Sub-sector of Active Performance

Abstract: Last week, the Federal Reserve said that it would raise interest rates three times in 2022 at a pace faster than expected. In addition, the US Department of Labor released the non-farm payrolls for December, indicating that the declining unemployment rate in the US may lead to tightened policy. In the sub-sector, NFT performed quite actively. The turnover of Opensea reached US$260 million, its highest level since 13 October. Hong Kong and Taiwan stars, such as Jay Chou Chieh-lun and Edison Chen Koon-hei, are actively exploring NFT, driving the growth of domestic NFT last week. A general decline was witnessed in the secondary market. The mainstream tokens showed relatively weak performance, albeit higher turnover as compared to last week. The market faces high level of uncertainty due to sustained fund tightening.

• Total market value declined. Last week, the total market value of digital assets declined from US$2.3 trillion to below US$2 trillion. Bitcoin decreased significantly to around US$40,000.
• Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 5 staged growth, while 95 witnessed decline.
• Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose by 15.3%. Binance moved up by 14.2%. Bitfinex, Bitstamp and Coinbase recorded an increase of 28.1%, 24.2% and 16.2%, respectively.
• Turnover of futures increased. Last week, turnover of Bitcoin futures market grew by 15%, with close position down to US$16.7 billion. Turnover of Ethereum futures market grew by 38%, with close position down to US$8.68 billion.
• Turnover of Dex increased to US$23 billion. The weekly turnover of Dex reached US$23 billion, up by 26% as compared to last week.
• Turnover of Opensea increased to US$1.5 billion. Turnover of Opensea increased to US$1.5 billion, up by 22% as compared to last week.
• Bitcoin and stablecoin rose to US$87.6 billion. Last week, turnover of USDT increased by US$2.4 billion. USDC and BUSD remained unchanged.
• The sub-sector traded actively. Market value fell to below US$2 trillion last week and Bitcoin plummeted to about US$40,000, showing weakness of the mainstream tokens, albeit higher turnover as compared to last week. Spots turnover increased by 15%. Bitcoin futures and Ethereum futures recorded an increase of 15% and 38%, respectively, with open positions in both Bitcoin and Ethereum falling slightly. Last week, the Federal Reserve said that it would raise interest rates three times in 2022 at a pace faster than expected. In addition, the US Department of Labor released the non-farm payrolls for December, indicating that the declining unemployment rate in the US may lead to tightened policy. In the sub-sector, NFT pfp performed quite actively. The turnover of Opensea today reached US$260 million, its highest level since 13 October. Hong Kong and Taiwan stars, such as Jay Chou Chieh-lun and Edison Chen Koon-hei, are actively exploring NFT, driving the growth of domestic NFT last week. In addition, Doodle and Doodle’s imitation plates also recorded a significant increase last week. 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