11 Charts Explaining June's Sluggish Crypto Market: Most Metrics Continue to Decline
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11 Charts Explaining June's Sluggish Crypto Market: Most Metrics Continue to Decline
This article will use 11 charts to explain the cryptocurrency market conditions over the past month.
Navigating Web3 tides with focused insightsAuthor: Lars, Head of Research at The Block
Translation: Jordan, PANews
In June, most cryptocurrency market indicators continued to decline. This article uses 11 charts to analyze the state of the crypto market over the past month.
1. In June, the adjusted total on-chain transaction volume for Bitcoin and Ethereum dropped 13.4% to $338 billion, with both Bitcoin and Ethereum seeing a 13.4% decline in their adjusted on-chain transaction volumes.
2. Adjusted stablecoin on-chain transaction volume declined by 4.5% in June, falling to $839.6 billion. The total issued stablecoin supply increased slightly by only 0.4%, rising to $142.6 billion. USDT's market share grew to 79.1%, while USDC’s market share slightly decreased to 17%.
3. Bitcoin miner revenue fell slightly to $961.9 million in June, down just 0.1%. Meanwhile, Ethereum staking revenue rose 8.1% to $289.2 million.
4. In June, 26,338 ETH were burned on the Ethereum network, equivalent to $95.1 million. Data shows that since the implementation of EIP-1559 in early August 2021, approximately 4.33 million ETH have been burned in total, worth around $12.2 billion.
5. Ethereum NFT market transaction volume continued its sharp decline in June, dropping 18.4% to approximately $280.5 million.
6. Spot trading volume on compliant centralized exchanges (CEX) declined in June by 18.5%, decreasing to $658.8 billion.
7. In June, spot market share rankings among major cryptocurrency exchanges were as follows: Binance at 64% (a significant drop from May), Bybit at 17.8%, Coinbase at 9%, and Kraken at 2.7%.
8. Regarding crypto futures, open interest in Bitcoin futures dropped 6.9% in June, while Ethereum futures open interest declined 3.1%. In terms of futures trading volume, Bitcoin futures trading volume fell 19.9% to $1 trillion, and Ethereum futures trading volume dropped 23.8%.
9. CME Bitcoin futures open interest declined 9.6% in June to $9.3 billion, but daily average trading volume increased 3.4% to approximately $4.5 billion.
10. Average monthly Ethereum futures trading volume plunged sharply in June to $528.1 billion, a decline of 23.8%.
11. In cryptocurrency options, Bitcoin options open interest dropped 39.45% in June, while Ethereum options open interest also saw a steep decline of 55.6%. Additionally, Bitcoin options trading volume fell 7.9% to $43.1 billion, and Ethereum options trading volume declined 46.2% to $16.9 billion.
[Disclaimer] The market involves risks, and investments should be made with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein are suitable for their particular circumstances. Investment decisions based on this information are made at the investor’s own risk.
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