# Bearish Trading Conditions By [Nuconomist](https://paragraph.com/@nuconomist) Β· 2023-09-12 --- _Weekly Wrap: 4th September - 11th September_ ![](https://storage.googleapis.com/papyrus_images/2c02a5d439711acab8cfa31838239c65.jpg) **gm** September is already shaping up to be the disappointment it was expected to be in terms of price action. While the stats shared below are taken from the weekly open, current prices are already a further 2-3% lower and we're only a third of the way through the month. There has been lots of speculation that the market action is people attempting to get ahead of [potential sales of $3.4 billion of digital assets](https://www.coindesk.com/markets/2023/09/11/trading-firms-deposit-millions-in-btc-eth-and-arb-to-exchanges-as-crypto-sell-off-intensifies/) this week from the former exchange FTX. While the NFT market cap has decreased less than related crypto assets, the effects for that part of the ecosystem will likely take a little longer to shake out. However, there certainly hasn't been a massive rebound in activity to go with the reduced USD price of the assets. Until next week... _\- @nuconomist_ * * * πŸ“ˆ Weekly Crypto Stats ---------------------- Crypto Market Cap: 1.06 Trillion Dollars πŸ”½ -1.73% (Was 1.08 T) Bitcoin: $25,830 πŸ”½ -0.45% Ethereum: $1,616 πŸ”½ -1.16% Bitcoin Dominance: 46.82% πŸ”Ό +0.62% (Was 46.53%) Ethereum Dominance: 18.1% ↔️ 0.00% (Was 18.1%) Other Crypto (excl. BTC & ETH): 35.08% πŸ”½ -0.82% (Was 35.37%) * * * πŸ–ΌοΈ NFT Corner -------------- #### Market Stats NFT Market Cap (ETH): Ξ 8.4 Million πŸ”½ | $12.95 Billion (-1.20%) 30 Day NFT Volume (ETH): 194k πŸ”½ -6.05% (Was 202k) Weekly NFT Volume (ETH): 40,592 πŸ”Ό +7.46% Weekly NFT Traders: 46,786 πŸ”½ -5.73% ##### Top Marketplace by Trader Count (7 Days) 1. OpenSea: 34,916 πŸ”½ -5.64% 2. Blur: 14,664 πŸ”½ -7.296% 3. Gem: 6,897 πŸ”Ό +16.60% ##### Most Profitable Collection (7 Days) **Blips:** 10 Sellers profited a combined 146 ETH πŸ“ˆ ##### Least Profitable Collection (7 Days) **Azuki:** 123 Sellers lost a combined 814 ETH 😬 * * * πŸ“° News Digest -------------- **CTFC Goes after DeFi Operators in Enforcement Sweep -** [CoinDesk](https://www.coindesk.com/policy/2023/09/07/cftc-goes-after-opyn-other-defi-operations-in-enforcement-sweep/) The argument is that three DeFi operators were offering illegal derivatives trading and simply putting it on-chain does not waive responsibility. This could be a concern for DeFi companies that want to provide on-chain financial services but can't find a way to legitimately register. It also goes to show that when there is a company at the top, the layer of decentralisation can be quite thin and easily targeted. **Ethereum is losing favour amoing institutional investors -** [**Decrypt**](https://decrypt.co/155964/ethereum-is-losing-favor-among-institutional-investors-coinshares) With a quoted $108 million USD of sell pressure this year, it seems that Ethereum is the most sold digital asset by large entities. Although broadly speaking crypto has had a bad year on the whole and ETH had made massive gains in both price and adoption during the most recent bull cycle. The question is will it bounce back in popularity and my belief if yes. **Hundreds of Nouns Holders Rally to Exit DAO -** [NFT Now](https://nftnow.com/news/hundreds-of-nouns-holders-rally-to-exit-dao-leading-to-treasury-split/) Nouns has long been the flagship CC0 DAO community to come out of the 2021 NFT bull run. However, after a recent vote to upgrade the contract allowing people to exit with a proportional share of the treasury, some traders were quick to scoop up "undervalued" NOUNs and now almost 40% of the participants are taking up the option to exit. This will definitely be an interesting one to watch both during and after the split Whatever the final results, it will likely impact the design of future DAOs. **People won't use Bitcoin to buy things says David Marcus -** [Decrypt](https://decrypt.co/154804/lido-lsd-liquid-staking-decentralization) David Marcus, ex PayPal, ex Diem (Facebook), and current CEO of a company building on Lightning recently made this statement on TV. Instead he believes Lightning will be a value transfer layer while end users will still be using their local currencies on the user facing part of the transactions. Top Tweet Social Highlights --------------------------- https://twitter.com/ameensol/status/1699424914229321966 On-chain privacy is hard to come by on the Ethereum blockchain. Everything is linked in one big paper trail and with addresses acting as accounts, once someone knows you are behind an address they can look at every action you take on chain. Once upon a time, Tornado Cash was touted as the solution to this, however its contracts were sanctioned in the US after it was linked to major hacks. This new paper from Vitalik and others aims to create an alternative that allows people to gain some privacy while also being able to prove that funds do not come from a specific hack. [**_Link to Tweet_**](https://twitter.com/ameensol/status/1699424914229321966) * * * Published with β™₯ by {{ admin\_name,fallback=Nuconomist }}. 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