Weekly Data Report for 13 to 19 June


The Market Turnover Went Up

 

Trading volume rose. The market value of cryptocurrencies dropped to around US$870 billion last week. Bitcoin lost approximately 13% to below USD$20,000 and even to a low of around US$18,000, while Ethereum fell by approximately 9%, reaching a low of around US$880 throughout the week. Both the turnover of spot and futures increased with a gain of approximately 47.5% in that of the spot market, while turnover of Bitcoin futures and Ethereum futures increased by 130% and 100% respectively. Among the top 100 coins based on market value, 32 declined, while 68 rose, with a slight rally in the overall market and some altcoins in particular. The signal is not clear even after the Fed raised interest rate aggressively by 75 basis points (highest in 28 years) at the June FOMC Meeting, and it is expected to continue raising interest rates in July. Investors may continue to keep an eye on future macroeconomic and inflation data. In addition, Three Arrows Capital (3AC), one of the largest cryptocurrency hedge funds, has encountered a liquidity crisis due to GBTC, stETH, Luna, and other factors. To respond to the Margin Call, its Founder Su Zhu said on Twitter that the firm is committed to working out a solution after using all available assets. There are also other institutions facing liquidity challenges. Circle, the issuer of the USDC stablecoin, has launched its Euro stablecoin on the Ethereum blockchain.

It is expected that the market will continue to hover at low levels under macro pressure.

  • Total market value tumbled. Last week, the total market value of digital assets declined to around US$870 billion. Bitcoin plunged below US$20,000 and even to a low of around US$18,000, while Ethereum fell as low as US$880 before bouncing back slightly on Monday. .
  • Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 32 witnessed decline, while 68 staged growth.
  • Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose by 47.5% week-on-week. Binance moved up by +38.4%. Bitfinex, Bitstamp and Coinbase recorded increase of +133.8%, +89.9% and +59.9%, respectively.
  • Turnover of futures increased. Turnover of Bitcoin futures and Ethereum futures rose by 130% and 100% respectively.
  • Turnover of Dex increased to approximately US$28 billion. The weekly turnover of Dex grew by 64.7% as compared to last week.
  • Turnover of Opensea decreased to approximately US$0.14 billion, down by 23% as compared to last week.

Bitcoin Futures Daily Trading Volume:

Source: HashKey Capital Research, The Block

 

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