By Lars, Head of Research at The Block
Compiled by: Jordan, PANews
In May, most indicators of the cryptocurrency market fell. This article will use 11 charts to interpret the status of the cryptocurrency market in the past month.
1. In May, the total transaction volume of Bitcoin and Ethereum on the chain fell by 4.4% to US$390 billion, of which Bitcoin's adjusted transaction volume fell by 4.7% and Ethereum's transaction volume fell by 3.9%.
2. The adjusted on-chain transaction volume of stablecoins in May fell by 20.5% to US$879 billion; the issued stablecoin supply increased by 0.5% to US$141.9 billion, of which the market share of the US dollar stablecoin USDT increased to 78.8%, while the market share of USDC fell slightly to 17.1%.
3. Bitcoin miners’ revenue fell 46% to $963 million in May. In addition, Ethereum staking revenue rose 4.1% to $267 million.
4. In May, the Ethereum network destroyed a total of 26,747 ETH, equivalent to $91.7 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.3 million ETH, worth about $12.1 billion.
5. In May, the transaction volume of the NFT market on the Ethereum chain dropped sharply again, falling by 27.8%, further falling to approximately US$344 million.
6. The spot trading volume of compliant centralized exchanges (CEX) fell in May, down 22.5% to US$68.9 billion.
7. The spot market share rankings of major cryptocurrency exchanges in May are as follows: Binance is 79.4% (up from April), Coinbase is 10.1%, Kraken is 3.4%, and LMAX Digital is 1.8%.
8. In terms of crypto futures, the increase in open interest of Bitcoin futures in May reached 12.9%; thanks to the approval of the spot Ethereum ETF by US regulators, the open interest of Ethereum futures increased by 52%, setting a record high; in terms of futures trading volume, Bitcoin futures trading volume fell 21% in May to US$1.26 trillion, and Ethereum futures trading volume rose by 0.2%.
9. In May, the open interest of CME Bitcoin futures increased by 15.9% to $10.3 billion, and the daily avg volume decreased by 9% to about $4.35 billion.
10. The average monthly trading volume of Ethereum futures decreased to US$692 billion in May, a slight increase of 0.2%.
11. In terms of cryptocurrency options, the open interest of Bitcoin options rebounded in May, with an increase of 30.5%, and Ethereum open interest also increased, with an increase of 41.4%. In addition, in terms of Bitcoin and Ethereum option trading volume, Bitcoin option trading volume reached US$46.8 billion, a decrease of 1.2%; Ethereum option trading volume reached a new high of US$31.4 billion, an increase of 19.2%, setting a new record high.
