April Crypto Market Data Analysis: Stablecoins Shine, Most Indicators Decline

Recently, the overall trend of the crypto market has shown a decline, but the stablecoin sector has risen against the trend. This article will comprehensively analyze the overall performance of the crypto market in April through multiple key indicators.

On-chain transaction volume has significantly decreased

In April, the adjusted on-chain total transaction volume of Bitcoin and Ethereum saw a significant decline, dropping by 30.5% to a total of $408 billion. Among them, the on-chain transaction volume of Bitcoin decreased by 30.85%, while the on-chain transaction volume of Ethereum fell by 30.2%.

Stablecoin market grows against the trend

Contrary to the overall market trend, the stablecoin market performed outstandingly in April:

1. The adjusted stablecoin on-chain transaction volume increased by 23.7%, reaching $1.1 trillion, setting a new historical high.
2. The supply of issued stablecoins increased by 2.8%, reaching 141.2 billion USD.
3. The market share of USDT increased to 77.83%, while the market share of USDC slightly decreased to 18.1%.

Both miner income and staking income have declined

• Bitcoin miners' revenue fell by 11.3%, down to $1.78 billion.
• Ethereum staking income fell by 16.9%, dropping to $257 million.

Ethereum Destruction Situation

In April, the Ethereum network burned a total of 54,640 ETH, worth approximately $179 million. Since the implementation of EIP-1559 in August 2021, Ethereum has burned a total of about 4.78 million ETH, worth approximately $12.02 billion.

NFT market contraction

The trading volume of the NFT market on the Ethereum blockchain has significantly decreased by 34.5%, dropping to approximately $476 million.

Exchange Performance

1. The trading volume of compliant centralized exchanges (CEX) for spot trading decreased by 38.4%, falling to $888 billion.
2. Main exchange market share: a well-known trading platform 78.7%, a US exchange 10.1%, a European trading platform 3.7%, a digital asset exchange 2.2%.

Futures Market Overview

1. Bitcoin futures open interest decreased by 1.6%, while Ethereum futures open interest decreased by 17.7%.
2. Bitcoin futures trading volume decreased by 21.38%, falling to $1.59 trillion.
3. The average monthly trading volume of Ethereum futures decreased by 22.6%, falling to $691 billion.

Options Market Highlights

Despite the overall market downturn, the options market is showing signs of growth:

1. The trading volume of Bitcoin options reached a new high of $47.3 billion, an increase of 1.2%.
2. Ethereum options trading volume reaches a new high of $26.32 billion, up 25.4%.

Overall, the crypto market presented a complex picture in April. Although most indicators showed a decline, the strong performance of stablecoins and the options market injected a glimmer of hope into the market. This complex market environment poses both challenges and opportunities for investors and market participants, requiring us to continuously monitor market trends and make informed decisions.