10x Research: Cryptocurrency Trading Volume Drops 30% Below Average Level

According to reports, 10x Research posted on X platform stating that its latest weekly report shows a 30% decrease in cryptocurrency trading volume compared to usual. The current total market value of cryptocurrencies is $2.96 trillion, down 0.7% from the previous week, with an average weekly trading volume of $790 billion, a 26% decrease from the average level. Bitcoin's weekly trading volume is $289 billion, 36% below the average level; Ethereum's weekly trading volume is $148 billion, 32% below the average level. Ethereum network fees are at 0.04 Gwei, ranking in the 4th percentile, indicating low network usage. This week, Bitcoin funding rate increased by 3.7% to 8.9%, with open futures contracts decreasing by $500 million to $27.3 billion. Ethereum funding rate increased by 3.4% to 6.9%, with open futures contracts decreasing by $300 million to $17.7 billion. Bitcoin market share is 58.9%, down 0.1%; Ethereum market share is 11.9%, down 0.1%. Their model favors Bitcoin over other cryptocurrencies.

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