The summary shows only those metrics that have shown significant change over the past month. To simplify the perception of a large amount of information, I chose the “short comment + graph” format.
Centralized exchanges
In June, the total trading volume on all crypto exchanges decreased by 11% and amounted to $1.11 trillion. After reaching a 28-month high in March 2024 ($2.49 trillion), trading volume continued to decline for the third month in a row.
Binance lost 6% of its market share and by the end of June it accounted for 38% of all trading activity on CEX. One of the reasons was the termination of the promotion with the stablecoin FDUSD, in which Binance offered zero commissions for takers and makers in the BTC/FDUSD pair.
Second place is occupied by Bybit with a share of 10.5%. (+1%)
Chicago Mercantile Exchange and BTC/ETH futures 1.
Despite the correlation of the decline in spot volume with futures trading and open interest on the CEX, BTC futures open interest on the CME increased compared to May and is near its all-time high ($10.5 billion in May). By the end of June, this figure amounted to $10.24 billion, which is 38% of the total OI on BTC
Similarly, there is an increase in open interest in ETH futures on the CME by 47%, from $862 million to $1.27 billion. The total trading volume remains close to the maximum - in June, transactions were made in Ether futures for $28.6 billion (21% of futures volume to BTC)
BTC ETFs
In June, although capital was actively withdrawn from Bitcoin funds, thanks to a successful start, BTC ETFs attracted an additional $790 million. However, trading volumes, as well as on CEX, have been declining since March.
Contrary to popular belief that $4.5 billion was withdrawn from Bitcoin ETFs in June (although the amount of assets actually decreased from $58 billion to $53.5 billion), there was actually an influx of 1,315 BTC
This is explained by a decrease in the price of Bitcoin from $67 thousand to $61 thousand, which also reduced the dollar value of AUM. Issuers are rubbing their hands, because by the end of the month they have > 866,500 BTC in trust.
Which cryptocurrencies suffered the most as a result of the fall of Bitcoin?
The most stable category was the native coins of L1 networks, which decreased by 9% (BTC is not included in the “basket”)
Among the worst performers were L2 tokens (on average they lost 24%)
Memcoins (down 27%)
And DeFi gaming tokens (31% drop)
Decentralized exchanges
In June, the market share of Raydium, the largest DEX on Solana, grew by 6%, while Uniswap's share declined by 7%. However, 41% of trade volume still flows through Uniswap
While Solana clearly leads the issuance of new tokens (mostly memcoins) on DEXs (68%), Base had an outstanding performance last month, with its network issuing 26% of all tokens listed on DEXs (reference: Ethereum — 2%; BNB Chain — 2.3%; others < 1%)
NFT
Crypto winter is over, but not for the non-fungible token market.
The monthly trading volume of ERC721 NFTs on marketplaces fell below $300 million. The last time such a low level was recorded was in September 2023, when the price of Ethereum was $1,500.
If trading volume hasn't bottomed out, the number of transactions for NFTs minted on Ethereum is at its lowest level since spring 2021. 204,000 NFTs were sold in June
Prices for popular “masterpieces of art” have continued to decline over the past 30 days:
The top 1 collection by capitalization ($850 million), CryptoPunks, fell by 13%.
Top 2, Bored Ape Yacht Club, which has been in a downtrend for a year and a half, lost 23% (minimum price ≈ 9.89 ETH)
Top 3, Pudgy Penguins, the only one of the three that was able to recover from a fall of 30%, ended June with an increase of 1% (min price 10.6 ETH)
Bitcoin
Over the month, the number of holders in unrealized profit decreased from 93% to 84%, and the number of holders in the red increased from 2.7% to 14%.
Miner reserves for the month decreased by 40,000 BTC to 1.9 million BTC
Ether and its layer 2 solutions
In June, on average, 1,446 ETH were issued daily as validator rewards, and 895 ETH was burned (base fee).
On June 23, the median gas price fell below 2 Gwei ($0.2), which is the lowest value in the entire history of the network
On June 20, thanks to the ZRO airdrop, Arbitrum earned more than $3 million in commissions.
LayerZero launched a new airdrop mechanism called “Proof of Donation” on June 20, where users were required to pay $0.1 for each ZRO reserved. Almost all users chose Arbitrum, and paid $3.4 million for gas (this crazy amount was caused not by billions of transfers, but by network congestion, which led to an increase in gas from $0.001 to $8)
On June 11, Base ranked second after Ethereum in terms of trading volume on DEX. That day, $817 million worth of transactions were carried out, the bulk of which took place on Uniswap, Aerodrome and Pancakeswap. Then a new ATH was set for TVL, amounting to $1.78 billion. Now Base ranks fifth after Arbitrum and BNB Chain in terms of the total value of blocked assets
More than 60% of all transactions at the L2 level are processed through Base and Arbitrum
Despite the fact that the March Dencun update reduced fees on all L2, activity in most solutions did not show an increase: on zkSync, for example, the number of transactions has decreased by 5 times since the airdrop, when 1.5 million transactions were registered per day. The dynamics are similar on Starknet - after completing all the tasks to receive the airdrop, the daily number of transactions decreased from 700,000 to 70,000
A few words about TON
On June 27, TON surpassed half a million USDT in circulation.
The integration was announced on April 19, and the first emission of 35 million USDT on TON took place on April 21
TVL on the TON blockchain more than doubled in a month, going from $328 million to $700 million. Major protocols raising capital include DEX Ston.fi and DeDust, as well as liquid staking through Tonstakers.
Hacks and exploits
In the first half of 2024, there were more than 200 major hacker attacks, which led to losses of $1.56 billion and returns of $319 million. The amount of losses, compared to the first half of 2023, increased by 293%
DeFi protocols remained the main target of attacks, accounting for 59% of the stolen crypto.
31.3% of exploits occurred on Ethereum and BNB Chain. Arbitrum took the bronze place with 12.5%
Bitcoin distribution: who owns digital gold?
Private individuals: 57%;
Lost BTC: 17.6%;
To be mined: 6.6%;
Satoshi's wallets and BTC mined by him: 5.2%;
BTC ETFs: 3,9%;
Companies: 3.6%;
Miners: 3.4%;
Governments: 2.7%
