TechFlow news, on September 2, Lars, Director of Research at The Block, released the August 2024 cryptocurrency market report. Overall, the crypto market showed mixed performance in August, with most metrics declining, while stablecoins and centralized exchange (CEX) trading volumes rose against the trend. Below are the key highlights:
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On-chain activity: Total adjusted on-chain transaction volume decreased by 15.3% month-over-month to $377 billion. Bitcoin and Ethereum declined by 12.1% and 20.2%, respectively.
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Stablecoin market: Countered the broader trend with a surge of 20.5% in adjusted on-chain transaction volume, reaching a record high of $1.2 trillion. Issuance increased slightly by 2.9% to $148.4 billion. USDT and USDC continued to dominate the market with shares of 78.7% and 17.4%, respectively.
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Miner and staker revenues: Bitcoin miner income dropped 10.4% to $851.4 million; Ethereum staker income fell more sharply by 19.3% to $218.2 million.
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Ethereum's deflationary mechanism: Burned 13,467 ETH during the month, worth approximately $34.9 million.
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NFT market: NFT trading volume within the Ethereum ecosystem declined by 12.8% to $123.2 million.
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Centralized exchanges (CEX): Spot trading volume rose 13.7% against the trend to $877.5 billion, suggesting potentially increased institutional investor activity.
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Bitcoin spot ETFs: Recorded a monthly net outflow of $422.1 million, reflecting cautious short-term sentiment among institutional investors toward Bitcoin.
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Derivatives market:
- Futures: Bitcoin futures trading volume declined by 20.2% to $1.33 trillion; Ethereum futures dropped by 22.2%.
- Options: Bitcoin options trading volume decreased by 5.4% to $53.8 billion; Ethereum remained stable at $15.5 billion.
