Weekly Report

28th July 2021

Secondary Market Up Slightly

Abstract: Turnover rose slightly last week. The NFT game sector extended its outperformance. And influenced by relevant news, the secondary market went up in general.

  • Total market value increased. Last week, the total market value of digital assets rose from US$1.24 trillion to US$1.34 trillion. Bitcoin surged from US$30,000 to US$40,000.
  • Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 89 staged growth, while 11 witnessed decline.
  • Bitcoin’s hash rate decreased. The average hash rate of Bitcoin declined modestly week-on-week. The weekly average hash rate was about 100.55 EH/s.
  • Bitcoin’s on-chain activity declined and Ethereum’s on-chain activity also decreased. The Bitcoin network saw a 2.64% increase, 1.36% increase and 21.68% decrease 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 shrank by 0.56%, with the number of active addresses up by 5.36% and average on-chain transaction amount down by 3.50%.
  • Stock exchanges posted a combined 23.2% increase in turnover. Last week, turnover on the 10 exchanges tracked by us rose 23.2% week-on-week. Binance moved up by 24.4%. Bitfinex, Bitstamp and Coinbase all recorded an increase of 4.0%, 29.5% and 24.0%.
  • Open position in futures rose to US$13.3 billion. Last week, turnover of Bitcoin futures market increased 6.6% week-on-week, with open position up to US$13.3 billion.
  • Bitcoin and stablecoin increased to US$108.5 billion. Last week, turnover of USDT reduced by US$170 million. USDC increased by US$480 million, and BUSD increased by US$600 million.
  • The secondary market saw better performance. Last week, the NFT game sector continued to outperform, driven by Axie Infinity, which topped the rank with its all time turnover surpassing that of NBA Top Shot. In the future, blockchain-based games may become one of the prominent directions for development. In addition, more clear signals will be released at the Fed’s meeting this week, expectedly offering better guidance to the market-wide liquidity. Also related sources claimed this morning that Amazon will accept cryptocurrency payments, resulting in a general rise in the secondary market with bitcoin once approaching US$40,000. However, the news was not confirmed yet. It is expected that the market will remain range bound for some time in the future, and certain individual sub-sectors may be sought after when market sentiment improves a bit.


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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