12 charts to explain the continued depression of the crypto market in September

By Lars, Head of Research at The Block
Compiled by: Jordan, PANews
In August, most crypto industry indicators showed a sharp correction, but the sluggish market conditions did not improve in September. Overall, the past month has continued to show a depressed state, and many indicators have even fallen further. This article will use 12 pictures to interpret the crypto market conditions in September.
In September, the total transaction volume on the adjusted Bitcoin and Ethereum chains both declined, with an overall drop of 17.5% to $145 billion. Among them, the transaction volume on the adjusted Bitcoin chain fell by as much as 20.83%, and the transaction volume on the Ethereum chain fell by 12.6%.
The adjusted on-chain transaction volume of stablecoins in September also declined, falling to US$465.2 billion, a decrease of about 10.7%; however, the supply of issued stablecoins increased to US$116 billion. Although the increase was only 0.75%, it was one of the few industry indicators that increased in September. Among them, the market share of the US dollar stablecoin USDT was 72.3% (a decrease from August), while the market share of USDC further fell to 20%.
Bitcoin miners’ income also shrank further in September, falling to $753 million, a decrease of 6.4%. At the same time, Ethereum staking income also declined, falling by 11.2% to approximately $115 million.
In September, the Ethereum network destroyed a total of 44,267 ETH, equivalent to $71.7 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.62 million ETH, worth about $10.24 billion.
In September, the transaction volume of the NFT market on the Ethereum chain fell sharply, decreasing to approximately US$261 million, a drop of 31.8%. However, the new NFT market Blur has surpassed OpenSea for the eighth consecutive month in terms of monthly transaction volume and other indicators.
The spot trading volume of compliant centralized exchanges (CEX) also fell by an astonishing 28.3% in September to approximately US$187.7 billion, the lowest level since October 2020.
. The spot market share rankings of major cryptocurrency exchanges in July and September are as follows: Binance is 69.3% (a decrease of about 5 percentage points from August), Coinbase is 10.9%, Kraken is 6.1%, BTSE is 5.2%, and LMAX Digital is 2.4%.
The average daily trading volume of Grayscale’s Bitcoin Trust Fund GBTC almost halved in September, falling to $36 million, a drop of 46.9%.
In terms of crypto futures, the open interest of Bitcoin futures increased by 3.9% in September, and the open interest of Ethereum futures increased by 11.4%; in terms of futures trading volume, the trading volume of Bitcoin futures fell by 20.2% in September to US$481 billion.
In September, CME Bitcoin futures open interest fell by 12.8% to $1.95 billion, and the daily avg volume fell even more, by 16%, to about $1.15 billion.
In September, the average monthly trading volume of Ethereum futures fell to approximately US$209.7 billion, a decrease of 20.6%.
In terms of cryptocurrency options, the open interest of Bitcoin and Ethereum options fell in September, with Bitcoin options falling by 15.6% and Ethereum options falling by 6.4%. In terms of the trading volume of Bitcoin and Ethereum options, Bitcoin and Ethereum also fell significantly, with Bitcoin options trading volume falling by 17.9% in September to $17.3 billion; Ethereum options trading volume fell by 10% to $10.1 billion.