The current trading volume in the cryptocurrency market has reached a new low since 2022, with the total market value remaining at $2.3 trillion, a decline of 1.7% compared to last week.

This week, the average weekly trading volume across the market is $90 billion, down 7% from the historical average. Looking closely at the two major assets, Bitcoin's weekly trading volume is $38.2 billion, 5% lower than the average; Ethereum's weekly trading volume is $18.3 billion, 18% lower than the average, showing a significantly deeper decline.

Ethereum deserves more attention: Gas fees have dropped to historical lows, with BTC trading volume 5% below the average, while ETH is down 18%, a gap exceeding three times. When even Ethereum, the second-largest asset by market capitalization, shows such a significant contraction in volume, the momentum for sector rotation is naturally hard to discuss.

The funding rate for Bitcoin increased by 4.1% this week to 1.5%, but this figure is still at the 13% percentile over the past 12 months; open interest in futures contracts increased by $100 million to $21.5 billion, which is a slight expansion. For Ethereum, the funding rate rose by 3.7% this week to 2.8%, also at a low 12% percentile over the past 12 months; open interest increased by $100 million to $11.8 billion.