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Cryptocurrency Market Trading Activity Weakens, Weekly Trading Volume Generally Low
According to the latest weekly report data from 10x Research, recent trading activity in the cryptocurrency market has been significantly below expectations. The total market capitalization of crypto assets hovers around $2.96 trillion, down 0.7% week-over-week, indicating a relatively weak market momentum.
**Trading Volume Hits Low Levels, Mainstream Coins Perform Poorly**
This week’s average trading volume was $79 billion, a 26% decrease from normal levels, with market participation clearly cooling down. Bitcoin’s weekly trading volume was only $28.9 billion, 36% below the average; Ethereum’s weekly trading volume was $14.8 billion, also 32% below the usual level. This decline suggests overall market trading activity is sluggish, and investor willingness to enter the market is notably lacking.
Notably, Ethereum network transaction fees dropped to 0.04 Gwei, reaching a historical low (4th percentile), indicating a seasonal lull in network usage, further confirming the decline in market activity.
**Funding Rates Slightly Rise, Open Interest Faces Pressure**
Despite the decrease in trading volume, funding rates have risen against the trend. Bitcoin’s funding rate increased by 3.7% to 8.9%, with open interest in futures contracts decreasing by $500 million to around $27.3 billion from $27.8 billion; Ethereum’s funding rate rose by 3.4% to 6.9%, with open interest also decreasing by $300 million to $17.7 billion. This contradictory phenomenon suggests ongoing disagreements between bullish and bearish forces.
**Market Share Remains Stable, Institutions Optimistic About Bitcoin**
Bitcoin’s market share remains at 58.9% (a slight decrease of 0.1% week-over-week), while Ethereum’s market share is 11.9% (also down 0.1%). The 10x Research model leans towards a positive outlook for Bitcoin compared to other crypto assets, believing it has stronger value-carrying capacity. This judgment is also reflected in capital flows and contract allocations, with Bitcoin leading in attention and leverage deployment among competitors.