10x Research: Cryptocurrency trading volume down 30% below average

According to a report published on the X platform by 10x Research, its latest weekly report shows that cryptocurrency trading volume is down 30% compared to normal. The total market capitalization of cryptocurrencies is currently $2.96 trillion, down 0.7% from the previous week, with an average weekly trading volume of $79 billion, down 26% from the average. Bitcoin's weekly trading volume was $28.9 billion, 36% lower than the average; Ethereum's weekly trading volume was $14.8 billion, 32% lower than the average. Ethereum's network fee is 0.04 Gwei, placing it in the 4th percentile, indicating low network utilization.

This week, Bitcoin funding fees rose 3.7% to 8.9%, and open interest in futures contracts decreased by $500 million to $27.3 billion. Ethereum funding fees rose 3.4% to 6.9%, and open interest in futures contracts decreased by $300 million to $17.7 billion. Bitcoin's market share was 58.9%, down 0.1%; Ethereum's market share was 11.9%, down 0.1%. Their model is more bullish on Bitcoin than other cryptocurrencies.