The entry of asset management giants stimulated the rebound of BTC. These 12 pictures interpret the cryptocurrency market in June

After a continuous downturn in April and May, the crypto industry has seen a certain degree of recovery in the hot June that just passed. The reason for the rebound is probably because asset management giants such as BlackRock and Fidelity have applied to the U.S. Securities and Exchange Commission for spot Bitcoin ETFs. This move has stimulated the improvement of most cryptocurrency indicators, and the price of Bitcoin has successfully broken through the resistance level of $30,000.
Next, let's use 12 pictures to interpret the fiery June that just passed. Click to review the data summary of April and May.
In June, the adjusted total transaction volume of Bitcoin and Ethereum increased by 15.2% to $226 billion, but this trend was mainly led by Bitcoin, as Bitcoin's adjusted transaction volume increased by 32.7% last month, while Ethereum's adjusted transaction volume decreased by about 2%.
The adjusted stablecoin on-chain transaction volume in June also increased, rising to US$556.5 billion, an increase of about 19.8%; however, the issued stablecoin supply continued to shrink to US$118.9 billion, a decrease of about 2.6%. In addition, the market share of the US dollar stablecoin USDT continued to rise (to 69.9%, up 1.7 percentage points from May), while the market share of USDC further fell to 21.5%.
It should be noted that Bitcoin miners’ revenue fell in June, down 14.5% to $783.3 million, while Ethereum staking revenue also fell, down 24% in June to approximately $119.5 million.
In June, the Ethereum network destroyed a total of 69,081 ETH, worth $126 million, which is about half the amount destroyed in May. Data shows that Ethereum has been in a deflationary state since January 2023. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.42 million ETH, with a total destruction value of about $9.89 billion.
In June, the transaction volume of the NFT market on the Ethereum chain continued to decline, falling by 18.1% to approximately US$534 million. Thanks to the BLUR token incentives, the new NFT market Blur has surpassed OpenSea in terms of monthly transaction volume and other indicators for the fifth consecutive month.
After spot trading volume on compliant centralized exchanges (CEXs) hit its lowest level since November 2020 last month, the indicator finally rose in June, increasing by about 5.9% to US$325.5 billion.
The spot market share rankings of major cryptocurrency exchanges in June are as follows: Binance is 73.6% (up 2.6 percentage points from May), Coinbase is 9.4%, Kraken is 5%, and BTSE and LMAX Digital are both 3%.
After hitting its lowest daily trading volume since November 2019 last month, Grayscale's Bitcoin Trust Fund GBTC saw a huge increase in June, rising 143.2% to US$64 million.
In terms of crypto futures, the open interest of Bitcoin futures increased by 21.3% in June, but the open interest of Ethereum futures decreased by 5.4%; in terms of futures trading volume, the trading volume of Bitcoin futures increased by 12.2% in June to US$873.5 billion.
CME's June Bitcoin futures open interest increased by 50.3% to $2.78 billion, and the average daily trading volume increased by 38.2% to approximately $1.68 billion.
In June, the average monthly trading volume of Ethereum futures rose slightly to about US$418 billion, an increase of 2.5%.
In terms of cryptocurrency options, the open interest of Bitcoin options and Ethereum options rebounded in June, with Bitcoin options openings increasing by 46.5% and Ethereum options openings increasing by 18.5%. In terms of Bitcoin and Ethereum options trading volume, Bitcoin options trading volume increased by 33.9% to $22.5 billion in June, but Ethereum options trading volume decreased by 7.5% to $9.9 billion.
Original source: Lars, Head of Research at The Block
Compiled by: Jordan, PANews