10x Research: Cryptocurrency trading volume drops 30% compared to the average level

According to Odaily, 10x Research posted on X that its latest weekly report shows cryptocurrency trading volume has dropped by 30% compared to usual levels. The current total market capitalization of cryptocurrencies is $2.96 trillion, down 0.7% from the previous week, with an average weekly trading volume of $79 billion, which is 26% lower than the average. Bitcoin's weekly trading volume is $28.9 billion, 36% below the average; Ethereum's weekly trading volume is $14.8 billion, 32% below the average. Ethereum network fees are at 0.04 Gwei, in the 4th percentile, indicating low network usage.

This week, Bitcoin funding rates rose 3.7% to 8.9%, while futures open interest decreased by $500 million to $27.3 billion. Ethereum funding rates increased by 3.4% to 6.9%, with futures open interest decreasing by $300 million to $17.7 billion. Bitcoin's market share is 58.9%, down 0.1%; Ethereum's market share is 11.9%, also down 0.1%. Their model is more optimistic about Bitcoin than other cryptocurrencies.