September Crypto Market Data Analysis: Most Indicators Decline

In the recently concluded September, although the crypto market seemed to perform well due to the rebound in Bitcoin prices, in reality, most indicators showed a downward trend. This article will provide a comprehensive analysis of the true state of the crypto market in September through data from multiple dimensions.

In September, the adjusted on-chain total transaction volume of Bitcoin and Ethereum decreased by 13% overall, falling to $328 billion. Among them, Bitcoin's adjusted on-chain transaction volume fell by 10.2%, while Ethereum dropped by 17.8%.

In terms of stablecoins, the on-chain transaction volume adjusted in September decreased by 30.8%, falling to $832 billion. However, the issuance supply of stablecoins saw a slight increase of 1.3%, reaching $150.4 billion. In terms of market share, USDT and USDC accounted for 78.3% and 17.6%, respectively.

Miner income continues to show a downward trend. Bitcoin miner income fell by 4.2% to $815.3 million. Ethereum staking income also decreased by 4% to $209.4 million.

The Ethereum network burned a total of 26,874 ETH in September, worth approximately $68.2 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively burned around 4.39 million ETH, worth approximately $12.4 billion.

The NFT market continues to shrink, with Ethereum chain NFT transaction volume dropping again by 22% in September, falling to about $9.61 million.

On the exchange side, the spot trading volume of compliant centralized exchanges (CEX) failed to maintain the growth trend of August, decreasing by 17.4% to $724.6 billion.

It is worth noting that in September, the spot Bitcoin ETF saw net inflows, with an inflow amount of approximately $1.13 billion, indicating a certain level of investment enthusiasm.

In the crypto market, the open interest of September Bitcoin futures increased by 16%, while the open interest of Ethereum futures rose by 16.1%. However, the trading volume of futures has declined, with the trading volume of Bitcoin futures dropping by 16.1% to $1.11 trillion, and the trading volume of Ethereum futures decreasing by 20.8%.

According to the Chicago Mercantile Exchange's Bitcoin futures data, open interest increased by 14.3% to $10.3 billion, while the daily average trading volume decreased by 4.7% to approximately $4.8 billion. The average monthly trading volume for Ethereum futures fell by 20.8% to $46.55 billion.

The options market also shows a downward trend. The open interest for Bitcoin options decreased by 1.6% in September, while the open interest for Ethereum options dropped by 8.4%. In terms of trading volume, the monthly trading volume of Bitcoin options fell by 28.1% to $38.6 billion, and the trading volume of Ethereum options decreased by 37.5% to $9.7 billion.

Overall, although the price of Bitcoin rebounded in September, most indicators of the crypto market still show a downward trend, reflecting that the market as a whole is still in a correction phase. Investors need to closely monitor these changes in indicators to better grasp market trends.