11 Charts Interpreting the Sluggish Crypto Market in June: Most Indicators Continue to Decline

Author: Lars, Head of Research at The Block

Compiled by: Jordan, PANews

In June, most indicators in the cryptocurrency market continued to decline. This article will interpret the state of the crypto market over the past month with 11 charts.

1. In June, the total on-chain transaction volume of Bitcoin and Ethereum adjusted down by 13.4%, falling to $338 billion, with both Bitcoin and Ethereum's adjusted on-chain transaction volumes decreasing by 13.4%.

2. In June, the adjusted on-chain transaction volume of stablecoins decreased by 4.5%, dropping to $839.6 billion; the supply of issued stablecoins increased slightly by 0.4%, rising to $142.6 billion, with the market share of the US dollar stablecoin USDT growing to 79.1%, while USDC's market share slightly decreased to 17%.

3. Bitcoin miner revenue fell to $961.9 million in June, a slight decrease of 0.1%. Additionally, Ethereum staking revenue rose by 8.1%, reaching $289.2 million.

4. In June, the Ethereum network burned a total of 26,338 ETH, worth approximately $95.1 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.33 million ETH, valued at approximately $12.2 billion.

5. The on-chain NFT market for Ethereum continued to see a significant decline in June, dropping by 18.4% to approximately $280.5 million.

6. The spot trading volume of compliant centralized exchanges (CEX) fell in June, decreasing by 18.5% to $658.8 billion.

7. The ranking of spot market shares among major cryptocurrency exchanges in June was as follows: Binance at 64% (a significant decrease from May), Bybit at 17.8%, Coinbase at 9%, and Kraken at 2.7%.

8. In the crypto futures market, the open interest of Bitcoin futures fell by 6.9% in June; the open interest of Ethereum futures decreased by 3.1%; in terms of trading volume, Bitcoin futures trading volume dropped by 19.9% to $1 trillion, while Ethereum futures trading volume fell by 23.8%.

9. In June, the open interest of Bitcoin futures on the Chicago Mercantile Exchange decreased by 9.6%, falling to $9.3 billion, but the daily average volume increased by 3.4%, rising to approximately $4.5 billion.

10. The average monthly trading volume of Ethereum futures significantly decreased to $528.1 billion, a decline of 23.8%.

11. In the cryptocurrency options market, the open interest of Bitcoin options fell by 39.45%, while the open interest of Ethereum also saw a significant decline of 55.6%. Additionally, in terms of trading volume for Bitcoin and Ethereum options, Bitcoin options trading volume dropped to $43.1 billion, a decrease of 7.9%; Ethereum options trading volume fell by 46.2%, reducing to $16.9 billion.