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The crypto market warms up in July: A comprehensive analysis of 11 key indicators
July Crypto Market Warms Up: 11 Charts Reveal Market Trends
In July, the crypto market finally experienced a long-awaited rebound, with most indicators showing an upward trend. This article provides an in-depth analysis of the state of the crypto market over the past month through 11 charts.
In July, the adjusted on-chain total transaction volume of Bitcoin and Ethereum increased by 31.8%, reaching $445 billion. Among them, the adjusted on-chain transaction volume of Bitcoin grew by 34.7%, while Ethereum grew by 27.7%.
In July, the adjusted on-chain transaction volume of stablecoins increased by 18.8%, reaching $997.4 billion. The issuance supply of stablecoins grew by 1.2%, rising to $144.3 billion. In terms of market share, USDT accounted for 78.9%, while USDC accounted for 17.1%.
In July, Bitcoin miners' revenue reached $950.2 million, a slight decrease of 1.2%. Ethereum staking revenue fell by 6.6%, dropping to $270.2 million.
In July, the Ethereum network destroyed a total of 17,114 ETH, worth approximately 56.4 million USD. Since the implementation of EIP-1559 in August 2021, Ethereum has destroyed a total of approximately 4.35 million ETH, worth around 1.23 billion USD.
In July, the trading volume of the NFT market on the Ethereum chain continued to decline sharply, dropping by 49.6% to approximately $140.3 million.
The spot trading volume of compliant centralized exchanges rebounded in July, increasing by 6.7% to reach $702.7 billion.
In July, the net inflow of spot Bitcoin ETFs increased by 473%, reaching $3.15 billion.
In July, the open interest of Bitcoin futures increased by 15.6%, and the trading volume rose by 65%, reaching $1.66 trillion. The open interest of Ethereum futures decreased by 5.6%, but the trading volume grew by 43.1%.
In July, the open interest of Bitcoin futures at the Chicago Mercantile Exchange increased by 13.5%, reaching $10.6 billion. The average daily trading volume rose by 12.3%, reaching approximately $5.05 billion.
In July, the average monthly trading volume of Ethereum futures surged to $755.5 billion, an increase of 43.1%.
In July, the open interest of Bitcoin options rose by 35.9%, with a trading volume of 56.9 billion dollars, an increase of 31.9%. The open interest of Ethereum options increased by 7.1%, but the trading volume fell by 8.1%, down to 15.5 billion dollars.
Overall, the crypto market showed significant signs of recovery in July, with most indicators rising, especially the performance of the Bitcoin-related market. However, the NFT market continues to decline, indicating a disparity in performance across different segments.