12 Charts Interpret the October Crypto Market: The Horn of Strong Rebound Sounds

Author: The Block Research Director Lars

Compiled by: Jordan, PANews

After a long period of stagnation, most indicators in the crypto industry showed improvement in October, with the market demonstrating strong signs of rebound over the past month. This article will interpret the state of the crypto market in October through 12 charts.

1. In October, the total on-chain transaction volume of Bitcoin and Ethereum increased by 34.8% after adjustment, reaching $196 billion, with Bitcoin's adjusted on-chain transaction volume rising by as much as 45.7%, while Ethereum's on-chain transaction volume increased by 20.7%.

2. The adjusted on-chain transaction volume of stablecoins also rose in October, reaching $554.6 billion, an increase of about 19.2%; however, the supply of issued stablecoins slightly decreased by 0.2%, down to $115.8 billion, with the market share of the US dollar stablecoin USDT accounting for 73.2% (an increase compared to August and September), while USDC's market share slightly dropped to 19.6%.

3. Bitcoin miner revenue further increased in October, rising to $885 million, a growth of 17.4%, while Ethereum staking revenue grew by 8.6%, reaching the range of $125 million.

4. In October, the Ethereum network burned a total of 41,348 ETH, worth approximately $70.3 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 3.67 million ETH, valued at approximately $10.31 billion.

5. The on-chain NFT market for Ethereum saw a slight increase in transaction volume in October, reaching approximately $267 million, up about 2%; however, the emerging NFT market Blur has surpassed OpenSea in monthly transaction volume and other metrics for the ninth consecutive month.

6. The spot trading volume of compliant centralized exchanges (CEX) also saw an astonishing increase in October, rising by 55.2% to approximately $291.2 billion.

7. The market share rankings of major cryptocurrency exchanges in October were as follows: Binance at 69.2%, Coinbase at 10.7%, BTSE at 5.8%, Kraken at 5.6%, and LMAX Digital at 2.9%.

8. The average daily trading volume of Grayscale's Bitcoin Trust (GBTC) saw a significant increase in October, rising to $92 million, with a growth rate of 157%.

9. In terms of crypto futures, the open interest of Bitcoin futures increased by 27.1% in October, while the open interest of Ethereum futures rose by 6.1%; regarding trading volume, Bitcoin futures saw a 59.5% increase in October, reaching $768 billion.

10. In October, the open interest of Bitcoin futures on the Chicago Mercantile Exchange grew by 83.2%, reaching $3.56 billion, with the daily average trading volume increasing by 69%, rising to approximately $1.94 billion.

11. The average monthly trading volume of Ethereum futures rose to $303 billion in October, an increase of 44.3%.

12. In the cryptocurrency options market, the open interest of Bitcoin and Ethereum options saw a broad increase in October, with Bitcoin options open interest rising by 80% and Ethereum options open interest increasing by 17%. Additionally, the trading volume of Bitcoin and Ethereum options also saw significant increases, with Bitcoin options trading volume rising by 89.5% in October to $32.7 billion, and Ethereum options trading volume increasing by 38.4% to $14 billion.