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In June, most indicators in the cryptocurrency market continued their downward trend. This article uses 11 charts to analyze the market conditions over the past month.
1. Bitcoin and Ethereum’s adjusted on-chain transaction volumes both fell by 13.4% to $338 billion.
2. The adjusted on-chain transaction volume of stablecoins in June dropped by 4.5% to $839.6 billion. Despite a slight increase in total stablecoin supply by 0.4% to $142.6 billion, USDT market dominance rose to 79.1%, while USDC’s share slightly decreased to 17%.
3. Bitcoin miner revenue in June decreased slightly by 0.1% to $961.9 million. Meanwhile, Ethereum staking rewards increased by 8.1% to $289.2 million.
4. Ethereum’s network saw the destruction of 26,338 ETH tokens in June, valued at approximately $95.1 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.33 million ETH tokens, worth around $12.2 billion.
5. Ethereum’s on-chain NFT market trading volume continued its significant decline in June, dropping by 18.4% to approximately $280.5 million.
6. Compliance-centric centralized exchanges (CEX) witnessed an 18.5% decrease in spot trading volume in June, totaling $658.8 billion.
7. Market share rankings for major cryptocurrency exchanges in June are as follows: Binance at 64% (a significant decrease from May), Bybit at 17.8%, Coinbase at 9%, and Kraken at 2.7%.
8. In cryptocurrency futures, open interest for Bitcoin futures decreased by 6.9% in June, while Ethereum futures open interest dropped by 3.1%. Trading volumes for Bitcoin futures fell by 19.9% to $1 trillion, and Ethereum futures volumes decreased by 23.8%.
9. CME Bitcoin futures open interest decreased by 9.6% to $9.3 billion in June, but daily average volumes increased by 3.4% to approximately $4.5 billion.
10. Ethereum futures monthly average trading volume in June significantly decreased to $528.1 billion, down by 23.8%.
11. In cryptocurrency options, open interest for Bitcoin options decreased by 39.45% in June, while Ethereum options saw a substantial 55.6% decrease. Bitcoin options trading volume fell by 7.9% to $43.1 billion, and Ethereum options trading volume dropped by 46.2% to $16.9 billion.