Signal of Asset Management Giant Entry Stimulates BTC Rebound, 12 Pictures Interpret the Cryptocurrency Market in the Hot June.
Asset management giant entry signals BTC rebound in hot June cryptocurrency market.
Author: The Block Research Director @Lars
Translation: Jordan，BlockingNews
After continuing to slump in April and May, the cryptocurrency industry saw a certain degree of recovery in the just past “hot” June. The reason for the rebound may be that asset management giants such as BlackRock and Fidelity have applied for spot Bitcoin ETFs with the US Securities and Exchange Commission, a move that “stimulated” most cryptocurrency indicators to improve, and the price of Bitcoin successfully broke through the $30,000 resistance level.
Next, let’s use 12 charts to interpret the just past hot June. You can click to review the data summary for April and May.
1. In June, the total on-chain transaction volume of Bitcoin and Ethereum increased by 15.2% to $226 billion after adjusting, but this trend was mainly dominated by Bitcoin, as the on-chain transaction volume of Bitcoin increased by 32.7% last month after adjusting, while the on-chain transaction volume of Ethereum after adjusting decreased by about 2%.
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2. In June, the on-chain transaction volume of stablecoins after adjusting also increased, rising to $556.5 billion, an increase of about 19.8%; however, the supply of issued stablecoins continued to shrink to $118.9 billion, a decrease of about 2.6%. In addition, the market share of the US dollar stablecoin USDT continued to rise (to 69.9%, up 1.7 percentage points from May), while the market share of USDC further declined to 21.5%.
3. It should be noted that Bitcoin miner revenue showed a decline in June, with a decline of 14.5% to $783.3 million, while Ethereum staking revenue also showed a decline, with a decline of 24% in June to about $119.5 million.
4. In June, the Ethereum network burned a total of 69,081 ETH, worth approximately $126 million, a decrease of about half from May. Data shows that Ethereum has been in a deflationary state since January 2023. Since the implementation of EIP-1559 in early August 2021, Ethereum has burned about 3.42 million ETH in total, with a total value of approximately $9.89 billion.
5. In June, the trading volume of Ethereum-based NFT markets continued to decline, with a decrease of 18.1% to about $534 million. Thanks to BLUR token incentive measures, the new NFT market Blur has surpassed OpenSea for the fifth consecutive month in terms of monthly trading volume and other indicators.
6. After the spot trading volume of compliant centralized exchanges (CEX) hit its lowest level since November 2020 last month, the indicator finally rose in June, with an increase of about 5.9% to $325.5 billion.
7. In June, the market share of major cryptocurrency exchanges in the spot market was as follows: Binance accounted for 73.6% (up 2.6 percentage points from May), Coinbase accounted for 9.4%, Kraken accounted for 5%, and BTSE and LMAX Digital both accounted for 3%.
8. After the Bitcoin Trust Fund GBTC of Grayscale hit its lowest daily trading volume since November 2019 last month, it saw a huge increase in June, with a rise of 143.2% to $64 million.
9. In terms of cryptocurrency futures, Bitcoin futures open interest rose by 21.3% in June, but Ethereum futures open interest fell by 5.4%. In terms of futures trading volume, Bitcoin futures trading volume rose by 12.2% in June, to $873.5 billion.
10. In June, the Bitcoin futures open interest of CME Group increased by 50.3% to $2.78 billion, and the daily trading volume increased by 38.2% to about $1.68 billion.
11. In June, the average monthly trading volume of Ethereum futures increased slightly to about $418 billion, up 2.5%.
12. In terms of cryptocurrency options, the open interest in Bitcoin options and Ethereum options rebounded in June, with Bitcoin options open interest up 46.5% and Ethereum options open interest up 18.5%. In terms of trading volume of Bitcoin and Ethereum options, the trading volume of Bitcoin options increased by 33.9% to $22.5 billion in June, but the trading volume of Ethereum options decreased by 7.5% to $9.9 billion.
