After a good first quarter of 2023, the crypto industry did not continue to advance and fell into a downturn again in April. Some people believe that the bear market has not completely ended, but others believe that it may be just a temporary market correction and will not affect long-term development. Next, let us use 12 pictures to interpret the "mysterious April" that has just passed.

1. After adjustment in April, the total transaction volume on the chain decreased by 15.1% to US$207 billion, of which the transaction volume on the Bitcoin chain decreased by 14.4% and the transaction volume on the Ethereum chain decreased by 15.2%.

2. The adjusted on-chain transaction volume of stablecoins in April fell by 484.8 billion US dollars, a drop of 41.1%; the supply of issued stablecoins shrank slightly to 124.1 billion US dollars, a decrease of about 1.1%. The market share of USDT, the US dollar stablecoin, continued to rise to 65.7%, while the market share of USDC fell further to 23.3%.

3. Bitcoin miners' income continued to grow in April to $797.1 million, but the increase was not large, only 5.5%. At the same time, Ethereum staking income also increased by 10.6% to $239.9 million. The Ethereum Shanghai-Capella mainnet upgrade was completed on April 12, and the staked ETH can also be withdrawn.

4. In April, the Ethereum network destroyed a total of 108,140 ETH, equivalent to $207.7 million. Data shows that Ethereum was in a deflationary state throughout April. In addition, since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.15 million ETH, worth $9.38 billion.

5. In April, the transaction volume of the NFT market on the Ethereum chain continued to decline, decreasing to about US$1.27 billion, a drop of about 7.1%. The new NFT market Blur has surpassed OpenSea for the third time in terms of monthly transaction volume and other indicators, but OpenSea is also catching up step by step, trying to narrow the gap.

6. The spot trading volume of compliant centralized exchanges (CEX) fell 43.8% in April to approximately US$400.5 billion. The reason for such a sharp drop was largely due to Binance's resumption of charging fees for Bitcoin trading pairs.

7. The market share rankings of major cryptocurrency exchanges in April are as follows: Binance 71.6%, Coinbase 8.7%, Kraken 4%, and BTSE 3.8%.

8. Grayscale's Bitcoin Trust Fund GBTC's average daily trading volume fell 22.2% in April to $43 million.

9. In terms of crypto futures, the open interest of Bitcoin futures fell by 1% in April, while the open interest of Ethereum futures rose by 8.2%; in terms of futures trading volume, the trading volume of Bitcoin futures fell by 28.5% in April to US$901 billion.

10. In April, the open interest of CME Bitcoin futures fell by 3.3% to $2.02 billion, but the average daily trading volume increased by 17.7% to about $1.7 billion.

11. In April, the average monthly trading volume of Ethereum futures at CME Group fell to approximately US$539 billion, a decrease of 32.1%.

12. In terms of cryptocurrency options, the open interest of Bitcoin and Ethereum options fell in April, with Bitcoin options falling by 27% and Ethereum options falling by 31.5%. The trading volume of Bitcoin and Ethereum options also fell, with Bitcoin options trading volume falling by 35.5% in April to $19.1 billion, and Ethereum options trading volume falling by 5.6% to $11.7 billion.

C3 Tip: The views, thoughts and opinions expressed here are the author's own and do not contain investment advice or recommendations. Every investment and transaction involves risk.