Author: The Block Research Director Lars

Compiled by: Jordan, PANews

In August, most of the cryptocurrency industry indicators saw significant adjustments, but the sluggish market conditions did not improve in September. Overall, the past month continued to show a depressed state, with many indicators even further declining. This article will use 12 charts to interpret the state of the cryptocurrency market in September that has just passed.

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

2. After adjustments, the on-chain transaction volume of stablecoins in September also decreased to $465.2 billion, with a decrease of approximately 10.7%. However, the supply of issued stablecoins increased to $116 billion, with a modest increase of only 0.75%. This is one of the few industry indicators that showed an increase in September. Among them, the market share of the US dollar stablecoin USDT accounted for 72.3% (a decrease from August), while the market share of USDC further decreased to 20%.

3. Bitcoin miner revenue also further decreased in September, dropping to $753 million, a decrease of 6.4%. At the same time, Ethereum staking income also decreased by 11.2% to approximately $115 million.

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

5. The on-chain NFT market transaction volume in September saw a significant decrease, dropping to approximately $261 million, with a decrease of 31.8%. However, the newly emerged NFT market Blur has surpassed OpenSea in monthly transaction volume and other indicators for the 8th consecutive month.

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

7. The market share rankings of major cryptocurrency exchanges in the spot market in September are 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 daily average trading volume of Grayscale's Bitcoin Trust Fund GBTC almost halved in September, dropping to $36 million, a decrease of 46.9%.

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

10. The open interest of CME Bitcoin futures decreased by 12.8% in September, with the daily average volume dropping even more by 16% to approximately $1.15 billion.

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

12. In terms of cryptocurrency options, the open interest of Bitcoin and Ethereum options saw a general decline in September, with the open interest of Bitcoin options decreasing by 15.6% and the open interest of Ethereum options decreasing by 6.4%. In addition, in terms of options trading volume for Bitcoin and Ethereum, both saw a significant decrease in September, with the trading volume of Bitcoin options decreasing by 17.9% to $17.3 billion, and the trading volume of Ethereum options decreasing by 10% to $10.1 billion.

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