12 Charts Explain January's Crypto Market: Spot Bitcoin ETF Approval Boosts Multiple On-Chain Metrics to Sustained Growth
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12 Charts Explain January's Crypto Market: Spot Bitcoin ETF Approval Boosts Multiple On-Chain Metrics to Sustained Growth
Can Explosive Growth Last? Was Solana's Insane January Performance Just a Dead Cat Bounce?
Navigating Web3 tides with focused insightsAuthor: Lars, Head of Research at The Block
Translation: Jordan, PANews
Thanks to the approval of spot Bitcoin ETFs in the United States, most cryptocurrency industry metrics continued to show strong growth in January 2024. This article uses 12 charts to analyze the state of the crypto market over the past month.
1. In January, a total of 11 spot Bitcoin ETFs were approved for listing by the U.S. Securities and Exchange Commission (SEC). This news drove overall adjusted on-chain transaction volumes for Bitcoin and Ethereum up by 8.8% to $357 billion. Specifically, adjusted on-chain transaction volume for Bitcoin rose 10.6%, while Ethereum's increased by 6%.
2. Adjusted stablecoin on-chain transaction volume continued rising in January, increasing 22.2% to $742.6 billion. The total supply of issued stablecoins also grew, rising 4.1% to $125.8 billion. USDT maintained its dominance with a 77% market share—its fifth consecutive monthly increase—while USDC’s market share rose slightly to 18.6%.
3. Bitcoin miner revenue declined in January, falling 13.6% to $1.35 billion. Meanwhile, Ethereum staking revenue continued to grow modestly, increasing by 1.4% to $1.87 million.
4. In January, 75,037 ETH were burned on the Ethereum network, worth approximately $180 million. Since the implementation of EIP-1559 in early August 2021, a total of around 3.97 million ETH—worth about $10.98 billion—have been burned.
5. On-chain NFT trading volume on Ethereum increased by 6.2% in January, reaching approximately $828.8 million.
6. Spot trading volume on compliant centralized exchanges (CEX) continued to rise in January, increasing by about 4.9% to $628.1 billion.
7. In January, the spot market share rankings for major cryptocurrency exchanges were as follows: Binance at 71% (down from December), Coinbase at 12.1%, Kraken at 4.9%, and LMAX Digital at 3.7%.
8. Grayscale’s Bitcoin Trust Fund (GBTC) saw a significant increase in average daily trading volume in January, rising 302.7% to $784 million. This surge was driven by the fund’s successful conversion into a spot Bitcoin ETF.
9. In crypto futures, open interest for Bitcoin futures declined by 5.9% in January, while Ethereum futures open interest fell by 1.5%. However, in terms of trading volume, Bitcoin futures trading volume grew 14.1% to $1.1 trillion.
10. CME Group’s Bitcoin futures open interest increased by 3.1% in January, reaching $5 billion. Daily average trading volume surged 29.2% to approximately $3.44 billion.
11. Average monthly trading volume for Ethereum futures rose to $511 billion in January, an increase of 0.9%.
12. In cryptocurrency options, Bitcoin open interest declined by 6.4% in January, while Ethereum open interest rose by 6.5%. In terms of options trading volume, Bitcoin options trading volume increased 5.2% to $39.9 billion, setting a new all-time high. Ethereum options trading volume rose 17.3% to $17.9 billion, also reaching a record high.
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