Weekly Report

19th January 2022

Turnover Declined

Abstract: Last week, the Federal Reserve released inflation data, with inflation reaching 7% in December, and hawkish Fed officials said three rate hikes and rapid shrinkage of the balance sheet were needed to fight inflation. In the sub-sector, the second-tier public chains and NFT segment performed rather actively. The secondary market saw a general rise, with continued weak performance in mainstream coins, falling turnover and a lack of new stimuli in the market.

  • Total market value increased. Last week, the total market value of digital assets increased from US$2 trillion to US$2.1 trillion. Bitcoin was range-bound above US$40,000. 
  • Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 75 staged growth, while 25 witnessed decline. 
  • Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 16.7%. Binance moved down by -14.7%. Bitfinex, Bitstamp and Coinbase recorded a decrease of -14.5%, -20.1% and -25.4%, respectively. 
  • Turnover of futures declined. Last week, turnover of Bitcoin futures market declined by 16%, with little change in close position. Turnover of Ethereum futures market declined by 21%, with little change in open position. 
  • Turnover of Dex decreased to US$15.2 billion. The weekly turnover of Dex decreased to US$15.2 billion, down by 50% as compared to last week. 
  • Turnover of Opensea decreased to US$1.2 billion. Turnover of Opensea decreased to US$1.2 billion, down by 26% as compared to last week.
  • Turnover declined. Market value rose to about US$2.1 trillion last week as Bitcoin fluctuated in a narrow range above US$40,000 and weakness of the mainstream tokens persisted. The turnover declined as compared to last week. Spots turnover decreased by 16% while bitcoin futures turnover and Ethereum futures turnover recorded a decrease of 16% and 21%, respectively, with little change in open positions in both Bitcoin and Ethereum. Last week, the Federal Reserve released inflation data, with inflation reaching 7% in December, and hawkish officials said three rate hikes and rapid shrinkage of the balance sheet and reduction of Fed’s holdings were needed to fight inflation. It is expected bearish signs of mainstream coin market in the short term, under the macro policy pressure, mainly reflected in the altcoin market. In the sub-sector, the second-tier public chains and NFT segment performed rather actively. Public chains such as Fantom, Near and Harmony fared better, and NFT remained hot as driven by Hong Kong and Taiwan stars and KOL. The market faces higher level of uncertainty due to tightening liquidity in the secondary market and 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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