12 Charts Interpreting the Persistently Depressed September Crypto Market

Author: The Block Research Director Lars

Compiled by: Jordan, PANews

In August, most indicators in the cryptocurrency industry experienced significant corrections, but the sluggish market conditions did not improve in September. Overall, the past month continued to show a depressed state, with many indicators even experiencing further declines. This article will interpret the cryptocurrency market conditions of September with 12 charts.

1. In September, both Bitcoin and Ethereum saw a decline in on-chain total transaction volume after adjustments, with an overall drop of 17.5% to $145 billion. The on-chain transaction volume for Bitcoin decreased by as much as 20.83%, while Ethereum's on-chain transaction volume fell by 12.6%.

2. The on-chain transaction volume of stablecoins also declined in September, dropping to $46.52 billion, a decrease of about 10.7%. However, the supply of issued stablecoins increased to $116 billion, although the growth was only 0.75%. This was one of the few industry indicators that saw an increase in September, with the market share of the US dollar stablecoin USDT accounting for 72.3% (a decrease from August), while USDC's market share further dropped to 20%.

3. Bitcoin miner revenue further shrank in September, falling to $753 million, a decrease of 6.4%. Meanwhile, Ethereum staking revenue also declined, dropping by 11.2% to approximately $115 million.

4. In September, the Ethereum network burned a total of 44,267 ETH, worth approximately $71.7 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 3.62 million ETH, valued at approximately $10.24 billion.

5. The on-chain NFT market for Ethereum saw a significant decline in transaction volume in September, decreasing to approximately $261 million, a drop of 31.8%. However, the emerging NFT market Blur has surpassed OpenSea in monthly transaction volume and other metrics for the eighth consecutive month.

6. The spot trading volume of compliant centralized exchanges (CEX) also saw a staggering decline in September, dropping by 28.3% to approximately $187.7 billion, marking the lowest level since October 2020.

7. The ranking of spot market shares among major cryptocurrency exchanges in September was as follows: Binance at 69.3% (a decrease of about 5 percentage points from August), Coinbase at 10.9%, Kraken at 6.1%, BTSE at 5.2%, and LMAX Digital at 2.4%.

8. The average daily trading volume of Grayscale's Bitcoin Trust (GBTC) nearly halved in September, dropping to $36 million, a decrease of 46.9%.

9. In terms of cryptocurrency futures, Bitcoin futures open interest increased by 3.9% in September, while Ethereum futures open interest rose by 11.4%. In terms of trading volume, Bitcoin futures trading volume in September decreased by 20.2%, falling to $481 billion.

10. In September, the open interest of Bitcoin futures on the Chicago Mercantile Exchange (CME) decreased by 12.8%, falling to an average daily trading volume of $1.95 billion, with a larger drop of 16%, down to approximately $1.15 billion.

11. The average monthly trading volume of Ethereum futures dropped to approximately $209.7 billion in September, a decrease of 20.6%.

12. In the cryptocurrency options market, the open interest of Bitcoin and Ethereum options saw a widespread decline in September, with Bitcoin options open interest dropping by 15.6% and Ethereum options open interest falling by 6.4%. Additionally, in terms of trading volume, Bitcoin options trading volume decreased by 17.9% in September, down to $17.3 billion, while Ethereum options trading volume fell by 10%, reducing to $10.1 billion.