11 charts to interpret the crypto market in March: multiple online indicators hit record highs

Original author: Lars, head of research at The Block
Original compilation: Jordan, PANews
The cryptocurrency market continued its growth in March, and most crypto industry indicators hit record highs. This article will use 12 charts to interpret the crypto market conditions over the past month.
In March, the overall transaction volume of Bitcoin and Ethereum on the chain increased by 59.3% after adjustment, reaching 587 billion US dollars. Among them, the transaction volume of Bitcoin after adjustment increased by 59.5%, and the transaction volume of Ethereum increased by 20%. Reached 59.1%.
After the adjustment in March, the transaction volume on the stablecoin chain increased significantly, rising to 893.8 billion U.S. dollars, an increase of 41.3%; the supply scale of issued stablecoins increased, with an increase of 6.2% to reach 137.4 billion U.S. dollars, of which The U.S. dollar stablecoin USDT has a market share of 76.3%, while USDC’s market share has increased slightly to 19.7%.
Bitcoin miner revenue increased to $2.01 billion in March, hitting a record high with an increase of 44.9%. In addition, Ethereum staking revenue increased significantly, reaching approximately 44.5%, rising to US$309.3 million.
In March, a total of 147,620 ETH were destroyed on the Ethereum network, with a value equivalent to US$54.3 billion. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of approximately 4.23 million ETH, worth approximately US$11.84 billion.
In March, the NFT market transaction volume on the Ethereum chain dropped by 3.6%, reaching approximately US$726 million.
The spot trading volume of compliance centralized exchanges (CEX) continued to increase in March, with an astonishing increase of 115.8%, rising to US$1.44 trillion.
The spot market share rankings of major cryptocurrency exchanges in March are as follows: Binance is 78.5% (increased from both January and February), Coinbase is 10.9%, Kraken is 3.4%, and LMAX Digital is 1.3% .
In terms of crypto futures, the open interest of Bitcoin futures increased by 33.2% in March, and the open interest of Ethereum futures increased by 18.6%; in terms of futures trading volume, the trading volume of Bitcoin futures increased by 80.8% in March, reaching 2.02 trillion US dollars.
In March, the open interest of CME Bitcoin futures increased by 49.5% to $11.7 billion, a record high, and the daily avg volume increased by 114.8% to approximately $6.8 billion, also a record high.
In March, the average monthly trading volume of Ethereum futures rose to US$893.8 billion, an increase of 60.9%.
In terms of cryptocurrency options, Bitcoin options open interest fell by 1.9% in March, and Ethereum open interest also fell by 6.6%. In addition, in terms of Bitcoin and Ethereum options trading volume, both hit historical highs on March 29. Bitcoin options trading volume reached a new high of 46.75 billion US dollars, an increase of 18.5%; Ethereum options trading volume reached 20.99 billion. The dollar hit a new high, up 23.6%.