Weekly Report

17th November 2021

The market is expected with upward spirals

Abstract: Coinbase announced its third quarter financial results, which has declined somewhat compared to the second quarter. Currently, the source of income and transactions has come from smaller coins. The secondary market is mainly about altcoins, such as GameFi/NFT. The performance of mainstream currencies is relatively stable, lingering near new highs and exchange holdings have been declining, and the market is expected to continue its upward spiral.

  • Total market value increased. Last week, the total market value of digital assets increased from US$2.6617 trillion to US$2.7620 trillion. Bitcoin basically traded well above US$60,000 mark, hitting a new high of more than US$68,000.
  • Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 45 staged growth, while 55 witnessed decline.  
    • Bitcoin’s hash rate increased. The average hash rate of Bitcoin increased week-on-week. The weekly average hash rate was about 160.62EH/s. 
    • Bitcoin’s on-chain activity declined and Ethereum’s on-chain activity increased. The Bitcoin network saw an increase of 2.89%, 0.57% and 7.14% in average number of transfers, average number of active addresses and average transfer amount, respectively. In the Ethereum network, the average number of on-chain transactions, the number of active addresses and the average on-chain transaction amount decreased 0.6%, 2.19% and 3.62%, respectively. 
    • Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose. Binance moved up by 1.6%. Bitfinex, Bitstamp and Coinbase recorded an increase of 43.4%, 37.6% and 0.5%, respectively. 
    • Open position in futures declined to US$25.3 billion. Last week, turnover of Bitcoin futures market grew 24.6% week-on-week, with open position down to US$25.3 billion. 
    • Bitcoin and stablecoin increased to US$129.6 billion. Last week, turnover of USDT rose by US$1.32 billion. USDC increased by US$70 million, and BUSD decreased by US$870 million.
    • The market is expected to continue its upward spiral. Market value rose to above US$2.5 trillion last week as Bitcoin continued to move within a narrow range in the secondary market of above US$60,000. Spot turnover recorded an increase, and open positions of both Bitcoin futures and Ethereum futures declined slightly, but the turnover has not changed much, the dominance levels of both Bitcoin and Ethereum have not changed much as well in last two weeks. Coinbase announced its third quarter financial results, which has declined somewhat compared to the second quarter. Currently, Coinbase’s source of income and transactions has come from smaller coins, representing more than 50% income. American talk show host, Jimmy Fallon has changed his Twitter profile picture to a Bored Ape BAYC, and Opensea hit a record of US$0.1 billion in single day sales. Last week, the secondary market is mainly about smaller coins, such as GameFi/NFT. The performance of mainstream currencies is relatively stable, lingering near new highs and exchange holdings have been declining, and the market is expected to continue its upward spiral.

       

      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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