary market continued the general decline with sluggish turnover due to higher level of uncertainty in the absence of new stimulus.

 

 

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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