The Block: 12 charts to interpret the encryption market in June

By @Lars, Head of Research at The Block; Compiled by Jordan, PANews

Following the continuous downturn in April and May, the encryption industry ushered in a certain degree of recovery in the “hot” June that just passed. The reason why there are signs of rebound is probably because asset management giants such as BlackRock and Fidelity have applied to the US Securities and Exchange Commission for spot bitcoin ETFs. This move “stimulated” most encryption indicators to improve, and the price of bitcoin also Successfully broke through the $30,000 resistance level.

Next, let us use 12 pictures to interpret the fiery June that just passed.

1. In June, the total transaction volume on the chain after the adjustment of Bitcoin and Ethereum rose by 15.2%, reaching 226 billion US dollars, but this trend was mainly dominated by Bitcoin, because the transaction volume on the chain after the adjustment of Bitcoin was on the rise Month-to-month growth of 32.7%, Ethereum adjusted on-chain transaction volume decreased by about 2%.

2. The adjusted on-chain transaction volume of stablecoins also rose in June, rising to US$556.5 billion, an increase of approximately 19.8%. However, the supply of issued stablecoins continued to shrink to US$118.9 billion, a decrease of approximately 2.6%. In addition, the market share of the US dollar stablecoin USDT continued to rise (to 69.9%, up 1.7 percentage points from May), while the market share of USDC further fell to 21.5%.

3. It should be noted that the income of Bitcoin miners fell in June, a drop of 14.5%, to 783.3 million US dollars. At the same time, the revenue of Ethereum pledged also fell, with a decrease of 24% in June, to about 119.5 million US dollars .

4. In June, a total of 69,081 ETHs were destroyed on the Ethereum network, worth US$126 million. The amount destroyed was about half that of May. Data shows that Ethereum has been in a state of deflation since January 2023. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.42 million ETH, with a total value of about 9.89 billion US dollars.

5. In June, the transaction volume of the NFT market on the Ethereum chain continued to decline, with a drop of 18.1%, to about 534 million US dollars. Thanks to BLUR token incentives, the new NFT market Blur has surpassed OpenSea for the fifth consecutive month in terms of monthly transaction volume and other indicators.

6. After the spot transaction volume of compliant centralized exchanges (CEX) hit the lowest level since November 2020 last month, the indicator finally rose in June, increasing by about 5.9% to $325.5 billion.

7. The spot market shares of major cryptocurrency exchanges in June are ranked as follows: Binance is 73.6% (up 2.6 percentage points from May), Coinbase is 9.4%, Kraken is 5%, BTSE and LMAX Digital are both 3% .

8. After the average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC hit its lowest level since November 2019 last month, it saw a huge rise in June, up 143.2% to $64 million.

9. In terms of encryption futures, the open interest of Bitcoin futures rose by 21.3% in June, but the open interest of Ethereum futures fell by 5.4%; in terms of futures trading volume, the trading volume of Bitcoin futures rose by 12.2% in June % , growing to $873.5 billion.

10. The open interest of CME Group’s Bitcoin futures in June increased by 50.3% to US$2.78 billion, and the average daily turnover rose by 38.2% to approximately US$1.68 billion.

11. The average monthly trading volume of Ethereum futures in June rose slightly to about US$418 billion, an increase of 2.5%.

12. In terms of cryptocurrency options, both the open interest of Bitcoin options and the open interest of Ethereum options rebounded in June. Among them, the open interest of Bitcoin options increased by 46.5%, and the open interest of Ethereum options increased by 18.5%. In terms of the trading volume of Bitcoin and Ethereum options, the trading volume of Bitcoin options increased by 33.9% to US$22.5 billion in June, but the trading volume of Ethereum options decreased by 7.5% to US$9.9 billion.