Author: The Block Research Director Lars

Compiled by: Jordan, PANews

In July, with the approval and successful listing of the US spot Ethereum ETF, most indicators in the cryptocurrency market finally showed a long-awaited rebound. This article will interpret the state of the crypto market over the past month with 11 charts.

1. In July, the total on-chain transaction volume of Bitcoin and Ethereum increased by 31.8% after adjustments, reaching $445 billion, with Bitcoin's adjusted on-chain transaction volume rising by 34.7% and Ethereum's by 27.7%.

2. The adjusted on-chain transaction volume of stablecoins in July grew by 18.8%, reaching $997.4 billion, while the supply of stablecoins increased by 1.2% to $144.3 billion, with USDT and USDC holding market shares of 78.9% and 17.1%, respectively.

3. Bitcoin miner revenue reached $950.2 million in July, a slight decrease of 1.2%. Additionally, Ethereum staking revenue also fell by 6.6%, dropping to $270.2 million.

4. In July, the Ethereum network burned a total of 17,114 ETH, worth approximately $56.4 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 4.35 million ETH, valued at approximately $12.3 billion.

5. The on-chain NFT market for Ethereum continued to experience a significant decline in July, with a drop of 49.6%, further decreasing to approximately $14.03 million.

6. The spot trading volume of compliant centralized exchanges (CEX) rebounded in July, increasing by 6.7% to $702.7 billion.

7. In July, the net inflow of spot Bitcoin ETFs increased by 473%, reaching $3.15 billion;

8. In terms of crypto futures, the open interest of Bitcoin futures increased by 15.6% in July; the open interest of Ethereum futures decreased by 5.6%; regarding trading volume, Bitcoin futures trading volume increased by 65% in July, reaching $1.66 trillion, while Ethereum futures trading volume grew by 43.1%.

9. In July, the open interest of Bitcoin futures on the Chicago Mercantile Exchange (CME) grew by 13.5%, rebounding to $10.6 billion, with the daily average trading volume increasing by 12.3% to approximately $5.05 billion.

10. The average monthly trading volume of Ethereum futures significantly increased to $755.5 billion in July, with a growth rate of 43.1%.

11. In the cryptocurrency options market, the open interest of Bitcoin options rose by 35.9%, while the open interest of Ethereum options also saw an increase of 7.1%. Additionally, in terms of trading volume, the monthly trading volume of Bitcoin options reached $56.9 billion, growing by 31.9%; Ethereum options trading volume decreased by 8.1%, down to $15.5 billion.