12 charts interpret the crypto market in January: Spot Bitcoin ETF approval helps indicators on multiple chains continue to grow

Written by: Lars, Head of Research at The Block

Compiled by: Jordan, PANews

Thanks to the impact of the US spot Bitcoin ETF being approved for listing, in the past January 2024, most crypto industry indicators continued to show a strong growth trend. This article will use 12 charts to interpret the crypto industry in the past month. market conditions.

In January, a total of 11 spot Bitcoin ETFs were approved for listing by the U.S. Securities and Exchange Commission. This news also pushed the overall adjusted total on-chain transaction volume of Bitcoin and Ethereum to increase by 8.8% to US$357 billion, of which After the adjustment, Bitcoin’s on-chain transaction volume increased by 10.6%, and Ethereum’s on-chain transaction volume increased by 6%.

2. The adjusted transaction volume on the stablecoin chain in January continued to maintain an upward trend, rising to 742.6 billion US dollars, an increase of 22.2%; the supply of issued stablecoins also increased, an increase of 4.1% to 125.8 billion US dollars, Among them, the market share of the US dollar stable currency USDT is 77% (which has increased for five consecutive months), while the market share of USDC has increased slightly to 18.6%.

3. The income of Bitcoin miners changed in January, falling to US$1.35 billion, a decrease of 13.6%. In addition, although Ethereum staking income continues to grow, the increase is not large, about 1.4%, rising to 1.87 million US dollars.

4. In January, a total of 75,037 ETH were destroyed on the Ethereum network, with a value equivalent to US$180 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 3.97 million ETH, worth approximately US$10.98 billion.

5. In January, the transaction volume of the NFT market on the Ethereum chain increased by 6.2%, reaching approximately US$828.8 million.

6. Compliance centralizationexchange(CEX) spot trading volume continued to show an upward trend in January, rising by approximately 4.9% to US$628.1 billion.

Major events in July and JanuarycryptocurrencyexchangeThe spot market share rankings are as follows:Binanceis 71% (down from December), Coinbase is 12.1%, Kraken is 4.9%, and LMAX Digital is 3.7%.

8. The average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC rose in JanuaryXiaobai NavigationThe amplitude was larger, reaching 302.7%, rising to $784 million. This situation was due to the fact that the fund had successfully converted to a spot Bitcoin ETF.

9. In terms of crypto futures, the open interest of Bitcoin futures in January decreased by 5.9%, and the open interest of Ethereum futures decreased by 1.5%; in terms of futures trading volume, the trading volume of Bitcoin futures in January increased by 14.1%, rising by 14.1%. to $1.1 trillion.

In October and January, the open interest of CME Group's Bitcoin futures increased by 3.1% to US$5 billion, and the average daily transaction volume (daily avg volume) increased by 29.2% to approximately US$3.44 billion.

In November and January, the average monthly trading volume of Ethereum futures rose to US$511 billion, with an increase of 0.9%.

12. incryptocurrencyIn terms of options, Bitcoin positions fell by 6.4% in January, while Ethereum positions increased by 6.5%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin options trading volume increased by 5.2% to US$39.9 billion in January, continuing to hit a record high; Ethereum options trading volume increased by 17.3% to US$17.9 billion. , also reached a record high.

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