Turnover Declined

Abstract: The US released the latest non-farm payrolls which far exceeded estimates. The inflation was relatively high, with continued expectation of interest rate hikes. The overall market posted modest changes, generally remaining pessimistic under the influence of interest rate hikes and the Russia-Ukraine conflict. Andre Cronje, the creator of YFI and an important representative of DeFi in the industry, announced his quit from DeFi, causing certain impacts on related projects.

• Total market value declined. Last week, the total market value of digital assets declined to around US$1.75 trillion. Bitcoin fluctuated greatly within a range of approximately 19% or US$37,000 to US$44,000.

• Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 24 staged growth, while 76 witnessed decline.

• Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 10.5%. Binance moved down by -7.6%. Bitfinex, Bitstamp and Coinbase recorded a decrease of -37.1%, -14.5% and -20.4%, respectively.

• Turnover of futures increased. Last week, turnover of Bitcoin futures market rose by 23%, with little change in close position. Turnover of Ethereum futures market was down by 26%, with open position declining to US$0.007 trillion.

• Turnover of Dex decreased to US$0.02 trillion. The decrease in weekly turnover of Dex dropped by 20% as compared to last week.

• Turnover of Opensea decreased to approximately US$0.0005 trillion. Turnover of Opensea decreased to US$0.0005 trillion, down by 35.2% as compared to last week.

• Turnover declined. Market value of cryptocurrencies declined to approximately US$1.75 trillion last week, with large changes in mainstream coins. Both Bitcoin and Ethereum fluctuated by approximately 20%. Spot turnover decreased by around 10% as compared to last week and turnover of Bitcoin futures grew by 23% while turnover of Ethereum futures was down by 26%. The US released new non-farm payrolls data last week which far exceeded estimates. US stocks and cryptocurrencies fell, with continued expectations of interest rate hikes. Risk-off sentiment remains amid the war between Russia and Ukraine. In addition, some companies such as Circle and Opensea have banned services to sanctioned areas. AC, the founder of YFI and Curve, announced his quit from DeFi last week, causing certain impacts to related projects. The trading volume of the NFT market has plummeted more than 50%, entering a cooling off period. The overall cryptocurrency market is changing with market conditions, dominated by bearish sentiment amid the war and interest rate hikes.

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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