According to BlockBeats, the cryptocurrency market experienced a notable rebound in July, driven by the approval and successful listing of the U.S. spot Ethereum ETF. This article provides an overview of the market's performance over the past month through various metrics.
In July, the adjusted on-chain transaction volume for Bitcoin and Ethereum increased by 31.8%, reaching $445 billion. Bitcoin's adjusted on-chain transaction volume rose by 34.7%, while Ethereum saw a 27.7% increase. Additionally, the adjusted on-chain transaction volume for stablecoins grew by 18.8%, amounting to $997.4 billion. The supply of issued stablecoins increased by 1.2% to $144.3 billion, with USDT and USDC holding market shares of 78.9% and 17.1%, respectively.
Bitcoin miners' revenue in July reached $950.2 million, marking a slight decline of 1.2%. Ethereum staking revenue also decreased by 6.6%, falling to $270.2 million. The Ethereum network burned 17,114 ETH in July, equivalent to $56.4 million. Since the implementation of EIP-1559 in August 2021, a total of approximately 4.35 million ETH, valued at around $12.3 billion, has been burned.
The on-chain NFT market for Ethereum continued its significant decline in July, with transaction volume dropping by 49.6% to approximately $140.3 million. However, compliant centralized exchanges (CEX) saw a rebound in spot trading volume, increasing by 6.7% to $702.7 billion. Spot Bitcoin ETF net inflows surged by 473%, reaching $3.15 billion.
In the crypto futures market, Bitcoin futures open interest rose by 15.6% in July, while Ethereum futures open interest decreased by 5.6%. Bitcoin futures trading volume increased by 65%, reaching $1.66 trillion, and Ethereum futures trading volume grew by 43.1%. The CME Bitcoin futures open interest grew by 13.5%, rebounding to $10.6 billion, with the daily average volume increasing by 12.3% to approximately $5.05 billion.
Ethereum futures' average monthly trading volume saw a significant increase of 43.1%, reaching $755.5 billion. In the cryptocurrency options market, Bitcoin options open interest rose by 35.9%, and Ethereum options open interest increased by 7.1%. Bitcoin's monthly options trading volume reached $56.9 billion, growing by 31.9%, while Ethereum's options trading volume decreased by 8.1%, falling to $15.5 billion.
