Weekly Report: Market Sentiment Comes in Average


Market Sentiment Comes in Average

Abstract: The Federal Reserve will hold its final meeting of the year this week, and the Fed’s move on tightening policy would likely to have a bearing on the market. There was no new development in sub-sectors such as DeFi/NFT/public chains. The secondary market showed little appetite for turnover in the absence of new stimulus and high level of uncertainty.

    • Total market value declined. Last week, the total market value of digital assets declined to around US$2.2 trillion. Bitcoin fluctuated at around US$50,000.
    • Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 51 staged growth, while 49 witnessed decline.
    • Bitcoin’s hash rate rose. The average hash rate of Bitcoin grew week-on-week. The weekly average hash rate was about 177.82EH/s.
    • The on-chain activities of both Bitcoin and Ethereum decreased. The Bitcoin network saw a decrease of 6.5%, 8.23% and 42.25% in average number of transfers, average number of active addresses and average transfer amount. In the Ethereum network, the average number of on-chain transactions fell by 2.41% with the number of active addresses and the average on-chain transaction amount also down by 2.93% and 21.67%, respectively.
    • Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us registered little change. Binance moved down by 33.7%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 28.9%, 18.7% and 29.8%, respectively.
    • Open position in futures increased to US$17.7 billion. Last week, turnover of Bitcoin futures market declined 31% week-on-week, with open position up to US$17.7 billion.
    • Bitcoin and stablecoin rose to US$218.0 billion. Last week, turnover of USDT increased by US$940 million. USDC increased by US$840 million, and BUSD increased by US$280 million.
    • The market showed little appetite for turnover. Market value fell to around US$2.2 trillion last week and Bitcoin fluctuated at about US$50,000. Spots turnover dropped 32%, together with a 31% and 35% decline in turnover of Bitcoin futures and Ethereum futures respectively. U.S inflation data hit 8% which was slightly above the 6.7% forecast, signaling that rates will need to rise sooner. The Federal Reserve will hold its final meeting of the year next week, and the Fed’s move on tightening policy would likely to have a bearing on the market. There was no new development in sub-sectors such as DeFi/NFT/public chains. The secondary market showed little appetite for turnover in the absence of new stimulus in sectors. The market is expected to continue to fluctuate due to high level of uncertainty.

Performance of underlying assets

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