Original author: Lars, head of research at The Block
Original translation: Jordan, PANews
In July just past, with the approval and successful listing of the US spot Ethereum ETF, most indicators in the cryptocurrency market finally saw a long-awaited rebound. This article will use 11 charts to interpret the status of the crypto market in the past month.
1. In July, the adjusted total on-chain transaction volume of Bitcoin and Ethereum increased by 31.8% to US$445 billion, of which Bitcoin’s adjusted on-chain transaction volume increased by 34.7% and Ethereum’s increased by 27.7%.
2. In July, the adjusted on-chain transaction volume of stablecoins increased by 18.8% to US$997.4 billion, and the supply of stablecoins issued increased by 1.2% to US$144.3 billion, of which USDT and USDC had market shares of 78.9% and 17.1%, respectively.
3. Bitcoin miners’ revenue reached $950.2 million in July, a slight decrease of 1.2%. In addition, Ethereum staking revenue also fell by 6.6% to $270.2 million.
4. In July, the Ethereum network destroyed a total of 17,114 ETH, equivalent to $56.4 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 4.35 million ETH, worth about $12.3 billion.
5. In July, the transaction volume of the NFT market on the Ethereum chain continued to decline significantly, falling by 49.6%, further falling to approximately US$140.3 million.
6. The spot trading volume of compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to US$702.7 billion.
7. In July, the net inflow of spot Bitcoin ETF increased by 473% to US$3.15 billion;
8. In terms of crypto futures, the open interest of Bitcoin futures increased by 15.6% in July; the open interest of Ethereum futures decreased by 5.6%; in terms of futures trading volume, the trading volume of Bitcoin futures increased by 65% in July, falling to 1.66 trillion US dollars, and the trading volume of Ethereum futures increased by 43.1%.
9. In July, the open interest of CME Bitcoin futures increased by 13.5%, rebounding to $10.6 billion, and the daily avg volume increased by 12.3% to approximately $5.05 billion.
10. In July, the average monthly trading volume of Ethereum futures increased significantly to US$755.5 billion, an increase of 43.1%.
11. In terms of cryptocurrency options, the open interest of Bitcoin options increased by 35.9% in July, and the open interest of Ethereum options also increased by 7.1%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin monthly options trading volume reached $56.9 billion, an increase of 31.9%; Ethereum options trading volume fell by 8.1% to $15.5 billion.
