11 charts interpreting the September cryptocurrency market: The market seems to perform well, but most indicators are declining

Author: Lars, Research Director at The Block

Compiled by: Jordan, PANews

For the cryptocurrency industry, the past September seemed to show good market performance due to the rebound in Bitcoin prices, but in reality, most indicators declined. This article will interpret the state of the crypto market over the past month with 11 charts.

1. In September, the total on-chain transaction volume for Bitcoin and Ethereum decreased by 13% after adjustments, falling to $328 billion. The adjusted on-chain transaction volume for Bitcoin dropped by 10.2%, while Ethereum's decline was 17.8%.

2. The on-chain transaction volume of stablecoins in September decreased by 30.8%, dropping to $832 billion. The supply of stablecoins increased by 1.3%, reaching $150.4 billion, with USDT and USDC holding market shares of 78.3% and 17.6%, respectively.

3. Bitcoin miner revenue continued to decline in September, falling to $815.3 million, a decrease of 4.2%. Additionally, Ethereum staking revenue also dropped by 4%, reaching $209.4 million.

4. In September, the Ethereum network burned a total of 26,874 ETH, worth approximately $68.2 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.39 million ETH, valued at approximately $12.4 billion.

5. The on-chain NFT market for Ethereum continued its downward trend in September, with a decline of 22%, further dropping to approximately $96.1 billion.

6. The spot trading volume of compliant centralized exchanges (CEX) failed to maintain the growth trend from August in September, decreasing by 17.4% to $724.6 billion.

7. In September, the net inflow of spot Bitcoin ETFs showed positive growth, with an inflow amount of approximately $1.13 billion.

8. In terms of cryptocurrency futures, the open interest for Bitcoin futures increased by 16% in September; the open interest for Ethereum futures rose by 16.1%. In terms of trading volume, Bitcoin futures trading volume decreased by 16.1% to $1.11 trillion, while Ethereum futures trading volume fell by 20.8%.

9. In September, the open interest for Bitcoin futures on the Chicago Mercantile Exchange increased by 14.3%, reaching $10.3 billion, while the daily average trading volume decreased by 4.7% to approximately $4.8 billion.

10. The average monthly trading volume for Ethereum futures dropped to $465.5 billion, a decline of 20.8%.

11. In the cryptocurrency options market, the open interest for Bitcoin options decreased by 1.6%, while the open interest for Ethereum options also fell, declining by 8.4%. Additionally, in terms of trading volume, Bitcoin monthly options trading volume reached $38.6 billion, down by 28.1%; Ethereum options trading volume was $9.7 billion, with a decline of 37.5%.