In July, almost all data indicators showed a significant decline.
Written by Lars, Head of Research at The Block
Compiled by: Luffy, Foresight News
Most indicators saw sharp corrections in July. Adjusted total Bitcoin and Ethereum on-chain transaction volume fell 16.9% to $188 billion (BTC -13.1%, ETH -21.9%):
Adjusted stablecoin on-chain transaction volume fell 12.3% to $487.8 billion. Stablecoin issuance fell 1% to $117.7 billion, with USDT market share rising to 71.5% and USDC falling to 20.9%:
Bitcoin miner revenue increased 10.1% to $863 million, while Ethereum staker revenue increased 17.6% to $140.5 million:
A total of 82,846 ETH worth approximately $156.7 million was destroyed in July. ETH has been in a deflationary state since January 2023. Since the implementation of EIP-1559 in early August 2021, a total of 3.51 million ETH (approximately $10 billion) has been destroyed:
Monthly NFT market volume on Ethereum fell 20.4% to $425 million. Blur has surpassed OpenSea in terms of volume for six consecutive months, mainly driven by its BLUR token incentives:
Compliant CEX spot volumes fell 17.3% to $269.1 billion, the lowest volume since October 2020.
CEX spot market share is: Binance 70.6%, Coinbase 10.8%, Kraken 5%, BTSE 4.6%, LMAX Digital 3%:
GBTC average daily volume increased 1% to $65 million:
In the futures market, BTC futures open interest fell by -8.4%; trading volume fell significantly, with BTC monthly futures trading volume falling 27.1% to US$637.2 billion.
CME Bitcoin futures open interest fell 15.8% to $2.34 billion (ADV fell 2.9% to $1.63 billion):
As for ETH futures, monthly volume fell 25.2% to $312.6 billion:
Finally, options. Both BTC/ETH options open interest fell sharply (BTC: -38.6%, ETH: -25%). BTC options trading volume fell, while ETH options trading volume rose. BTC options trading volume fell 16% to $18.9 billion, and ETH options monthly trading volume rose 8.1% to $10.7 billion:
