11 Charts Explaining the July Crypto Market: The Long-Awaited Rebound Has Finally Arrived
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11 Charts Explaining the July Crypto Market: The Long-Awaited Rebound Has Finally Arrived
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 July, with the approval and successful launch of U.S. spot Ethereum ETFs, most cryptocurrency market indicators finally rebounded after a prolonged downturn. This article examines the state of the crypto market over the past month using 11 charts.
1. In July, the total adjusted on-chain transaction volume for Bitcoin and Ethereum rose 31.8% to $445 billion. Bitcoin’s adjusted on-chain transaction volume increased by 34.7%, while Ethereum’s grew by 27.7%.
2. Adjusted stablecoin on-chain transaction volume in July increased 18.8% to $997.4 billion. Stablecoin issuance supply rose 1.2% to $144.3 billion, with USDT and USDC holding market shares of 78.9% and 17.1%, respectively.
3. Bitcoin miner revenue reached $950.2 million in July, a slight decline of 1.2%. Additionally, Ethereum staking revenue dropped 6.6% to $270.2 million.
4. In July, 17,114 ETH (worth approximately $56.4 million) were burned on the Ethereum network. Since the implementation of EIP-1559 in early August 2021, a total of about 4.35 million ETH (worth around $12.3 billion) have been burned.
5. Ethereum’s NFT market transaction volume continued its significant decline in July, dropping 49.6% further to approximately $140.3 million.
6. Spot trading volume on compliant centralized exchanges (CEX) rebounded in July, increasing 6.7% to $702.7 billion.
7. Net inflows into spot Bitcoin ETFs surged 473% in July, reaching $3.15 billion.
8. In crypto futures, Bitcoin futures open interest rose 15.6% in July, while Ethereum futures open interest declined 5.6%. In terms of futures trading volume, Bitcoin futures volume increased 65% to $1.66 trillion, and Ethereum futures volume grew 43.1%.
9. CME Group Bitcoin futures open interest increased 13.5% in July, rebounding to $10.6 billion. Daily average volume rose 12.3% to approximately $5.05 billion.
10. Ethereum futures monthly average trading volume surged in July to $755.5 billion, an increase of 43.1%.
11. In cryptocurrency options, Bitcoin options open interest rose 35.9% in July, while Ethereum options open interest also increased by 7.1%. Regarding trading volumes, Bitcoin options trading volume reached $56.9 billion, up 31.9%; Ethereum options trading volume fell 8.1% to $15.5 billion.
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