September Crypto Market Review: Data Decline Behind the Surface Prosperity

Despite the rebound in Bitcoin prices in September, which seems to indicate a good market performance, most key indicators are actually showing a downward trend. This article will reveal the true state of the crypto market over the past month through data analysis from multiple dimensions.

On-chain transaction activity slows down

In September, the adjusted on-chain total transaction volume of Bitcoin and Ethereum decreased by 13% overall, falling to $328 billion. Among them, the adjusted on-chain transaction volume of Bitcoin dropped by 10.2%, while Ethereum fell by 17.8%. This indicates that despite a price rebound, actual on-chain activity has not seen a corresponding increase.

The stablecoin market is also showing a similar trend. In September, the adjusted on-chain transaction volume of stablecoins significantly decreased by 30.8%, amounting to only $832 billion. However, the issuance supply of stablecoins saw a slight increase of 1.3%, reaching $150.4 billion. In terms of market share, USDT and USDC continue to dominate, accounting for 78.3% and 17.6%, respectively.

Both mining and staking revenues have declined

Bitcoin miners' income continued to decline in September, falling to $815.3 million, a decrease of 4.2%. Meanwhile, Ethereum staking income also dropped by 4%, down to $209.4 million. This reflects the increased profit pressure faced by miners and stakers.

It is worth noting that in September, the Ethereum network destroyed a total of 26,874 ETH, worth approximately $68.2 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively destroyed about 4.39 million ETH, with a total value of up to $12.4 billion.

The NFT market remains sluggish

In September, the trading volume of the NFT market on the Ethereum chain saw a significant decline, dropping by 22% to approximately $96.1 million. This data indicates that the enthusiasm for the NFT market continues to wane, with a noticeable decrease in investor interest.

Exchange trading volume declines

The spot trading volume of compliant centralized exchanges (CEX) failed to continue the growth momentum of August in September, dropping by 17.4% to $724.6 billion. This data reflects a decline in overall trading activity.

However, in September, the spot Bitcoin ETF saw a net inflow of approximately $1.13 billion, indicating an increased interest from institutional investors in Bitcoin.

Futures market performance varies

In the field of crypto futures, the open interest for September Bitcoin and Ethereum futures both saw an increase, with rises of 16% and 16.1%, respectively. However, the trading volume for futures has declined, with Bitcoin futures trading volume dropping 16.1% to $1.11 trillion and Ethereum futures trading volume decreasing by 20.8%.

Specifically, the open interest of Bitcoin futures on the Chicago Mercantile Exchange increased by 14.3%, reaching $10.3 billion, but the average daily trading volume decreased by 4.7% to approximately $4.8 billion. The average monthly trading volume of Ethereum futures fell to $46.55 billion, a decline of 20.8%.

The options market is generally declining

The crypto market for cryptocurrency options also showed a downward trend in September. The open interest for Bitcoin options decreased by 1.6%, while the open interest for Ethereum options fell by 8.4%. In terms of trading volume, the monthly trading volume for Bitcoin options was $38.6 billion, down 28.1%; the trading volume for Ethereum options was $9.7 billion, a significant decrease of 37.5%.

In summary, although the price of Bitcoin rebounded in September, data from multiple dimensions shows that the overall activity and trading volume of the crypto market have declined to varying degrees. This indicates that the market is still in a correction phase, and investors should maintain a cautious attitude and closely monitor subsequent market trends.