In this week's on-chain article, Coin68 invites you to XEM June summary data for general market indexes and Layer 2 and update BTC ETF cash flow. In general, the gloomy market caused the index to continue to fall lower than the previous month.
Outstanding on-chain events last week (July 1 - July 6)
1. Summary of June market indexes from The Block
The market situation in recent times has not been very positive, this is also reflected in on-chain indices as they continue to decrease.
Total on-chain Volume adjusted, down 13.4% to $338 billion ( BTC down 13.4%, ETH down 13.4%).
Volume on-chain for BTC and ETH
The total adjusted on-chain Volume of stablecoins decreased 4.5% to $839.6 billion ; Circulating supply increased 0.4% to $142.6 billion, with USDT accounting for 79.1% and USDC accounting for 17% of the respective market shares.
Volume on-chain stablecoin
BTC Miners revenue decreased 0.1% to $961.9 million, while ETH Staking revenue increased 8.1% to $289.2 million.
Monthly Miners revenue
A total of 26,338 ETH, or $95.1 million, were burned in June. Since the implementation of EIP-1559 in early August 2021, a total of 4.33 million ETH, or $12.2 billion , was burned.
ETH is burned monthly
The monthly volume of the Non-Fungible Token market on Ethereum decreased 18.4% to $280.5 million.
Non-Fungible Token trading Volume on the market
When the market corrected strongly, investors were also hesitant to trade, so the spot volume on the centralized exchange decreased by 18.5% to 658.8 billion USD.
Spot Trading Volume on CEX
Binance's market share is 64%, down from 2 months ago, Bybit surpasses Coinbase at 17.8% , Coinbase at 9%, and Kraken at 2.7%.
Market share of Spot Trading Volume
Futures Contract have BTC open interest down 6.9% , ETH down 3.1% . Monthly BTC Futures Contract Volume dropped 19.9% to $1 trillion.
Monthly BTC futures trading Volume
On the ETH side, Monthly Futures Contract Volume decreased 23.8% to $528.1 billion.
Monthly ETH futures trading Volume
2. Layer 2 data in June
Layer 2 solutions saw an 8.8% decrease in TVL but a 7.8% increase in transaction volume. This suggests increased user activity despite falling crypto asset values and possible Capital outflows.
Top 8 Layer 2 according to TVL
Gas Price on Layer 2 solutions increased by 19.2% , with the number of transactions increasing by 6.2%. Even so, L2 operators' revenues fell, suggesting cheap gas prices due to competition.
Blast 's Governance Token , BLAST, saw a sharp drop in price after its launch on June 25, indicating the possibility of investors increasingly losing confidence in Airdrop.
3. Update cash flow from BTC ETF Spot funds
Currently, Grayscale holds 279,866 BTC ($15.80 billion) .
BTC assets on Grayscale. Source: Arkham Intelligence
iShares Bitcoin Trust (part of BlackRock ) continues with growing positive cash flow. Up to now, BlackRock is holding more than 307,206 BTC , worth $17.35 billion.
BlackRock BTC Trading. Source: Arkham Intelligence
In the first trading session of the week on July 1, Bitcoin Spot ETFs witnessed a positive cash inflow of up to 129.5 million USD . The next two days were not positive, along with the decline of BTC back to early May. However, netflow had a comeback on July 5 when it witnessed inflow reaching 143.1 million USD .
Fidelity led FBTC with $117.4 million in inflows, while BlackRock had no transactions. The only Bitcoin ETF with outflow is Grayscale's GBTC with 28.6 million USD sold.
BTC ETF cash flow by day. Source: Farside (July 5, 2024)
Coin68 compiled
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