Head of Research at The Block: 12 charts review the state of the crypto market in October
Compilation of the original text: The Way of DeFi
Compilation of the original text: The Way of DeFi
Overall, October was a mixed month with positive price action but negative fundamentals.
Adjusted total on-chain transaction volume fell 35.1% to $237 billion (BTC: -28.5%, ETH: -46.9%):
Adjusted stablecoin on-chain trading volume fell 24.2% to $580.4 billion, 3rd consecutive month USDC trading volume > USDT; issued supply increased slightly by 0.3% to $137.1 billion, of which USDT rose in terms of market share to 50.7% and USDC dropped to 28.5%. Year-to-date issued supply is down 4.3%:
BTC miner revenue increased by 7.2% to $589.9 million, while ETH staker revenue fell sharply by 74.1% to $91.2 million; due to the large decline in ETH issuance rate after the merger, and October being the first full month of the new issuance model:
A total of 58,115 ETH was burned in September, equivalent to $78.7 million. The spike in burns in early May was caused by the Otherside land NFT sale. Since the implementation of EIP-1559 in early August 2021, a total of 2.7 million ETH has been burned, equivalent to $8.66 billion:
In October, the trading volume of the Ethereum NFT market fell further by 25.1% to $377.5 million. *LooksRare volumes have been rescaled since January to remove wash volumes:
Compliant CEX spot trading volume fell 25.9% to $543.8 billion:
Notable market shares: 71.8% for Binance, 8.6% for Coinbase, 6.7% for FTX, and 2.5% for Kraken:
GBTC average daily trading volume increased by 17.3% to $36 million:
Open interest: BTC/ETH futures ⬆ (BTC: +7.1%, ETH: +23.1%); trading volume: BTC/ETH futures ⬇. BTC monthly futures volume fell 22.9% to $801 billion:
CME’s bitcoin futures open interest fell 2.7% to $1.43 billion (average daily volume was flat at $1.3 billion):
As for ETH futures, monthly trading volumes fell 34.2% to $631 billion:
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