Data: Bitcoin is under pressure and has retreated at 92,000 USDT, with market trading volume at its lowest since July

According to 10x Research, the crypto market recorded the lowest trading volume range since July last week, with Bitcoin facing resistance again around 92,000 USDT. Despite the high probability of interest rate cuts, the price failed to break through this key resistance level.

The report shows that the total market capitalization of crypto is approximately 3.1 trillion USD, up 4% from the previous week, with an average weekly trading volume of 127 billion USD, which is 32% lower than the average. Among them, Bitcoin's weekly trading volume is 59.9 billion USD, which is 31% lower than the average; Ethereum's weekly trading volume is 21.1 billion USD, which is 43% lower than the average, and its network fees (0.05 Gwei) are in the 5th percentile, reflecting low on-chain activity.

In terms of derivatives, the funding rate for Bitcoin futures rose to 4.3%, in the 20th percentile over the past 12 months, while open interest in futures decreased by 1.1 billion USD to 29.7 billion USD; the funding rate for Ethereum rose to 20.4%, in the 83rd percentile, with open interest increasing by 900 million USD to 16.2 billion USD. Currently, the open interest in Bitcoin and Ethereum futures accounts for 56% and 72% of their market capitalization, respectively.