The Block: 12 Images Decrypt the Market Hot Like June

特邀专栏作者

2023-07-04 19:00 (UTC+8)

This article is about 1078 words, reading the full article takes about 2 minutes

Investment giants entering the market signal a rebound in BTC and the cryptocurrency industry is experiencing some degree of recovery in June.

AI Summary

Investment giants entering the market signal a rebound in BTC and the cryptocurrency industry is experiencing some degree of recovery in June.

Original Author: The Block Research Director @Lars

Original translation: Jordan, PANews

After a continuous downturn in April and May, the cryptocurrency industry experienced a certain degree of recovery in the past "hot" June. The rebound may be due to asset management giants such as BlackRock and Fidelity applying for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission. This move "stimulated" most cryptocurrency indicators to improve, and the Bitcoin price successfully broke through the $30,000 resistance level.

Next, let's use 12 charts to interpret the scorching June that just passed.

1. In June, after Bitcoin and Ethereum's adjustments, the total on-chain transaction volume increased by 15.2%, reaching $226 billion. However, this trend was mainly driven by Bitcoin, as its on-chain transaction volume increased by 32.7% last month, while Ethereum's on-chain transaction volume decreased by about 2%.

2. In June, the on-chain transaction volume of stablecoins also increased, reaching $556.5 billion, with a growth rate of about 19.8%. However, the supply of issued stablecoins continued to shrink to $118.9 billion, a decrease of about 2.6%. In addition, the market share of the USD stablecoin USDT continued to rise (reaching 69.9%, an increase of 1.7 percentage points from May), while the market share of USDC further declined to 21.5%.

3. It is noteworthy that Bitcoin miner revenue declined in June, with a decrease of 14.5% to $783.3 million, while Ethereum staking revenue also declined, with a drop of 24% in June to about $119.5 million.

4. In June, the Ethereum network burned a total of 69,081 ETH, worth approximately $126 million. The burn rate decreased by about half compared to May. Data shows that Ethereum has been in a deflationary state since January 2023. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned approximately 3.42 million ETH, with a total value of around $9.89 billion.

5. The trading volume of the NFT market on the Ethereum blockchain continued to decline in June, with a decrease of 18.1%, reaching approximately $534 million. Due to the incentive measures of the BLUR token, the newly emerging NFT market Blur has surpassed OpenSea for the fifth consecutive month in terms of monthly trading volume and other indicators.

6. After reaching the lowest level since November 2020, the trading volume of compliant centralized exchanges (CEX) for spot trading finally saw an increase in June, with a growth rate of approximately 5.9%, reaching $325.5 billion.

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

8. After the daily average trading volume of grayscale Bitcoin Trust GBTC hit its lowest level since November 2019 last month, it saw a huge surge in June, with a growth rate of 143.2%, reaching 64 million US dollars.

9. In terms of cryptocurrency futures, the open interest of Bitcoin futures increased by 21.3% in June, while the open interest of Ethereum futures decreased by 5.4%; in terms of futures trading volume, the trading volume of Bitcoin futures increased by 12.2% in June, reaching 873.5 billion US dollars.

10. The open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 50.3%, reaching 2.78 billion US dollars, and the daily average trading amount increased by 38.2%, rising to around 1.68 billion US dollars.

11. The monthly average trading volume of Ethereum futures in June slightly increased to about 418 billion US dollars, with a growth rate of 2.5%.

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