Every month brings us new data, through which we can analyze current trends and identify trends in indicators, and May was no exception.
The article does not include those metrics whose values have remained virtually unchanged over the month, or if they are completely correlated with similar indicators from another market (futures/spot/options)
Let’s go🚀
1️⃣ Centralized exchanges
• Binance's market share remained virtually unchanged during the month, increasing slightly from 43.81% to 44.17%. However, in November 2023, following DOJ allegations of violating AML principles against CZ and Binance, the exchange's share dropped to 37.5%. The growth indicates that investors continue to show confidence in the exchange
BB performed best in May, taking up an additional percentage of the market, and the worst performer was Bitget, which lost more than 1%
• Cumulative trading volume in May was $1.24 trillion, which is 22.5% lower than April and 50.2% lower than March volumes (when BTC updated its ATH)
2️⃣ Bitcoin ETF
• The total trading volume of spot Bitcoin funds in April was $58.4 billion, while in May it was 33.6% less ($38.75 billion)
• From mid-February until now, trading volume has been dominated by BlackRock IBIT (51.5%), while Grayscale GBTC has lost another 5.3% of the market in May. ARKB added an additional 2% to the existing 4.9%
• Outflows from Bitcoin funds amounted to $344 million in April, while inflows of $2.07 billion were recorded in May.
3️⃣ Cryptocurrency group indices (average basket)
• Level 1 blockchain coins increased by 14% from May 1 to June 1 (not including Bitcoin)
• Second-layer Ethereum solution coins, on the contrary, fell by 2%
• Memcoins (11 most popular) increased by 45% on average
• The total market capitalization of the TOP 20 DeFi tokens increased by 24% from $18.4 billion to $23 billion
4️⃣ Stablecoins
• Total stablecoin supply increased by just 1% to $167.8 billion, with Tether issuing 2 billion USDT and FDUSD burning 1.41 billion tokens (current supply 2.9 billion FDUSD)
Of $167.8 billion of all stablecoins – $91 billion ERC20 (54%)
• The total value of stablecoin transactions on Ethereum in May was $854 billion. This amount is lower than in April ($1.18 trillion), but higher than the volume of any month since November 2022.
The volume of transactions with the decentralized stablecoin DAI in May was equal to $400 billion, with USDC - $244 billion, and with USDT - $187 billion
5️⃣ Bitcoin
In May, the number of transactions on the Bitcoin network reached a new all-time high (ATH) of 18.19 million. The previous record was set in December 2023, when the monthly number of transactions amounted to 17.54 million
• At the same time, the number of new and active addresses reached a minimum that has not been recorded since 2018, amounting to only 8.69 million and 20.9 million, respectively
6️⃣ Ethereum
• The supply of ETH held in unrealized profits increased by 4.5% over the month and reached 96.65%
• Total monthly earnings of ETH stakers increased from $256.9 million in April to $267.4 in May. It is worth noting that validator fees for priority transactions fell from $40.9 million to $36.9 million
7️⃣ Solana
• The number of monthly active Solana network addresses has set a new maximum. There were 41.65 million active addresses in May, up 15% from April.
8️⃣ DEXs
• Trading volume on decentralized exchanges in May decreased by 30.6% from $127 billion to $88 billion, of which $48.4 billion came from Uniswap, $16.2 from Orca and Raydium (both on Solana) and $7.2 billion from PancakeSwap (BSC)
• In May, 143,740 new tokens were issued on DEX: 54% of them on the Base network, 28% on Solana, 10% on BNB Chain (BSC), 5.22% on Ethereum and 0.86% on Polygon
9️⃣ NFT
• The minimum price of the most expensive NFTs ERC721 (Ethereum) continues to fall relentlessly
In May, the BAYC collection lost 5% (although ETH soared)
MAYC fell by 15%
CryptoPunks lost 8.5%
• The number of monthly transactions on NFT marketplaces also continues to decline. In May, only 264,230 transactions were registered, which is significantly less than the month earlier, when 306,790 transactions were recorded.
Compared to a year earlier, when the number of transactions was 906,770, the decline is even more pronounced.
• There are fewer and fewer unique traders.
In May, they recorded a decrease of 23.6%, bringing the figure to a level comparable to the period when NFTs were just beginning to attract the attention of the mainstream.
