Author: Lars, Head of Research at The Block
Compiled by: Jordan, PANews
For the cryptocurrency industry, the recently concluded October saw most indicators finally beginning to rebound. This article will review the past month's cryptocurrency market conditions with 11 charts.
1. In October, the total adjusted on-chain trading volume of Bitcoin and Ethereum grew by 28.1%, reaching $420 billion, with Bitcoin's adjusted on-chain trading volume increasing by 32.1% and Ethereum's by 20.9%.
2. In October, the adjusted on-chain trading volume of stablecoins rose by 8% to $899 billion, while the issuance supply of stablecoins fell by 0.7% to $149.3 billion, with USDT and USDC market shares at 79.5% and 16.9%, respectively.
3. Bitcoin miner revenue increased by 25.4% in October, rising to $1.02 billion. Additionally, Ethereum staking revenue also rebounded to $221.5 million, with an increase of 5.8%.
4. In October, the Ethereum network burned a total of 41,648 ETH, valued at approximately $10.5 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.43 million ETH, valued at around $12.5 billion.
5. In October, the trading volume in the Ethereum on-chain NFT market rebounded significantly, with an increase of 26.5%, reaching approximately $12.16 million.
6. The spot trading volume on compliant centralized exchanges (CEX) increased by 16.3% in October, rising to $843 billion.
7. In October, the net inflow for spot Bitcoin ETFs showed positive growth, with an inflow amount of approximately $5.3 billion. On October 30, BlackRock's IBIT reached an inflow of $872 million, setting a new record.
8. In the cryptocurrency futures market, the open interest for Bitcoin futures increased by 22.9% in October; the open interest for Ethereum futures rose by 14.6%; in terms of trading volume, Bitcoin futures trading volume increased by 12.1% in October, reaching $1.25 trillion, while Ethereum futures trading volume increased by 4.8%.
9. In October, the open interest for Bitcoin futures on the Chicago Mercantile Exchange increased by 21.5%, reaching $12.5 billion (a historical high), and the daily average volume rose by 9.6% to about $5.3 billion.
10. In October, the average monthly trading volume for Ethereum futures grew to $488.8 billion, an increase of 4.8%.
11. In the cryptocurrency options market, the open interest for Bitcoin options rose by 35.76%, while the open interest for Ethereum options remained unchanged. Additionally, in terms of trading volume, the monthly trading volume for Bitcoin options reached $54 billion, up 39.8%; Ethereum options trading volume was $10.2 billion, with an increase of 4.7%.
