Illustrating the May of the encryption market: a key inflection point or a continuation of the correction?

特邀专栏作者

2023-06-03 10:00 (UTC+8)

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Overall, the market has remained in correction mode over the past month, with a handful of indicators all bouncing back and most remaining “below the water.”

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Overall, the market has remained in correction mode over the past month, with a handful of indicators all bouncing back and most remaining “below the water.”

Original author:The Block Research Director @Lars

Original compilation: Jordan, PANews

The Block Research Director @LarsAprilOriginal compilation: Jordan, PANews

Following the downturn in April, the encryption industry did not rebound significantly in May. Overall, the market is still in a state of correction in the past month, with a few indicators all rebounding, and most of them are still "below the water surface." Next, let us use 12 pictures to interpret the "Mingyu May" that just passed. Click to review previous

April

data summary.

1. In May, the total on-chain transaction volume of Bitcoin and Ethereum continued to decline after adjustment, with a decrease of 5.3%, falling to 196 billion US dollars, of which the transaction volume on the Bitcoin chain decreased by 13.3%, but the transaction volume on the Ethereum chain It edged up 3.2%.

2. The adjusted stablecoin chain transaction volume in May dropped to US$464.6 billion, a drop of about 4.2%; the supply of issued stablecoins continued to shrink to US$122.4 billion, a drop of about 1.4%. The US dollar stablecoin USDT market share continued to rise (rising to 68.2%), reaching a supply of 83.5 billion US dollars and hitting a new high, while USDC’s market share fell further to 22.2%.

3. The income of Bitcoin miners increased significantly in May, rising to 916.6 million US dollars, an increase of 13.7%.

4. In May, a total of 204,576 ETHs were destroyed on the Ethereum network, worth $380.1 million. 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 3.36 million ETH, worth about $9.76 billion.

5. In May, the transaction volume of the NFT market on the Ethereum chain was almost halved to about 652 million US dollars, a drop of 48.7%. Thanks to BLUR token incentives, the new NFT market Blur has surpassed OpenSea for the fourth consecutive month in terms of monthly transaction volume and other indicators.

6. The spot transaction volume of compliant centralized exchanges (CEX) fell by 23.2% in May to approximately US$307.4 billion, the lowest level since November 2020.

7. The spot market shares of the major cryptocurrency exchanges in May are ranked as follows: Binance is 71%, Coinbase is 8.7%, BTSE is 5.1%, and Kraken is 4.5%.

8. The average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC continued to decline in May and fell to $26 million, a drop of 38.2%, the lowest level since November 2019.

9. In terms of encrypted futures, the open interest of Bitcoin futures rose by 2.9% in May, and the open interest of Ethereum futures rose by 5.7%. to $778.5 billion.