12 charts showing the crypto industry's recovery in January

PANews · 2023-02-02T03:30:03.000Z

Author | Head of Research at The Block @Lars Compiled | PANews As Bitcoin rebounded, the cryptocurrency industry showed signs of recovery in January 2023, with most indicators showing a strong upward trend. Let’s take a look. 1. After adjustment, the total on-chain transaction volume increased by 14.6% to US$165 billion, of which the Bitcoin on-chain transaction volume increased by 8.1% and the Ethereum chain transaction volume increased by 24.1%. 2. The adjusted transaction volume on the stablecoin chain increased to US$667.2 billion, an increase of approximately 1.7%; the supply of issued stablecoins further shrunk to US$132.7 billion, a decrease of approximately 1.9%. Among them, the market for the US dollar stablecoin USDT The share increased to 53.1%, while USDC dropped to 29.5%.

Author | Lars, Head of Research at The Block
Compiled by | PANews
As Bitcoin rebounded, the cryptocurrency industry showed signs of recovery in January 2023, and most indicators showed a strong upward trend. Let's take a look.
After adjustment, the total transaction volume on the chain increased by 14.6% to US$165 billion, of which the transaction volume on the Bitcoin chain increased by 8.1% and the transaction volume on the Ethereum chain increased by 24.1%.
The adjusted on-chain transaction volume of stablecoins increased to US$667.2 billion, an increase of about 1.7%; the issued stablecoin supply further shrank to US$132.7 billion, a decrease of about 1.9%, among which the market share of the US dollar stablecoin USDT increased to 53.1%, while USDC decreased to 29.5%.
Bitcoin miner revenue increased by 26.1% to $601.2 million, and Ethereum staking revenue increased by 26.7% to $101.8 million.
In January, the Ethereum network destroyed a total of 65,059 ETH, equivalent to $95.7 million. In May 2022, the large number of ETH destroyed by the Ethereum network was caused by the sale of virtual plots by YugaLabs Metaverse Project Otherside. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 2.86 million ETH, equivalent to about $8.88 billion.
In January, the transaction volume of the NFT market on the Ethereum chain was close to US$600 million (US$589 million), an increase of 46.8%.
The spot volume of compliant centralized exchanges (CEX) increased by 67.2% in January to approximately US$597.6 billion.
The changes in the market share of cryptocurrency exchanges are worth noting: Binance's market share in January reached 79.3%, Coinbase 9.3%, Kraken 2.9%, and Binance US 1.8%.
Grayscale’s Bitcoin Trust’s average daily trading volume of GBTC increased by 32.4% in January to US$44 million.
In terms of crypto futures, both Bitcoin and Ethereum futures open interests increased, with Bitcoin futures open interests increasing by 21.3% and Ethereum futures open interests increasing by 15.9%; in terms of futures trading volume, Bitcoin and Ethereum futures trading volume also increased, with Bitcoin futures trading volume increasing by 73% in January to US$656 billion.
CME's January Bitcoin futures positions increased by 63.2% to US$2.22 billion, and the average daily trading volume increased by 55.8% to US$985 million.
In terms of Ethereum futures, the average monthly trading volume reached US$481 billion, an increase of 32.1%.
In terms of cryptocurrency options, the open interest of Bitcoin and Ethereum options also increased, with Bitcoin options increasing by 116.5% and Ethereum options increasing by 71.7%. The trading volume of Bitcoin and Ethereum options also increased, with Bitcoin options increasing by 107.8% in January to $16 billion, and Ethereum options increasing by 54.5% in January to $8.5 billion.