Strong rebound, 12 charts explain the crypto market conditions in October
Original author:Lars, Head of Research at The Block
Original compilation: Jordan, PANews
After a long downturn, most crypto industry indicators improved this past October, and overall, the market has shown signs of a strong rebound over the past month. This article will use 12 charts to interpret the crypto market conditions in the past October.
1. In October, the overall transaction volume of Bitcoin and Ethereum on the chain increased by 34.8% after adjustment, reaching 196 billion U.S. dollars. Among them, the transaction volume of Bitcoin after adjustment increased by 45.7%, and the transaction volume of Ethereum increased by 45.7%. 20.7%.
2. The adjusted transaction volume on the stablecoin chain also increased in October, rising to US$554.6 billion, an increase of approximately 19.2%; however, the supply of issued stablecoins fell slightly by 0.2% to US$115.8 billion, of which US dollars The market share of stablecoin USDT is 73.2% (increased from August and September), while the market share of USDC fell slightly to 19.6%.
3. Bitcoin miner revenue also increased further in October, rising to $885 million, an increase of 17.4%, while Ethereum staking revenue increased by 8.6%, rising to a range of $125 million.
4. In October, a total of 41,348 ETH were destroyed on the Ethereum network, with a value equivalent to US$70.3 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 3.67 million ETH, worth approximately $10.31 billion.
5. In October, the transaction volume of the NFT market on the Ethereum chain increased slightly, reaching approximately US$267 million, an increase of approximately 2%. However, the new NFT market Blur has surpassed OpenSea for the ninth consecutive month in terms of monthly transaction volume and other indicators.
6. The spot trading volume of compliance centralized exchanges (CEX) rose by an equally astonishing rate in October, reaching 55.2%, rising to approximately US$291.2 billion.
7. The spot market share rankings of major cryptocurrency exchanges in October are as follows: Binance is 69.2%, Coinbase is 10.7%, BTSE is 5.8%, Kraken is 5.6%, and LMAX Digital is 2.9%.
8. The average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC rose sharply in October, rising to $92 million, an increase of 157%.
9. In terms of crypto futures, the open interest of Bitcoin futures in October increased by 27.1%, and the open interest of Ethereum futures increased by 6.1%; in terms of futures trading volume, the trading volume of Bitcoin futures in October increased by 59.5%, rising to $768 billion.
10. In October, CME Group’s open interest in Bitcoin futures increased by 83.2% to US$3.56 billion, and the daily average trading volume (daily avg volume) increased by 69% to approximately US$1.94 billion.
11. In October, the average monthly trading volume of Ethereum futures rose to US$303 billion, an increase of 44.3%.
12. In terms of cryptocurrency options, there was a general increase in Bitcoin and Ethereum option positions in October, with Bitcoin option positions increasing by 80% and Ethereum option positions by 17%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin and Ethereum also experienced a significant increase. Among them, Bitcoin options trading volume increased by 89.5% in October, rising to 32.7 billion U.S. dollars; Ethereum options trading volume increased was 38.4%, increasing to US$14 billion.
