Posted by Lars , Head of Research at The Block
Compiled by: Jordan, PANews
For the crypto industry, the past September, due to the rebound in Bitcoin prices, the market seemed to perform well, but in fact most indicators declined. This article will use 11 charts to interpret the crypto market conditions in the past month.
1. In September, the adjusted total transaction volume of Bitcoin and Ethereum on the chain fell by 13% to US$328 billion, of which Bitcoin's adjusted transaction volume fell by 10.2% and Ethereum's fell by 17.8%.
2. The adjusted on-chain transaction volume of stablecoins in September fell by 30.8% to $832 billion, and the supply of stablecoins issued increased by 1.3% to $150.4 billion, of which USDT and USDC had market shares of 78.3% and 17.6% respectively.
3. Bitcoin miners’ revenue continued to decline in September, falling to $815.3 million, a 4.2% drop. In addition, Ethereum staking revenue also fell by 4% to $209.4 million.
4. In September, the Ethereum network destroyed a total of 26,874 ETH, equivalent to $68.2 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.39 million ETH, worth about $12.4 billion.
5. In September, the transaction volume of the NFT market on the Ethereum chain continued its downward trend, falling by as much as 22%, further falling to approximately US$961 billion.
6. The spot trading volume of compliant centralized exchanges (CEX) failed to continue the growth trend in August in September, falling by 17.4% to US$724.6 billion.
7. In September, the net inflow of spot Bitcoin ETFs showed positive growth, with an inflow of approximately US$1.13 billion.
8. In terms of crypto futures, the open interest of Bitcoin futures increased by 16% in September; the open interest of Ethereum futures increased by 16.1%; in terms of futures trading volume, the trading volume of Bitcoin futures fell by 16.1% in September to US$1.11 trillion, and the trading volume of Ethereum futures fell by 20.8%.
9. In September, the open interest of CME Bitcoin futures increased by 14.3% to $10.3 billion, and the daily avg volume decreased by 4.7% to approximately $4.8 billion.
10. In September, the average monthly trading volume of Ethereum futures fell to US$465.5 billion, a drop of 20.8%.
11. In terms of cryptocurrency options, the open interest of Bitcoin options fell by 1.6% in September, and the open interest of Ethereum options also fell by 8.4%. In addition, in terms of Bitcoin and Ethereum option trading volume, the monthly Bitcoin option trading volume reached US$38.6 billion, a decrease of 28.1%; the Ethereum option trading volume was US$9.7 billion, a decrease of 37.5%.
