Weekly Report: Market Turnover Declined
September 22 2021 — The secondary market saw a general decline in turnover as there was lack of new stimuli. At the policy level, U.S. regulators were looking at ways to regulate stablecoin as they believed that stablecoin had bypassed regulatory loopholes. In addition, the NFT sub-sector traded more actively.
Market turnover declined. Market value remained at roughly US$2 trillion last week as the secondary market saw a larger decline in general. Spot turnover, and also turnover of Bitcoin and Ethereum futures decreased. Open positions in Bitcoin futures rose while that of Ethereum decreased. Cryptopunk traded more actively in the NFT market last week, with two days of massive trading for several hours. And the total transactions of Opensea topped US$6.5 billion, a new record high. At the regulatory level, since U.S. regulators believed that stablecoin had bypassed regulatory loopholes, the Financial Stability Board, a global regulator, is looking at establishing stablecoin standards and plans and may introduce related regulatory policies in 2023. Stablecoin has certain potential risks. Overall, the market went down in general last week due to lack of stimuli and supporting points for new highs. Market volatility is expected to continue for some time.
- Total market value increased slightly. Last week, the total market value of digital assets rose from US$1.99 trillion to US$2.09 trillion. Bitcoin fluctuated in a broad range of US$43,000 to US$49,000.
- Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 23 staged growth, while 77 witnessed decline.
- Bitcoin’s hash rate rose. The average hash rate of Bitcoin grew slightly week-on-week. The weekly average hash rate was about 138.34EH/s.
- Bitcoin’s on-chain activity grew and Ethereum’s on-chain activity decreased. The Bitcoin network saw an increase of 0.21%, 2.41% and 11.53% in average number of transfers, average number of active addresses and average transfer amount, respectively. In the Ethereum network, the average number of on-chain transactions grew 2.40% with the number of active addresses up by 5.02% and the average on-chain transaction amount down by 9.50%, respectively.
- Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us rose. Binance moved down by 32.7%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 41.9%, 36.3% and 28.8%, respectively.
- Open position in futures increased to US$16.4 billion. Last week, turnover of Bitcoin futures market shrank 30.1% week-on-week, with open position up to US$16.4 billion.
- Bitcoin and stablecoin increased to US$119.5 billion. Last week, turnover of USDT increased by US$30 million. USDC increased by US$190 million, and BUSD increased by US$370 million.
About HashKey Capital
HashKey Capital, HashKey Group’s venture capital arm, is an institutional asset manager investing exclusively in blockchain technology, digital assets and crypto-financial infrastructures. It provides accredited investors and professional investors with secure access and diversified exposure to digital assets. HashKey Capital combines the agility and independent risk-taking traditionally found in the best venture firms, while offering differentiated access to the network of relationships found in one of the largest industrial and financial conglomerates in the world.
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